The import value of vegetable tanning extracts, tannins, and their salts to Thailand stood at $4.39 million in 2023. From 2013 through 2023, the import value demonstrated initial declines, stability, and recent minor increases. Early years saw significant decreases, such as a 21.19% drop in 2014 compared to 2013. However, in more recent years, the trend stabilized, with modest year-on-year increases of around 1% from 2019 onward.
- A 5-year CAGR of 1.07% from 2018-2023 indicates a slow, steady growth.- Forecasted data suggests this trend will continue with a 0.71% CAGR from 2024-2028.
Future trends to watch for include possible disruptions due to global supply chain issues and sustainability shifts influencing the market for vegetable tanning extracts. Monitoring trade agreements and environmental regulations will be critical in assessing future import dynamics for Thailand.