The production of sunflower oil in Thailand was fairly stable between 2014 and 2021, with minor annual variations. A notable drop occurred in 2020, with a year-on-year decrease of over 5%. Production slightly recovered in 2021, witnessing a year-on-year growth of nearly 5%, but saw subtle declines again from 2022 onwards. The compound annual growth rate (CAGR) over the last five years has been negative, indicating an overall slight shrinkage in production capacity.
In 2023, the production stood at 10.27 thousand metric tons, indicating a minimal decline from the previous year. Forecasts suggest a continued slight decline in production volumes through 2028 with an anticipated 5-year CAGR of -0.28%, translating into a total forecasted growth rate of -1.39% over the same period.
Future trends to watch for:
- Impact of climatic changes on sunflower yield.
- Adoption of advanced agricultural technologies to improve productivity.
- Shifts in domestic and global demand for sunflower oil.
- Government policies and subsidies affecting the agriculture sector.
