Thailand Vegetable Oil Market Size, Share, Trends, Growth and Report by 2033
The Thailand vegetable oil market size reached USD 1.12 Billion in 2024 and is projected to reach USD 1.76 Billion by 2033. The forecast period spans from 2025 to 2033, with an expected compound annual growth rate (CAGR) of 4.63%.
Market Overview
The Thailand vegetable oil market size reached USD 1.12 Billion in 2024 and is projected to reach USD 1.76 Billion by 2033. The forecast period spans from 2025 to 2033, with an expected compound annual growth rate (CAGR) of 4.63%. Market growth is driven primarily by robust production of palm and soybean oils, supporting affordability and culinary traditions. Demand from food export sectors and packaged goods manufacturers is also rising, alongside health trends and innovative functional oils enhancing the market share. the report offers a comprehensive analysis of the industry, including Thailand vegetable oil market share, and regional insights.
For more details, visit the Thailand Vegetable Oil Market: https://www.imarcgroup.com/thailand-vegetable-oil-market)
How AI is Reshaping the Future of Thailand Vegetable Oil Market
- AI-powered supply chain optimization enables efficient handling of Thailand's substantial palm oil production, which accounts for 18.27 million metric tons of oil palm, ensuring steady availability and price stability.
- Precision agriculture through AI improves cultivation on Thailand’s 6.55 million rai of oil palm plantations, boosting yield and lowering production costs.
- AI-driven quality control facilitates compliance with stringent export requirements to markets like Japan, the U.S., and Europe, where Thailand is a key food exporter.
- AI analytics support manufacturers in formulating non-GMO, allergen-free blended oils, aligning with rising overseas demand.
- AI-based consumer insights help diversify product portfolios with healthier oils such as sunflower, canola, and rice bran oils, reflecting changing domestic preferences.
- AI-powered traceability frameworks enhance sustainability credentials critical to international buyers, supporting Thailand’s reputation for responsibly sourced vegetable oils.
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Market Growth Factors
Thailand’s solid production foundation in palm and soybean oil is a major market driver. As the third-largest global producer of palm oil, Thailand cultivates 6.55 million rai of oil palm area and produces 18.27 million metric tons of oil palm. Palm oil’s dominance arises from high yield and low production costs, making it integral to Thai culinary uses such as deep frying and curries. The government regulates pricing and supply to support low-income consumers amidst volatile global prices. Furthermore, public health initiatives promoting vitamin A-fortified oils combat nutritional deficiencies, ensuring consistent consumption.
The rapid growth of Thailand's packaged food industry underpins the need for quality vegetable oils. Categories like noodles, snacks, frozen meals, and seasoning pastes require oils with specific thermal stability and shelf life. In marketing year 2023/24, soybean oil production was forecasted at 475,000 metric tons, expected to grow 4% to 495,000 metric tons. Crushing volume also increased from 2.64 million to 2.75 million metric tons. Export demand to regions such as Japan, the U.S., and Europe stimulates investments in food processing technology and traceable, sustainable oil sourcing, further accelerating market expansion.
Shifts in consumer preferences toward health-conscious and international cuisines are driving demand for diversified oils, including sunflower, canola, and rice bran oils. Local refiners are expanding product ranges to meet these trends. Additionally, the rise in ready-to-eat and on-the-go meals across key urban centers like Bangkok, Chiang Mai, and Khon Kaen reinforces the food industry’s dependence on reliable vegetable oil supplies. This domestic and export synergy promotes volume growth and encourages product innovation.
Market Segmentation
Oil Type Insights:
- Palm Oil
- Soybean Oil
- Sunflower Oil
- Canola Oil
- Coconut Oil
- Palm Kernel Oil
Application Insights:
- Food Industry
- Biofuels
- Others
Regional Insights:
- Bangkok
- Eastern
- Northeastern
- Southern
- Northern
- Others
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Recent Developments & News
- July 2025: The Ministry of Public Health awarded Thai Vegetable Oil Public Company Limited (TVO) the “FDA Quality Award 2024” for excellence in the food establishment category, highlighting their commitment to quality, social responsibility, and sustainable practices.
- August 2025: Government and industry collaboration launched educational campaigns promoting vitamin A-fortified oils to improve nutritional outcomes among children nationwide.
- September 2025: Soybean oil producers reported increased crushing volumes responding to international demand, enhancing Thailand’s export capacity particularly to Japan, the U.S., and Europe.
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