Key regions: Spain, Japan, China, Philippines, United Kingdom
The Food market in Thailand is witnessing a slow growth rate in the Spreads & Sweeteners sub-markets. This can be attributed to factors such as low consumer awareness, limited availability of online services, and traditional food preferences. However, with the increasing adoption of digital technologies and rising health consciousness, the overall market is expected to experience steady growth in the near future.
Customer preferences: The demand for healthier and more natural sweeteners has increased in Thailand, as consumers become more health-conscious. This trend is driven by the growing awareness about the negative effects of artificial sweeteners on health. Moreover, the rising popularity of local and traditional sweeteners, such as palm sugar and honey, reflects a preference for natural and locally-sourced products. This shift towards natural sweeteners is also influenced by the traditional Thai diet, which is rich in natural ingredients and avoids processed foods.
Trends in the market: In Thailand, the Spreads & Sweeteners Market within The Food market is experiencing a rise in demand for healthier and natural options. This trend is driven by consumer awareness of the negative effects of artificial ingredients, leading to a shift towards natural and organic alternatives. Additionally, there is a growing emphasis on sustainability and ethical sourcing, with consumers seeking out products that align with their values. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as manufacturers, retailers, and suppliers who will need to adapt to meet consumer demands for healthier and more sustainable options.
Local special circumstances: In Thailand, the Spreads & Sweeteners Market is heavily influenced by the country's rich agricultural production, particularly in the production of sugar and palm oil. This has led to a wide availability and affordability of sweeteners and spreads, making them a staple in Thai cuisine. Additionally, the cultural preference for sweet flavors has also contributed to the growth of this market. However, recent regulations on sugar consumption and labeling have challenged market players to innovate and offer healthier options.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Thailand is heavily influenced by macroeconomic factors such as consumer spending, economic stability, and government policies. With a growing middle class and rising disposable incomes, there is a growing demand for convenience foods, including spreads and sweeteners. Additionally, the government's efforts to promote healthy eating and reduce sugar consumption have led to an increase in demand for natural sweeteners and healthier spreads. Furthermore, the country's stable economic growth and favorable business climate have attracted investments and spurred market expansion, contributing to the growth of the Spreads & Sweeteners Market within The Food market in Thailand.
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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