The palm oil non-food uses in Thailand saw a dynamic shift over the past decade. Starting at 1.28 million metric tons in 2014, it experienced notable fluctuations. By 2023, the volume stood at 2.1 million metric tons, reflecting a consistent growth phase in recent years. The year-on-year variations show high volatility in the early years with significant growth in 2015 (+33.18%) and a sharp decline in 2016 (-21.81%). However, from 2019 onwards, the growth stabilized, ranging between 0.95% and 2.56% year-on-year, reflecting a more predictable trend.
Future trends to watch for include a consistent but moderated growth forecasted for 2024 and beyond, with an expected CAGR of 1.54% leading to a 7.96% growth rate by 2028. Key factors such as government policies, global market demand, and advancements in non-food applications of palm oil will play critical roles in shaping these trends.
