Based on historical data, vegetable oil production in Thailand has shown fluctuations with considerable growth periods and minor declines. The production stood at 3.83 million metric tons in 2023. Notably, in 2017, there was a significant increase of 35.56%, while the subsequent year-on-year variations have generally ranged from slight declines to moderate growth. Over the last two years, the production has grown moderately by around 2% annually. The recent 5-year CAGR leading up to 2023 is 1.55%, indicating steady but slow growth.
Looking forward, production is forecasted to grow consistently at a 5-year CAGR of 1.53%, reaching 4.22 million metric tons by 2028. This represents a total growth of approximately 7.9% over the forecast period.
Future trends to watch for include technological advancements in agricultural practices, global market demand shifts, and potential impacts of climate change on crop yields. The ability to adapt to sustainable practices will also be crucial for long-term growth in this sector.
