Thailand’s Food Market Valued at US$68 Billion in 2023

Bangkok, Thailand – The food market in Thailand is booming, with a value of US$68 billion in 2023. The market is expected to grow at a CAGR of 5.25% from 2023 to 2028.

The growth of Thailand’s food market is being driven by a number of factors, including a growing population, rising incomes, and increasing urbanization. The country’s young population is also driving demand for new and innovative food products.

The food market in Thailand is segmented into a number of categories, including fresh food, processed food, and foodservice. The fresh food segment is the largest, with a market value of US$26 billion in 2023. The processed food segment is the second largest, with a market value of US$20 billion in 2023. The foodservice segment is the third largest, with a market value of US$22 billion in 2023.

The growth of Thailand’s food market is creating opportunities for both domestic and foreign companies. Domestic companies are expanding their product offerings and investing in new technologies to meet the growing demand for food. Foreign companies are also investing in Thailand, attracted by the country’s strategic location, growing economy, and young population.

The growth of Thailand’s food market is a positive sign for the country’s economy. The food industry is a major employer and contributor to the country’s GDP. The continued growth of the food market is expected to boost economic growth and create jobs in Thailand.

In addition to the factors mentioned above, the growth of Thailand’s food market is also being driven by the following trends:

• Increasing demand for convenience foods
• Growing popularity of healthy eating
• Rising awareness of food safety
• Increasing tourism

Food companies must to focus on the following areas to capitalize on the growth of the market:

• Innovation: Food companies need to innovate to meet the changing needs of consumers.
• Quality: Food companies need to focus on quality to differentiate their products from the competition.
• Exports: Food companies need to focus on exports to tap into the growing demand for Thai food products overseas.

The Thai food market is a dynamic and growing market with strong potential for growth. Food companies that can innovate, focus on quality, and export their products will be well-positioned to succeed in this market.

Sources:

• Food – Thailand | Statista Market Forecast: https://www.statista.com/outlook/cmo/food/thailand
• Thailand Foodservice Market Size and Trends by Profit and Cost Sector Channels, Consumers, Locations, Key Players, and Forecast, 2021-2026 – GlobalData: https://www.globaldata.com/store/report/thailand-foodservice-market-analysis/
• Thailand’s Food Industry – BOI: https://www.boi.go.th/upload/content/Food%20industry_5aa7b40bd758b.pdf
• Food industry looks to the future – Bangkok Post: https://www.bangkokpost.com/business/2585881/food-industry-looks-to-the-future