Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Convenience Food Market in Thailand is seeing minimal growth, due to factors like slow adoption of digital technologies, limited health awareness among consumers, and the lack of convenience in online health services.
Customer preferences: As individuals become more health-conscious in Thailand, there has been a notable increase in demand for convenient and nutritious soup options within the Convenience Food Market. This trend is largely driven by the growing number of busy working professionals and urban dwellers who prioritize convenience and health in their food choices. Additionally, the emergence of innovative and authentic Thai-inspired soup flavors, catering to local tastes and preferences, has also contributed to the growing popularity of soups in the market.
Trends in the market: In Thailand, the Convenience Food Market is experiencing a surge in demand for soups, driven by the growing popularity of instant and ready-to-eat meals among busy consumers. This trend is expected to continue, fueled by the convenience and affordability of these products. Additionally, there is a rising demand for healthier soup options, leading to the development of low-sodium, organic, and plant-based options. This presents opportunities for industry players to expand their product offerings and cater to the evolving preferences of consumers. However, it also creates a need for stricter regulations and quality control measures to maintain the integrity of these products in the market.
Local special circumstances: In Thailand, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's rich culinary heritage and consumer preferences. The use of local ingredients, such as lemongrass and coconut milk, sets Thai soups apart from other markets. Additionally, the popularity of street food culture in Thailand has led to the widespread availability of quick and affordable soup options. The country's growing health consciousness has also resulted in the demand for healthier and organic soup options in the market. These factors, combined with the government's efforts to promote Thai cuisine, are driving the growth of the Soups Market in Thailand.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Thailand is heavily influenced by macroeconomic factors such as consumer spending power, population growth, and government policies. As the Thai economy continues to experience steady growth, with a favorable GDP growth rate and low inflation, consumers are increasingly able to afford convenience foods such as soups. Additionally, the Thai government's focus on promoting a healthy lifestyle through initiatives such as the National Health Promotion Plan has led to a growing demand for healthy and convenient food options, further driving the growth of the soups market.
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.
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