Food - Thailand

  • Thailand
  • Revenue in the Food market amounts to €65.58bn in 2024. The market is expected to grow annually by 4.94% (CAGR 2024-2029).
  • The market's largest segment is the segment Bread & Cereal Products with a market volume of €10.51bn in 2024.
  • In global comparison, most revenue is generated in China (€1,470bn in 2024).
  • In relation to total population figures, per person revenues of €915.10 are generated in 2024.
  • In the Food market, 5.1% of total revenue will be generated through online sales by 2024.
  • In the Food market, volume is expected to amount to 26.43bn kg by 2029. The Food market is expected to show a volume growth of 3.5% in 2025.
  • The average volume per person in the Food market is expected to amount to 315.70kg in 2024.

Key regions: United States, Canada, China, India, South Korea

 
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Analyst Opinion

The Food market in Thailand has seen steady growth, influenced by factors such as increasing consumer health consciousness, convenience of online food services, and the diverse sub-markets of dairy, meat, fruits, and more. However, minimal growth rate is impacted by rising competition, changing consumer preferences, and government regulations.

Customer preferences:
As Thailand's food market continues to grow, consumer preferences are shifting towards healthier and more sustainable options. This is driven by a growing awareness of the impact of food choices on personal health and the environment. Additionally, the rise of social media and influencer culture has led to a demand for aesthetically pleasing and Instagram-worthy food options. As a result, we are seeing a rise in demand for organic, plant-based, and locally sourced products. This trend is expected to continue as the younger generation becomes more health-conscious and socially aware.

Trends in the market:
In Thailand, The Food market is experiencing a surge in online food delivery services, with more consumers opting for convenience and safety during the COVID-19 pandemic. This trend is expected to continue, with market players investing in technology and logistics to meet the increasing demand. Furthermore, the rise of e-commerce platforms and social media marketing has allowed small and medium-sized food businesses to reach a wider audience and grow their customer base. This shift towards digitalization in The Food market is set to reshape the industry landscape and create new opportunities for stakeholders, while also transforming the way consumers access and purchase food products.

Local special circumstances:
In Thailand, The Food market is heavily influenced by the country's rich culinary traditions and diverse cultural influences. With a strong emphasis on fresh, local ingredients and bold flavors, the market offers a unique and authentic dining experience for both locals and tourists. Additionally, Thailand's strong street food culture and bustling markets add to the vibrant food scene, creating a dynamic and constantly evolving market. The country's lax regulations and low barriers to entry also contribute to a thriving and competitive food market, with a wide variety of options and price points to suit different tastes and budgets.

Underlying macroeconomic factors:
The Food market in Thailand is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The country's strong economic growth and increasing disposable income have led to a rise in consumer demand for high-quality food products, including organic, healthy, and sustainable options. Additionally, government initiatives promoting the development of the food industry and investments in infrastructure have also contributed to the growth of the market. However, factors such as inflation, currency fluctuations, and trade policies may pose challenges to the growth of the market. Overall, the positive economic climate and supportive government policies are expected to continue driving the growth of The Food market in Thailand.

Methodology

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.

Vue d’ensemble

  • Revenue
  • Volume
  • Price
  • Sales Channels
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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