Food - Thailand

Thailand

Revenue in the Food market amounts to US$71.46bn in 2024. The market is expected to grow annually by 5.10% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$11.45bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$997.20 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

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

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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.