Thailand's soybean oil production has shown a generally upward trend from 2014 to the present year of 2024, starting from 262 thousand metric tons in 2014 to 451 thousand metric tons by 2023. The year-on-year variation shows significant volatility: notable increases occurred in 2015 and 2016 with growth rates of 18.7% and 28.3% respectively. There was a dip in 2018 (-9.13%) followed by recovery periods. The past five years indicate a steady annual growth rate (CAGR) of 3.05%.
Looking forward, the projected data from 2024 to 2028 suggest a moderate compound annual growth rate (CAGR) of 1.71%, reaching a production of 502.78 thousand metric tons by 2028, with a total growth rate of 8.86% over this period. This indicates a more stable yet slower growth pattern in the near future.
Future trends to watch for include:
- Technological advancements in agriculture that may enhance yields.
- Sustainability practices impacting production volumes.
- Global market demand and price shifts affecting production decisions.
- Potential impacts of climate change on soybean cultivation.
