Analyzing the olive oil demand in Thailand, the baseline value in 2023 stands at 5.0 thousand metric tons. From 2014 to 2023, the demand has fluctuated, seeing a stable trend between 2014 and 2016, a 25% increase in 2017, followed by consistent demand levels up to 2023, with minor variations like a 5% dip in 2020. Despite these fluctuations, the Compound Annual Growth Rate (CAGR) over the last five years has demonstrated a nominal increase of around 0%.
For future trends, based on forecasts from 2024 to 2028, the demand is expected to show modest growth, rising at a 5-year CAGR of 0.85% with an overall 4.32% increase. This indicates a steady but slow upward trajectory in the consumption of olive oil in Thailand.
Future trends to watch for include:
- Potential shifts in consumer health consciousness driving higher olive oil consumption.
- Impact of economic factors and global olive oil prices on domestic demand.
- Emergence of local and artisanal olive oil producers leveraging Thailand's fertile agricultural landscape.
