Key regions: Russia, United Kingdom, Philippines, Japan, South Korea
The Other Sauces Market in Thailand is experiencing minimal growth due to factors such as limited consumer awareness and competition from traditional sauces. This has impacted the market's growth rate, despite the overall growth of the Sauces & Spices Market within The Food market.
Customer preferences: As consumers in Thailand become more health-conscious, there has been a growing demand for natural and organic sauces, driven by a preference for clean and healthy ingredients. This trend is also evident in the increased popularity of plant-based sauces and condiments, catering to the growing number of flexitarians and vegetarians in the country. Furthermore, the rise of e-commerce and social media has enabled smaller, local sauce brands to reach a wider audience, disrupting the dominance of multinational players in the market.
Trends in the market: In Thailand, there is a growing demand for healthier and more natural options in the sauces market, with consumers increasingly seeking out organic and plant-based sauces. This trend is driven by a rise in health consciousness and a desire for clean label products. As a result, there is a shift towards using locally sourced and sustainably produced ingredients in sauces. This trend is expected to continue, with manufacturers focusing on transparency and sustainability in their products. This presents opportunities for industry stakeholders to tap into the growing market for healthier and more natural sauces in Thailand.
Local special circumstances: In Thailand, the Other Sauces Market is heavily influenced by the country's rich culinary heritage and diverse cultural influences. Thai sauces, such as fish sauce and oyster sauce, are staples in Thai cuisine and are used in traditional dishes like pad thai and tom yum soup. Additionally, the country's growing tourism industry has led to an increase in demand for Thai sauces from international markets. However, strict regulatory measures on food imports and exports can present challenges for companies looking to enter the market. Moreover, the popularity of street food culture in Thailand has also contributed to the growth of the Other Sauces Market, as these sauces are commonly used in popular street food dishes.
Underlying macroeconomic factors: The Other Sauces Market in Thailand is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and trade policies. The country's strong economic growth and rising disposable income have resulted in increased demand for convenience foods, including sauces. Additionally, favorable trade policies and increasing investments in the food industry have boosted the production and availability of various sauces in the market. Moreover, changing consumer preferences and the adoption of western cuisines have also contributed to the growing demand for sauces, particularly in urban areas.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
