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23 Jun 2026

Econ Digest

Thailand's lecithin exports are projected to decline by 9.4% in 2026 due to increasing competition from China.

คะแนนเฉลี่ย
  • Lecithin is a widely used emulsifier in the food industry. It helps water and fats blend more effectively, reduces phase separation, and improves the texture of food products, making them smoother and more consistent. Lecithin occurs naturally in soybeans and egg yolks. In industrial applications, however, lecithin is commonly produced as a by-product of the crude soybean oil refining process and is subsequently incorporated into a variety of food products, such as chocolate, bakery products, seasoning sauces, and margarine.
  • Thailand's lecithin export structure is highly dependent on the Vietnamese market. In 2025, approximately 90% of Thailand's total lecithin export volume was shipped to Vietnam. As a result, changes in demand or competitive dynamics in the Vietnamese market have a significant impact on Thailand's overall lecithin export performance.
  • In 2026, China, Vietnam's largest source of lecithin imports, is expected to resume normal export operations as disruptions caused by delays in soybean shipments from Brazil earlier in the year gradually ease. The delays stemmed from stricter inspections of plant diseases and contaminants in soybean imports under China's regulatory requirements, which slowed soybean exports from Brazil to China during the first quarter. The situation is expected to improve progressively from the second quarter onward.
  • As soybean supply gradually returns to normal, China is becoming better positioned to increase its lecithin production and exports. This is expected to intensify competition in the Vietnamese market and put pressure on Thailand's exports. Early signs of this trend emerged in April, when Thailand's lecithin export volume to Vietnam declined by 10% month-on-month (MoM).
  • In addition, Thai lecithin producers are facing rising cost pressures from higher soybean prices in 2026, as soybeans account for approximately 70% of lecithin production costs. At the same time, Thailand relies heavily on soybean imports, with imports accounting for nearly all domestic supply. During 2021-2025, Thailand imported an average of 3.69 million tons of soybeans per year, representing around 99% of total soybean supply. Meanwhile, global soybean prices are projected to increase by 6.4% in 2026, driven by the impact of drought conditions and persistently high fertilizer costs.​

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