Wheat demand in Thailand in 2023 stood at 3.67 million metric tons. Over the past decade, the demand has shown a steady increase, with significant fluctuations. In 2023, the year-on-year growth rate was 1.75%, and the Compound Annual Growth Rate (CAGR) over the last five years was 2.48%. Notably, 2015 experienced a sharp rise in demand with a 91.47% increase, followed by a notable decline in 2017 with a 27.26% reduction. From 2018 onwards, the demand has shown consistent annual growth, indicating a stable upward trend.
The projected CAGR for the next five years (2024-2028) is 1.21%, with an overall growth of 6.21%. Future trends to watch for include potential impacts from changes in domestic agricultural policies, fluctuations in global wheat prices, and shifts in consumer preferences towards wheat-based products.
