In 2023, the coffee market size in Thailand reached 46 thousand metric tons, reflecting a 4.55% year-on-year growth and demonstrating a consistent upward trend. Reviewing the historical data, the market has experienced significant fluctuations. Particularly notable was the surge in 2018 with a 68% increase, followed by minor contractions in 2019 and 2020. However, from 2021 onwards, the market resumed growth, suggesting robust recovery and expansion. Over the past five years, the compound annual growth rate (CAGR) averaged 1.84%, indicating steady, albeit modest, growth.
Forecasts for 2024 and beyond suggest the coffee market is expected to continue its upward trajectory. By 2028, the market is anticipated to grow by another 14.58%, with a projected CAGR of 2.76% over the next five years. This indicates a healthy and sustainable increase in market volume.
Future trends to watch out for include:
- Shifts in consumer preferences towards premium and specialty coffee products.
- Impact of economic factors and disposable income on coffee consumption.
- Technological advancements in coffee production and distribution.
- Environmental concerns and sustainability practices influencing the market.
