The sorghum feed market in Thailand has seen significant fluctuations over the past decade. From 2014 to 2023, the volume of sorghum feed dropped from 38.0 to 28.0 thousand metric tons, marking a considerable decline. The most significant year-on-year decrease occurred in 2017 with a drop of 23.08%, while modest variations of around -3.45% to +3.33% have been observed in other years. The recent five-year CAGR from 2019 to 2023 stood at -2.02%, demonstrating a persistent decline.
Looking forward, the forecasted data suggests a continuing downward trend. By 2028, the sorghum feed volume is expected to fall further to 25.0 thousand metric tons, with a five-year forecast CAGR of -1.53%. This indicates a slow but steady reduction, translating into an overall 7.41% decrease by 2028 from the 2023 levels.
Future trends to watch for:
- Shifts in demand due to changes in livestock practices in Thailand.
- Potential impacts of climate change on sorghum production.
- Influences of global market trends on local sorghum feed consumption.
- Technological advancements in alternative feedstock solutions.
