Palm OilSilver report

Published March 2026Insight Research18 min read2026 Edition15 sources, 15 primary-gradeVery high source depth

Thailand Palm Oil Market Intelligence

World's #3 crude palm oil producer at ~3M t/yr after Indonesia, Malaysia. ~0.9M ha southern Thailand; ~300K smallholders feed ~90-100 mills. Univanich, CPI, Lam Soon listed; Patum private refiner.

Key takeaways

1
Thailand is world's #3 crude palm oil (CPO) producer at ~ tonnes/yr FY2024 — distant third after Indonesia (~50Mt) and Malaysia (~19Mt) — grown on ~ hectares concentrated in Krabi, Surat Thani, Chumphon and Trang in southern Thailand.
2
Supply structure: ~ smallholder farmers supply fresh fruit bunches (FFB) to ~90-100 crushing mills; fragmented upstream with listed integrated players (Univanich, CPI) operating plantation, mill, refinery; refining, consumer brands concentrated (Lam Soon, Patum, Morakot).
3
Demand mix: ~ domestic food use (cooking oil, margarine, F&B), ~ biofuel via DEDE's B10/B20 biodiesel blending mandate, ~ export, industrial, feed. Thailand is a net exporter only in surplus years; India, Myanmar and Malaysia are the main regional destinations.
4
Regulatory dynamic: palm oil is price-controlled by the Ministry of Commerce (monthly reference price, stockholding rules) — periodic government intervention shocks farmgate CPO prices. DEDE biofuel mandate controls the single-biggest discretionary demand lever.
5
Our read: Thai palm oil is a domestic-demand, biofuel-policy story, not a global export commodity like Indonesia/Malaysia. Binding variables: (a) biofuel mandate trajectory as EVs scale, (b) MPOB/GAPKI regional price pull, (c) RSPO, EUDR traceability on European offtake, (d) El Niño, yield cycle in southern Thailand belt.

Executive summary

Thailand's palm oil sector produces approximately tonnes of crude palm oil annually (OAE FY2024, USDA FAS PSD), cultivated on ~ hectares concentrated in four southern provinces: Krabi, Surat Thani, Chumphon, and Trang. The supply base is fragmented — ~ smallholder farmers produce fresh fruit bunches (FFB) that are sold to ~90-100 crushing mills for extraction into crude palm oil (CPO). Thailand is the world's #3 producer after Indonesia (~50Mt) and Malaysia (~19Mt), but at roughly one-sixth of Malaysia's scale and one-fifteenth of Indonesia's.^{[, , ]}

Demand splits roughly into three buckets: ~ domestic food use (cooking-oil bottling by Lam Soon's Oleen, Naturel, Patum, Morakot; margarine and bakery fats; F&B ingredient), ~ biofuel (DEDE's B10, B20 diesel-blending mandate is the single largest discretionary demand lever for CPO), and ~ export, industrial, feed (soap, oleochemicals, animal feed). Listed operators cluster in the integrated, brand tiers: Univanich Palm Oil (SET: UVAN, the largest listed pure-play, Krabi base), Chumporn Palm Oil Industry (SET: CPI, Chumphon-based mid-scale), and Lam Soon Thailand (SET: LST, consumer brands Oleen and Naturel). Patum Vegetable Oil is the largest private refiner.^{[, , , , ]}

Policy, sustainability context: palm oil is designated a price-controlled commodity by the Ministry of Commerce's Department of Internal Trade (DIT), which publishes a monthly reference price and can mandate stockholding rules, intervention purchases — periodic interventions shock farmgate CPO prices. DEDE controls the biofuel blending mandate (currently B10 nationwide, B20 optional for commercial diesel) and is the biggest discretionary demand lever. EU Deforestation Regulation (EUDR) from late 2025 places due-diligence, geolocation requirements on palm oil placed on the EU market, pressuring smallholder traceability; RSPO certification is the main sustainability standard with Thai operators (Univanich is RSPO-certified) pursuing it for European offtake.^{[, , ]}

OAE, MOC, DEDE, listed 56-1, USDA, EUDR, RSPO

Data as of: FY2024

Thai crude palm oil production trend (million tonnes, 2020-2024)

2020

CPO (Mt)

2.9

Context

COVID demand disruption, stable yield

2021

CPO (Mt)

3.0

Context

Biofuel mandate support domestic demand

2022

CPO (Mt)

3.1

Context

Ukraine-war edible-oil tightness lifts CPO price

2023

CPO (Mt)

3.2

Context

Peak yield, MOC stockholding rules active

2024

CPO (Mt)

3.0

Context

El Niño drought yield dip; mandate stays B10

Year	CPO (Mt)	Context
2020	2.9	COVID demand disruption, stable yield
2021	3.0	Biofuel mandate support domestic demand
2022	3.1	Ukraine-war edible-oil tightness lifts CPO price
2023	3.2	Peak yield, MOC stockholding rules active
2024	3.0	El Niño drought yield dip; mandate stays B10

OAE, USDA FAS PSD, Thai Palm Oil Refinery Association

Data as of: 2024 full-year

Demand mix (% of FY2024 CPO end-use)

Domestic food (cooking oil, margarine, F&B)

Share %

55%

Notes

Oleen, Naturel, Patum, Morakot retail, HORECA

Biofuel (B10/B20 biodiesel)

Share %

30%

Notes

DEDE mandate; largest discretionary demand lever

Export, industrial, feed

Share %

15%

Notes

India, Myanmar, Malaysia; oleochemicals, feed

End use	Share %	Notes
Domestic food (cooking oil, margarine, F&B)	55%	Oleen, Naturel, Patum, Morakot retail, HORECA
Biofuel (B10/B20 biodiesel)	30%	DEDE mandate; largest discretionary demand lever
Export, industrial, feed	15%	India, Myanmar, Malaysia; oleochemicals, feed

DEDE, MOC, Thai Palm Oil Refinery Association, UN Comtrade

Data as of: FY2024

Analyst framing

Why this report

Thai palm oil is a domestic-demand, biofuel-policy story, not a global export commodity. ~3Mt/yr places Thailand globally #3 but structurally distant from Indonesia/Malaysia scale. Price-controlled by Commerce Ministry, demand-anchored by DEDE mandate, sustainability-tested by EUDR. This report maps plantation, mill, refinery, brand operators, demand levers, and policy cycle.

Operator playbooks

Univanich Palm Oil (SET: UVAN): largest listed pure-play Thai palm oil producer. Krabi-headquartered, integrated plantation, mill, refinery with RSPO certification. Strategic: scale, vertical integration, sustainability credential position UVAN as the cleanest investable Thai palm-oil exposure. Yield, CPO price cycle drive earnings; RSPO, EUDR compliance widens European offtake optionality.

Chumporn Palm Oil Industry (SET: CPI): mid-scale listed producer with Chumphon base. Integrated plantation, mill operations. Smaller than Univanich but similar vertical model. Strategic: regional scale in Chumphon oil-palm belt; pure-play exposure to CPO cycle, government price intervention.

Lam Soon Thailand (SET: LST): listed consumer-brands player, owns Oleen cooking oil and Naturel refined oils, plus wheat flour, margarine, other FMCG lines. Sources refined palm olein from domestic refiners, imports. Strategic: brand, retail, distribution moat; different risk profile than upstream plantation players — cooking-oil margins, FMCG competition drive earnings more than CPO cycle.

Patum Vegetable Oil (private): largest private Thai palm oil refiner. Major domestic supplier of RBD palm olein cooking oil, industrial palm products, soap stocks. Private, no public filings; scale comparable to Univanich refining capacity. Strategic: M&A/JV target given downstream scale and domestic brand reach.

Morakot Industries, other private mills: long tail of ~90-100 crushing mills concentrated in southern Thailand, plus regional refiners serving local cooking-oil brands. Smallholder FFB supply, MOC reference price define the economics. Consolidation thesis weaker than Indonesia/Malaysia because scale is capped by ~0.9Mha cultivation limit.

Operator concentration (FY2024 CPO-equivalent share estimate)

Univanich Palm Oil

Share %

12%

Kind

Listed integrated

Notes

SET: UVAN; Krabi plantation, mill, refinery

Patum Vegetable Oil

Share %

10%

Kind

Private refiner

Notes

Largest private refiner; RBD palm olein

Lam Soon Thailand

Share %

Kind

Listed brands

Notes

SET: LST; Oleen, Naturel cooking oil brands

Chumporn Palm Oil Industry

Share %

Kind

Listed mid-scale

Notes

SET: CPI; Chumphon integrated

Other mills, refineries

Share %

63%

Kind

Mixed

Notes

Long tail of ~90 mills, regional refiners

Operator	Share %	Kind	Notes
Univanich Palm Oil	12%	Listed integrated	SET: UVAN; Krabi plantation, mill, refinery
Patum Vegetable Oil	10%	Private refiner	Largest private refiner; RBD palm olein
Lam Soon Thailand	8%	Listed brands	SET: LST; Oleen, Naturel cooking oil brands
Chumporn Palm Oil Industry	7%	Listed mid-scale	SET: CPI; Chumphon integrated
Other mills, refineries	63%	Mixed	Long tail of ~90 mills, regional refiners

Derived from OAE, listed 56-1, industry association

Data as of: FY2024

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