MARKET DEVELOPMENT
Govt. Unveils Master Plan for Palm Oil Industry
Govt. Unveils Master Plan for Palm Oil Industry
15/12/2014 (Thailand National News Bureau) - The Office of Agricultural Economics has unveiled a master plan to develop Thailand's palm oil industry between 2015 - 2026.
According to Secretary General Lersak Rewtrakulpaibul, the office has drafted the 10 year master plan, aiming to increase the country's palm oil production to reach a balance between demand and supply in the country.
In the plan, plantation areas will be extended from the present 4.5 million rai to 7.5 million rai, while production should be increased from 3.2 tons per rai to 3.5 tons.
The office will also promote the country's annual consumption of palm oil, hoping to increase the yearly consumption from 1.02 million tons to 1.35 million tons and increase the use of palm oil as an alternative energy source from 1.3 million tons to 2.6 million tons, while maintaining exports at 300,000 - 700,000 tons a year.
Though Thailand is the third largest palm oil producer in the world, it remains a distant third behind Malaysia and Indonesia. The two countries combined have output of 85% of global palm oil production.
According to Secretary General Lersak Rewtrakulpaibul, the office has drafted the 10 year master plan, aiming to increase the country's palm oil production to reach a balance between demand and supply in the country.
In the plan, plantation areas will be extended from the present 4.5 million rai to 7.5 million rai, while production should be increased from 3.2 tons per rai to 3.5 tons.
The office will also promote the country's annual consumption of palm oil, hoping to increase the yearly consumption from 1.02 million tons to 1.35 million tons and increase the use of palm oil as an alternative energy source from 1.3 million tons to 2.6 million tons, while maintaining exports at 300,000 - 700,000 tons a year.
Though Thailand is the third largest palm oil producer in the world, it remains a distant third behind Malaysia and Indonesia. The two countries combined have output of 85% of global palm oil production.