Oil seeds and oleaginous fruits market in Thailand

Earlier Report Observations

Between 2018 and 2020, the market volume for oil seeds and oleaginous fruits in Thailand grew from 136 thousand tons to 146 thousand tons. This expansion was driven by capacity investments from major industry players, including Thai Vegetable Oil Co., Ltd., which planned a new production facility to target the ASEAN market. Concurrently, rising consumer interest in healthier vegetable oils attracted new brands and intensified competition, particularly in the palm and soybean oil segments, supporting overall market growth.

A reversal occurred in 2021, with the market contracting to 142 thousand tons. External supply shocks were the primary cause: the Russia-Ukraine conflict and Indonesia's suspension of palm oil exports led to a sharp increase in global prices and tightened supply. In response, the Thai government reduced the mandatory biodiesel blending mandate from B7 to B5 to alleviate pressure on domestic consumption and control costs, which contributed to the observed decrease in market volume.

The market stabilized at approximately 142 thousand tons in 2022 and 2023. Despite palm oil prices rising by 35-41% in 2022, demand for healthier oils remained a supportive factor. Thai Vegetable Oil Co., Ltd. maintained its market leadership, and new sustainability initiatives, such as the 'ทอดไม่ทิ้ง' (Fry Without Waste) campaign for collecting used cooking oil, began to influence the industry's environmental practices.

Production oil seeds and oleaginous fruits in Thailand

In kind, 2017-2020, t

Thailand ranked 8th globally in oil seeds and oleaginous fruits production from 2017 to 2020.

Top producers of oil seeds and oleaginous fruits, 2017-2020

World map of production of oil seeds and oleaginous fruits, 2017-2020

Thailand's production of oil seeds and oleaginous fruits grew for the second year in a row. In 2020, the country produced 146 185 tons, marking a 1.3% increase over the previous year. Over the 2017–2020 period, production rose by 7.5%, averaging an annual growth rate of 2.5%. The lowest output was recorded in 2018 at 134 542 tons, which saw a 1.0% decline. In contrast, 2019 experienced the largest increase, with production jumping by 7.3%.

Annual dynamics of production in Thailand in kind, 2017-2020, t

Exports oil seeds and oleaginous fruits from Thailand

Exports in kind, t

The market showed an unstable trend during this period. Exports reached their highest point in 2018 at 199 tons and dropped to their lowest in 2019 at 33 tons, resulting in a 5.9-fold difference between these years. In 2020, exports from Thailand rebounded to 189 tons, a sharp increase of 465.3% compared to 2019. The largest decline occurred in 2019, falling by 83.1%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, t

From 2017 to 2020, India, Vietnam, and China were the main buyers of oil seeds and oleaginous fruits from Thailand, accounting for 25.8%, 13.7%, and 11.9% of exports in kind, respectively. Together, these three countries made up 51.3% of Thailand's total exports in this category.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, K $ US

Market performance showed noticeable fluctuations over these years. Exports peaked in 2020 at 18 437 thousand US dollars and hit a low in 2019 at 3 926 thousand US dollars, with a 4.7-fold gap between these values. In 2020, exports surged by 369.6% compared to the previous year. The largest decline was recorded in 2019, dropping by 75.2%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, K $ US

During 2017–2020, the top destinations for Thailand's oil seeds and oleaginous fruits exports in value terms were India, Vietnam, and Pakistan, with shares of 34.7%, 15.0%, and 11.6%, respectively. Combined, these three countries accounted for 61.2% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports oil seeds and oleaginous fruits to Thailand

Imports in kind, t

Market behavior was volatile in these years. Imports peaked in 2018 at 1 818 tons and fell to their lowest point in 2019 at 195 tons, showing a 9.3-fold difference. In 2020, imports into Thailand rose to 405 tons, a significant increase of 107.2% over the previous year. The largest decline occurred in 2019, decreasing by 89.3%.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, t

From 2017 to 2020, Laos and China were the primary sources for oil seeds and oleaginous fruits imports into Thailand, dominating the market, while other countries played a smaller role.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, K $ US

The data indicates irregular changes, reflecting a volatile market environment. Imports reached their highest value in 2018 at 9 023 thousand US dollars and their lowest in 2019 at 1 161 thousand US dollars, with a peak-to-trough ratio of 7.8 times. In 2020, imports climbed to 4 880 thousand US dollars, a 320.3% gain compared to 2019. The largest decline was in 2019, falling by 87.1%.

Annual dynamics of product's imports to Thailand in value, 2017-2020, K $ US

Over the 2017–2020 period, China, Myanmar, and India were the leading sources for Thailand's imports of oil seeds and oleaginous fruits in value terms, with shares of 41.4%, 20.3%, and 9.0%, respectively. Together, they accounted for 70.8% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020