The data on palm oil production in Thailand shows a steady, albeit fluctuating, growth from 2014 to 2023. In 2014, production stood at 2.0 million metric tons, and by 2023, it had reached 2.98 million metric tons. Significant year-on-year variations included a sharp increase of 43.96% in 2017 and a notable decrease of 12.77% in 2016. Over the last two years, the growth has stabilized with a year-on-year increase of 2.05% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years averages at 1.44%, indicative of modest but stable growth.
The forecast for the next five years predicts a continued upward trend in palm oil production, reaching 3.3 million metric tons by 2028. This represents a forecasted 5-year CAGR of 1.58% and an overall 5-year growth rate of 8.16%.
Future trends to watch for include potential impacts of climate change on crop yields, advancements in agricultural technology, and shifts in global demand for palm oil. Sustainability practices and policy changes could also play crucial roles in shaping production trends.
