During the COVID-19 crisis, people stocked up on essentials, including Thai cuisine's primary cooking materials such as palm oil, soybean oil, fish sauce, soy sauce, and oyster sauce. This led to an increase in the retail volume sales of these product groups.
In 2022, the overall cooking ingredients and meals market in Thailand is being shaped by the return to more normal social and economic activity in the wake of the COVID-19 crisis, including the revival of the tourism segment. This is helping to drive consumption through foodservice channels while shifting demand away from retail, as consumers spend more time away from their homes.
In 2022, most categories have a clear leader (or clear top two players) and are maintaining a fairly stable competitive landscape. In edible oils, domestic companies (led by Sime Darby Oils Morakot) dominate the category share, whilst in sweet spreads the opposite is true, although local producers are aiming to gain a first movers’ advantage with a health positioning in this category.
The easing of COVID-19 related restrictions and the recovery of tourism have boosted demand for cooking ingredients and meals products through foodservice channels. Consumers have tended to migrate back from retail to foodservice across all categories, resulting in slower retail volume growth and significant foodservice volume growth in 2022.
Throughout the forecast period, the recovery in the tourism sector will contribute to an increase in demand via foodservice across the entire cooking ingredients and meals market. Regardless of the effect of the oil price, it is expected that the unit price of the overall market will continue to rise as companies intend to offer healthier options, which will allow them to rebrand their products as premium and generate higher margins.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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