The palm oil processing industry in Thailand has shown moderate growth over the past decade. Actual data from 2014 to 2023 indicates a generally upward trend, with notable fluctuations in annual growth rates. The year-on-year variation peaked at 35.37% in 2015, followed by a significant drop in 2016 with a -15.77% change. Consistent growth resumed from 2017 onwards. As of 2023, the industry stands at 279 thousand metric tons, reflecting a 2.2% increase from the previous year. The compound annual growth rate (CAGR) over the last five years stands at 2.22%.
Looking forward, the forecasted data from 2024 to 2028 suggests continuous but slower growth, with a forecasted five-year CAGR of 1.63% and overall growth of 8.42%. By 2028, the industry is expected to reach 309 thousand metric tons.
Future trends to watch for include technological advancements in palm oil processing, sustainability practices, and market demand changes influenced by health and environmental considerations. Global economic conditions and trade policies may also impact this industry. Monitoring these factors will be crucial for stakeholders to adapt and capitalize on emerging opportunities.
