Thailand - Palm Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingThailand's Palm Oil Export Plummets to $856M in 2023
Thailand Palm Oil Exports
In 2023, after two years of growth, there was significant decline in shipments abroad of palm oil, when their volume decreased by -8.6% to 902K tons. Overall, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 701%. Over the period under review, the exports attained the maximum at 987K tons in 2022, and then declined in the following year.
In value terms, palm oil exports dropped rapidly to $856M (IndexBox estimates) in 2023. Over the period under review, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 426%. Over the period under review, the exports attained the maximum at $1.3B in 2022, and then shrank sharply in the following year.
| COUNTRY | Export Value of Palm Oil in Thailand (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| India | 148 | 73.7 | N/A | N/A | 170 | 162 | 88.8 | 105 | 616 | 1,090 | 711 |
| Myanmar | 47.3 | 39.0 | 27.2 | 28.1 | 28.0 | 29.6 | 30.7 | 32.5 | 47.1 | 129 | 106 |
| Kenya | N/A | N/A | N/A | N/A | N/A | 10.5 | 13.2 | 7.9 | 40.7 | 17.2 | 17.0 |
| China | 17.8 | 16.7 | 11.0 | 4.6 | 5.6 | 3.5 | 3.6 | 3.3 | 4.4 | 4.1 | 8.3 |
| Cambodia | 5.0 | 2.7 | 8.4 | 5.3 | 4.6 | 6.8 | 6.6 | 5.5 | 5.4 | 9.6 | 7.3 |
| Italy | 38.3 | 35.6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.2 | N/A |
| Germany | 90.1 | 11.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.6 | N/A |
| Others | 87.3 | 22.2 | 70.5 | 3.2 | 9.2 | 12.2 | 4.0 | 3.1 | 5.7 | 27.0 | 5.9 |
| Total | 434 | 201 | 117 | 41.2 | 217 | 224 | 147 | 157 | 719 | 1,288 | 856 |
Exports by Country
India (783K tons) was the main destination for palm oil exports from Thailand, accounting for a 87% share of total exports. Moreover, palm oil exports to India exceeded the volume sent to the second major destination, Myanmar (83K tons), ninefold. Kenya (18K tons) ranked third in terms of total exports with a 2% share.
From 2013 to 2023, the average annual growth rate of volume to India totaled +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+6.7% per year) and Kenya (+1.7% per year).
In value terms, India ($711M) remains the key foreign market for palm oil exports from Thailand, comprising 83% of total exports. The second position in the ranking was held by Myanmar ($106M), with a 12% share of total exports. It was followed by Kenya, with a 2% share.
From 2013 to 2023, the average annual rate of growth in terms of value to India totaled +17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+8.4% per year) and Kenya (+10.1% per year).
Exports by Type
Crude palm oil (804K tons) was the largest type of palm oil exported from Thailand, accounting for a 89% share of total exports. Moreover, crude palm oil exceeded the volume of the second product type, refined palm oil (98K tons), eightfold.
From 2013 to 2023, the average annual growth rate of the volume of crude palm oil exports stood at +5.3%.
In value terms, crude palm oil ($730M) remains the largest type of palm oil exported from Thailand, comprising 85% of total exports. The second position in the ranking was held by refined palm oil ($126M), with a 15% share of total exports.
From 2013 to 2023, the average annual growth rate of the value of crude palm oil exports amounted to +7.3%.
Export Prices by Country
In 2023, the palm oil price stood at $949 per ton (FOB, Thailand), reducing by -27.3% against the previous year. Over the period under review, export price indicated modest growth from 2013 to 2023: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 an increase of 61%. The export price peaked at $1,304 per ton in 2022, and then dropped dramatically in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($3,667 per ton), while the average price for exports to India ($908 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.
This report provides an in-depth analysis of the palm oil market in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 257 - Oil of palm
Country coverage:
- Thailand
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Thailand
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- Production Volume and Growth
- Exports and Growth
- Export Prices and Growth
- Market Size and Growth
- Per Capita Consumption
- Imports and Growth
- Import Prices
- Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
