Palm-kernel oilcake market in Thailand

Earlier Report Observations

The market volume of palm-kernel oilcake in Thailand showed steady growth from 2018 to 2021, rising from 426.6 thousand tons to 616.6 thousand tons. This expansion was primarily driven by the continuous increase in oil palm cultivation area, as farmers replaced rubber plantations and abandoned rice fields. Investments by large growers in crude palm oil extraction mills and government policies promoting the use of palm oil for biodiesel, such as B7 and B10, boosted palm oil production, thereby increasing the output of palm-kernel oilcake as a by-product. The COVID-19 pandemic in 2020 temporarily affected production and logistics, slowing the growth rate, but the industry recovered by 2021.

In 2022, the market volume contracted by 7.8% to 568.6 thousand tons, largely due to a reduction in imports, while domestic production continued to rise. The following year, the market surged by 24.4%, reaching 707.6 thousand tons in 2023. This sharp increase was linked to record oil palm fruit yields, attractive prices for farmers, and favorable weather conditions associated with the La Niña phenomenon, which supported higher production. Additionally, strict controls on palm oil exports by the Department of Internal Trade helped ensure sufficient domestic supply for processing.

Production palm-kernel oilcake in Thailand

In kind, 2017-2020, K t

Thailand was one of the world's top producers of palm-kernel oilcake from 2017 to 2020, ranking third globally by production volume during this period.

Top producers of palm-kernel oilcake, 2017-2020

World map of production of palm-kernel oilcake, 2017-2020

Palm-kernel oilcake production in Thailand grew for the third year in a row. In 2020, the country produced 325.2 thousand tonnes, marking a slight increase of 0.8% compared to 2019. Over the four-year span from 2017 to 2020, production rose by 17%, with an average annual growth rate of 5.4%.

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

Exports palm-kernel oilcake from Thailand

Exports in kind, K t

The data shows irregular fluctuations, pointing to a volatile market. Exports hit their lowest point in 2019 at 1.2 thousand tonnes, then surged to a peak of 5.2 thousand tonnes in 2020, representing a 4.5-fold increase. The year-on-year growth in 2020 was 348.8%, while the sharpest decline occurred in 2019, dropping by 77.2%.

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

From 2017 to 2020, Laos, Malaysia, and Vietnam were the leading destinations for Thailand's palm-kernel oilcake exports by volume. Laos accounted for 40.0% of exports, Malaysia for 28.2%, and Vietnam for 17.3%, together making up 85.4% of total export flows.

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

The market displayed an unstable pattern over this period. Export values reached their lowest in 2019 at 75 thousand US dollars, then climbed to a high of 988 thousand US dollars in 2020, a 13.2-fold difference. This represented a dramatic year-on-year increase of 1,221.2% in 2020, with the steepest decline of 85.7% recorded in 2019.

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

From 2017 to 2020, Laos, Vietnam, and Malaysia were the key partners for Thailand's palm-kernel oilcake exports by value. Laos led with 49.8% of export value, followed by Vietnam at 14.8% and Malaysia at 12.8%, collectively representing 77.4% of total export flows.

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

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

Imports palm-kernel oilcake to Thailand

Imports in kind, K t

Imports of palm-kernel oilcake into Thailand rose for the second consecutive year. In 2020, imports totaled 266.6 thousand tonnes, a steep increase of 32.1% compared to 2019. Over the 2017-2020 period, imports grew by 77.3%, with an average annual growth rate of 21.0%. The lowest import volume was in 2018 at 133.7 thousand tonnes, which saw an 11.1% decline. The largest increase occurred in 2019, jumping by 51.0%.

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

Between 2017 and 2020, Indonesia, Malaysia, and Myanmar were the main sources of palm-kernel oilcake imports into Thailand by volume. Indonesia dominated with 64.5% of imports, Malaysia contributed 9.8%, and Myanmar 0.8%, together accounting for 75.0% of total import flows.

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

Import values for palm-kernel oilcake into Thailand increased for the second year in a row. In 2020, imports reached 39,711 thousand US dollars, up 59.2% year-over-year. From 2017 to 2020, import values rose by 114.9%, with an average annual growth rate of 29.0%. The lowest value was recorded in 2018 at 18,230 thousand US dollars, which experienced a slight decline of 1.3%.

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

Throughout 2017 to 2020, Indonesia and Malaysia were the primary suppliers of palm-kernel oilcake to Thailand by value, together making up 76.7% of total imports.

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

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