The rice and products market in Thailand experienced a steady decline in volume over the past decade, standing at 11.28 million metric tons in 2023. The annual year-on-year variations show a consistent negative trend, with a slight fluctuation in 2018. Specifically, the market saw a year-on-year decline of 0.22% in 2023, with a compound annual growth rate (CAGR) of -0.25% over the last five years.

Future trends to watch for:

Continued slight annual decline in market volume, forecasted at -0.18% CAGR until 2028.
Potential market diversification and innovation in rice product offerings to counterbalance volume declines.
Impact of climate change and sustainability initiatives on rice production and market stability.