The production of palm kernel oil in Thailand has shown significant fluctuations between 2013 and 2023. Starting at 178.5 thousand metric tons in 2013, the production increased to 298.06 thousand metric tons by 2023. Notable increases occurred in 2017 and 2021, with year-on-year growth rates of 40.74% and 9.34%, respectively. Despite some setbacks in 2016 and 2020, where decreases were observed, the overall compound annual growth rate (CAGR) from 2013 to 2023 was relatively stable at around 3.31%, indicating steady growth over the decade.
Looking forward from 2024 to 2028, the forecast suggests a continual, albeit modest, increase in production, with a forecasted CAGR of 2.53% and an overall growth rate of 13.3% over these five years. By 2028, production is expected to reach 350.09 thousand metric tons.
Future trends to watch for include the potential impact of climate change on agricultural yields, government policy shifts regarding palm oil cultivation, and advancements in agricultural technology that could improve production efficiency. Additionally, global market demand and price fluctuations will likely play a critical role in shaping the production trends. Sustainable farming practices and international trade agreements would also be significant factors to consider.
