Market research

Soybean oil and fractions market in Thailand

$Soybean oil and fractions market in Thailand$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

From 2018 to 2021, production of soybean oil in Thailand grew consistently, reaching over 600 thousand tons by the end of the period. This expansion was supported by the Ministry of Public Health's 2018 ban on the production, import, or sale of partially hydrogenated oils, which increased demand for non-hydrogenated alternatives like soybean oil for domestic consumption.

The market shifted after 2021, with production declining to around 495 thousand tons by 2023. During this period, external factors such as the U.S. Inflation Reduction Act, which altered biofuel feedstock demand, and Indonesia's temporary ban on palm oil exports created volatility in global vegetable oil trade. These events, coupled with a significant rise in export volumes from Thailand, contributed to a reduction in the domestic market size, which fell to 229 thousand tons in 2023.

In 2024, the market continued to face cost pressures from drought conditions that impacted crop yields and raised raw material prices. The Department of Internal Trade intervened to cap retail price increases for soybean oil, aiming to stabilize costs for consumers amidst these challenging supply conditions.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Thailand
  1. 5.1.1. Annual dynamics of production in Thailand in kind, 2018-2023, K t
  2. 5.1.2. Annual dynamics of production in Thailand in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's imports to Thailand in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's imports in kind to Thailand by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Thailand in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Thailand by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Thailand, 2018-2024, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's imports to Thailand by countries, 2018-2024, $ US/kg
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's imports to Thailand in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's imports in kind to Thailand by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Thailand in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Thailand by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Thailand, 2018-2024, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's imports to Thailand by countries, 2018-2024, $ US/kg
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's exports from Thailand in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's exports in kind from Thailand by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Thailand in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Thailand by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Thailand, 2018-2024, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's exports from Thailand by countries, 2018-2024, $ US/kg
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's exports from Thailand in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's exports in kind from Thailand by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Thailand in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Thailand by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Thailand, 2018-2024, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's exports from Thailand by countries, 2018-2024, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oil and fractions in Thailand

In kind, 2017-2020, K t

Thailand ranked 15th globally in soybean oil and fractions production from 2017 to 2020.

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

World map of production of soybean oil and fractions, 2017-2020

Source: SHEV.io

Thailand's soybean oil and fractions production increased for the second year in a row. In 2020, the country produced 531.0 K t, up 20.6% from the previous year. Over the 2017-2020 period, production grew by 27.5%, with an average annual growth rate of 8.4%. The lowest production was in 2018 at 387.6 K t, which saw the largest decline of 6.9%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(6.9%)	13.6%	20.6%	8.4%

Source: SHEV.io

In value, 2017-2020, M $ US

Thailand's soybean oil and fractions production value also rose for the second consecutive year. In 2020, output was valued at 481.6 M $ US, a 19.2% increase from the prior year. From 2017 to 2020, production value increased by 16.4%, with a compound annual growth rate of 5.2%. The lowest value was recorded in 2018 at 364.2 M $ US, which experienced the largest decline of 11.9%.

Annual dynamics of production in Thailand in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(11.9%)	11.0%	19.2%	5.2%

Source: SHEV.io

Exports soybean oil and fractions from Thailand

Exports in kind, K t

In 2020, Thailand exported 113.5 K t of soybean oil and fractions, a 65.6% increase from the previous year. Between 2017 and 2020, exports grew by 99.7%, equivalent to an annualized rate of 25.9%. The largest decline occurred in 2019, with a drop of 14.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	40.6%	(14.2%)	65.6%	25.9%

Source: SHEV.io

From 2017 to 2020, Vietnam, the Philippines, and Cambodia were the primary markets for Thailand's soybean oil and fractions exports in volume terms. Vietnam accounted for 25.1% of exports, the Philippines for 24.1%, and Cambodia for 9.9%, together making up 59.1% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, M $ US

In 2020, Thailand's soybean oil and fractions exports reached 102.9 M $ US, a 63.6% year-on-year increase. Over the 2017-2020 period, exports grew by 82.4%, with a compound annual growth rate of 22.2%. The largest decline was in 2019, with a 16.2% decrease.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	33.0%	(16.2%)	63.6%	22.2%

Source: SHEV.io

From 2017 to 2020, the Philippines, Vietnam, and Cambodia were the main destinations for Thailand's soybean oil and fractions exports in value terms. The Philippines represented 23.6% of exports, Vietnam 21.8%, and Cambodia 14.4%, collectively accounting for 59.8% of total exports.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Thailand

Imports in kind, K t

Thailand's soybean oil and fractions imports showed significant fluctuations from 2017 to 2020. The lowest volume was in 2019 at 0.0 K t, with a 100.0% decline. In 2020, imports surged to 2.5 K t, an increase of 8 420 347.3% from the previous year, marking the peak and resulting in an 84 204-fold difference between these two years.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(33.3%)	(100.0%)	8 420 347.3%	15.8%

Source: SHEV.io

From 2017 to 2020, Malaysia dominated Thailand's soybean oil and fractions imports in volume terms, accounting for 98.8% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

Thailand's soybean oil and fractions import values were highly volatile from 2017 to 2020. The lowest value was in 2019 at 0.0 M $ US, with a 99.9% decline. In 2020, imports jumped to 2.5 M $ US, a 347 818.4% increase year-on-year, creating a 3 479-fold variation between the peak in 2020 and the trough in 2019.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(39.3%)	(99.9%)	347 818.4%	15.8%

Source: SHEV.io

From 2017 to 2020, Malaysia was the primary source for Thailand's soybean oil and fractions imports in value terms, representing 97.5% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io