From 2014 to 2023, millet feed in Thailand experienced consistent growth, reaching a volume of 9.0 Thousand Metric Tons in 2023. Notable growth periods include 2015, with a significant year-on-year increase of 400%, and 2022, with a 12.5% increase. Overall, the Compound Annual Growth Rate (CAGR) over the past five years has been robust at 5.15%, indicating strong market fundamentals and demand.
Future trends suggest a slower growth rate with a forecasted 5-year CAGR of 1.92%, projecting the volume to reach 11.0 Thousand Metric Tons by 2028. This deceleration may be influenced by market saturation or shifts in agricultural practices and feed preferences.
Key future trends to watch for:
- Potential technological advancements in feed production improving efficiency.
- Changes in government policies affecting agriculture and feed industries.
- Emerging trends toward sustainable and alternative feed sources.
