The demand for vegetable oils in Thailand has generally shown an upward trend from 2014 to 2023, although it has experienced some fluctuations. In 2023, the consumption level stood at 3.18 million metric tons, reflecting an increase of 1.86% from the previous year. Over the last five years, the compound annual growth rate (CAGR) was 1.94%, indicating a steady rise in demand.
Key trends include significant increases in 2015 and 2017, contrasted by notable decreases in 2016 and 2020. The contractions during these periods are attributed to market adjustments and external factors affecting supply and demand.
Looking ahead, the forecasted data from 2024 to 2028 suggests a continued but slightly moderating growth trend, with an average annual CAGR of 1.43%. The total expected growth rate over the next five years is projected at 7.36%.
Future trends to watch for include potential impacts of economic policies, changes in consumer preferences, innovations in vegetable oil substitutes, and possible disruptions in supply chains that could affect demand dynamics.
