Thailand Edible Oil Market 2023-2028

Rising health consciousness increases vegetable and seed oil consumption, thereby driving the edible oil market’s growth

MARKET OUTLOOK

Based on the publisher's estimates's estimates, the Thailand edible oil market is anticipated to register a CAGR of 11.57% in revenue and 5.82% in volume over the forecast period 2023-2028.

In 2021, Thai households preferred palm oil over all other edible oils, which led it to dominate the retail sector. This is mainly because of palm oil's affordability over other edible oils. Besides, several consumers enjoy fried food, which has led to a rise in household oil demand. However, in 2019, government support for palm cultivators led to a rise in palm oil costs by around 18%. This was caused by the government's decision to stop producing B10 biodiesel oil instead of B3.

Furthermore, a major consumer base has shifted toward a healthy diet, with good fats considered important in promoting weight loss and preventing various diseases. Along with this, numerous retailers offer imported brands of healthier vegetables and seed oils to attract higher-income customers.

COMPETITIVE OUTLOOK

The established players in the edible oil market include Patum Vegetable Oil Co Ltd, Thai Vegetable Oil PCL, Lam Soon (Thailand) PCL, Sime Darby Oils Morakot PCL, and Oleen Co Ltd.