Between 2014 and 2023, the animal fats market volume in Thailand saw fluctuations, ranging from a notable 45.59% increase in 2016 to a decline of 12.12% in 2017. In 2023, the market stood at 95.0 thousand metric tons, reflecting a 2.15% year-on-year increase and a 2.49% CAGR over the last five years.
Looking forward to 2024 and beyond, the market is projected to continue its gradual growth, with forecasted values reaching 104.0 thousand metric tons by 2028. The expected CAGR over the next five years is 1.42%, indicating a steady but modest increase.
Future trends to watch for include:
- Shifts in consumer preferences towards plant-based fats.
- Regulatory changes impacting animal fat production and usage.
- Technological advancements in animal fat processing.
