The demand for palm oil in Thailand has witnessed variable trends from 2014 to 2023. In 2023, the palm oil demand stood at 2.6 Million Metric Tons, reflecting a year-on-year increase of 2.08%. This marks a steady but modest growth compared to the previous years. Historically, significant fluctuations were observed, especially in 2015 with a sharp 30.58% increase and in 2016 with a 20.52% drop. The compound annual growth rate (CAGR) over the last five years has been 1.98%, indicating a steady but slow upward trend in demand.
Future projections from 2024 to 2028 suggest a gradual increase, with the demand expected to reach 2.88 Million Metric Tons by 2028. The forecasted 5-year CAGR stands at 1.62%, translating to an overall growth rate of 8.36% over this period.
Future trends to watch for include the impact of sustainability concerns and regulatory changes on palm oil production and consumption, as well as shifts in consumer preferences towards healthier and eco-friendly alternatives. Additionally, market dynamics such as trade policies and biofuel demand will play crucial roles in shaping the future demand for palm oil in Thailand.
