In 2023, the soybean oil market size in Thailand stood at 359.0 thousand metric tons, showing a 1.99% year-on-year growth from 2022. Over the last five years, the compound annual growth rate (CAGR) was 3.73%, indicating a steady but moderate increase in market volume. Notable historical year-on-year variations include a significant rise in 2016 at 34.73% and a drop in 2018 at -23.53%, followed by a recovery trend.
For the forecasted period from 2024 to 2028, the market is expected to grow at a CAGR of 1.4%, with an overall growth rate of 7.22%. Future trends to watch for:
- Technological advancements in agricultural practices enhancing yield.
- Increasing demand driven by health-conscious consumers preferring plant-based oils.
- Potential impact of global trade policies and climate change on soybean production.
