Oils & Fats - Thailand

Thailand

Highlights

Revenue in the Oils & Fats market amounts to US$938.60m in 2024. The market is expected to grow annually by 5.33% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$13.06 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 199.30m kg by 2029. The Oils & Fats market is expected to show a volume growth of 2.6% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 2.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats market in Thailand is experiencing minimal growth, influenced by shifting consumer preferences towards healthier options, rising production costs, and increased competition from alternative products, impacting traditional fats and oils consumption patterns.

Customer preferences: Consumers in Thailand are increasingly gravitating towards plant-based and healthier oil alternatives, reflecting a growing awareness of health and wellness. This trend is influenced by cultural shifts emphasizing traditional dietary practices, as well as an aging population seeking heart-healthy options. Additionally, younger demographics are prioritizing sustainability and ethical sourcing, driving demand for organic and non-GMO oils. The rise of urban lifestyles is further fueling interest in convenient cooking solutions, such as ready-to-use oils that align with busy schedules while promoting healthier eating habits.

Trends in the market: In Thailand, the Oils & Fats Market is experiencing a significant shift towards healthier, plant-based oil alternatives as consumers become more health-conscious. This trend is underscored by a cultural resurgence in traditional dietary practices and a focus on heart-healthy options among the aging population. Younger consumers are increasingly demanding sustainably sourced, organic, and non-GMO oils, reflecting a broader commitment to environmental responsibility. Furthermore, the urban lifestyle is driving interest in convenient, ready-to-use cooking oils, which align with busy schedules while encouraging healthier eating habits. This evolution presents opportunities for industry stakeholders to innovate and cater to changing consumer preferences, influencing product development and marketing strategies.

Local special circumstances: In Thailand, the Oils & Fats Market is shaped by a rich culinary heritage that emphasizes the use of coconut oil and palm oil, which are staples in traditional cooking. The tropical climate facilitates the cultivation of these oils, ensuring local availability and affordability. Additionally, the Thai government promotes health-focused initiatives, encouraging the use of heart-healthy oils. Cultural festivals and cooking shows further elevate the profile of local oils, while urbanization fosters demand for premium, ready-to-use options. These factors collectively influence consumer preferences and market dynamics.

Underlying macroeconomic factors: The Oils & Fats Market in Thailand is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and national economic stability. Fluctuations in the prices of coconut and palm oil globally can directly affect local market prices and availability. Additionally, Thailand's economic health, reflected in GDP growth and inflation rates, impacts consumer purchasing power and demand for premium oils. Fiscal policies promoting agricultural development and sustainable practices further enhance local production capabilities. Moreover, the rising trend of health consciousness among consumers, supported by government initiatives, drives demand for healthier oil options, reshaping market dynamics.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.