Thailand Rice Industry Research Report 2022-2032

Thailand Rice Industry Research Report 2022-2032

In Thailand, seasonal rainfall occurs in the form of the southwest monsoon, which usually begins its heaviest rainfall pattern in June and continues through September. The germination and growth of Thai rice is largely dependent on these seasonal rains. Seasonal rains favor early planting and enhance rice yields.

In 2022, Thailand exported 7.69 million tons of rice, exceeding the Ministry of Commerce's target of 7.5 million tons. Exports rose 25.77 percent from 6.12 million tons in 2021, while the value in Thai baht terms increased 28.48 percent to 138.45 billion baht ($4.02 billion). 2022 saw Thailand become the world's second-largest rice exporter after India, which exported 21.9 million tons. Iraq is the largest importer of Thai rice, buying 1.6 million tons last year, up 458 percent from a year earlier. South Africa came in second, importing 775,000 tons (down 2.26 percent), followed by China at 750,000 tons (up 18.8 percent), the United States at 650,000 tons (up 13.2 percent) and Benin at 321,000 tons (down 15.3 percent). According to CRI's analysis, in 2022, Thailand's total rice production of nearly 18.86 million tons meets demand for domestic consumption, processing, use in poultry and livestock feed, and export.

In terms of price, the average price of Thai rice exports increased by 2.16 percent year-on-year to $521.88 per ton in 2022. The price of broken 5% white rice remained high on the world market, rising to US$523 per ton on January 18 from US$465 per ton in mid-December.

The baht weakens again in 2023. The outlook for the Thai baht is critical for the country's rice exports this year. If the baht continues to weaken, Thai rice exports will be competitive in the world market.

A weaker baht, rising domestic consumption stocks in India and Vietnam, and growing demand from the Middle East are key factors helping to drive Thai rice exports. CRI expects the exports volume of Thailand’s rice to reach 9.01 million tons in 2032, growing at a compound annual growth rate (CAGR) of 1.6 percent over the 2023-2032 period.

Topics covered:

• Overview of the Thai rice industry
• Economic and policy environment of the Thai rice industry
• What is the impact of COVID-19 on the Thai rice industry?
• Market Size of Thai Rice Industry, 2023-2032
• Analysis of major Thai rice industry players
• Key Drivers and Market Opportunities in Thailand Rice Industry
• What are the key drivers, challenges and opportunities for the Thai Rice industry during the forecast period 2023-2032?
• Which are the key players in the Thailand Rice Industry market and what are their competitive advantages?
• What is the expected revenue of Thailand Rice Industry market during the forecast period 2023-2032?
• What strategies have been adopted by the key players in the market to increase their market share in the industry?
• Which segment of the Thailand Rice Industry market is expected to dominate the market by 2032?
• What are the major unfavorable factors facing the Thai rice industry?