Soybean oil demand in Thailand saw significant fluctuations from 2014 to 2023. Starting in 2014 at 228.0 thousand metric tons (TMT), it experienced substantial growth in the initial years, peaking in 2017 with a year-on-year increase of 10.76%. Post-2017, the demand dipped in 2018 by 23.53% but stabilized and gradually increased again, ending at 359.0 TMT in 2023 with a modest year-on-year increase of 1.99%. Over the past five years, the Compound Annual Growth Rate (CAGR) stood at 3.73%, indicating steady growth despite occasional downturns.

Future trends to watch for:

Projected steady increase in demand with a forecasted CAGR of 1.40% for the next five years.
Continued growth leading to an estimated 7.22% rise in total demand by 2028.
Potential impacts of economic factors and policy changes on soybean oil consumption rates.