The demand for coconuts and copra in Thailand has experienced a declining trend over the last decade. Starting from a peak in 2014 with 1,010 thousand metric tons, the demand has continuously decreased, dropping to 484 thousand metric tons in 2023. This represents a substantial decline reflected in the year-on-year percentage changes and the compound annual growth rate (CAGR). For instance, 2023 saw a year-on-year decrease of 6.2%, and the CAGR over the past five years was -2.35%. The 2028 forecasted data suggests a continuous decline, with a projected CAGR of -6.59% over the next five years, indicating that the demand is expected to further plummet to 320 thousand metric tons, marking a -28.89% drop from 2023 levels.
Future trends to watch for include:
- Substitution of traditional coconut products with alternative plant-based products.
- Potential recovery due to increased global demand for coconut derivatives in health and wellness sectors.
- Impact of agricultural policies and technological advancements on yield improvements and production efficiency.
- Climate change effects on coconut crop yield and overall production capabilities in Thailand.
