In 2023, the demand for maize oil in Thailand stood at 1.04 thousand metric tons. Forecasts for 2024 indicate a rise to 1.1 thousand metric tons, reflecting a year-on-year increase of approximately 5.8%. The trend continues with the demand projected to reach 1.16 thousand metric tons in 2025, 1.23 thousand metric tons in 2026, 1.29 thousand metric tons in 2027, and 1.35 thousand metric tons in 2028. This results in a compound annual growth rate (CAGR) of about 5.3% for the period from 2024 to 2028.
The consistent growth in maize oil demand could be influenced by the following trends to watch for:
- Increased health consciousness driving demand for vegetable oils.
- Economic growth contributing to higher consumption rates in the food industry.
- Potential regulatory changes affecting oil markets and imports.
- Technological advancements in agricultural practices enhancing maize oil production.
