Ready meals has maintained double-digit retail current value growth in 2020 overall, along with strong retail volume growth, although these growth rates are similar to those seen in previous years of the review period. These products were in high demand during the COVID-19 lockdown period in the first half of the year, as some people who would normally eat outside of the home turned to them as an easy option instead of cooking from scratch.
Due to the competition in the food industry and the development of innovative, more diverse food production, ready meals are becoming more similar to freshly prepared food through the introduction of various new products that are convenient for consumption. For example, recent launches included new packaging which can warm and heat without even using a microwave.
Charoen Pokphand Group (CP All and Charoen Pokphand Foods) remains the leader in ready meals in 2020. It continues to dominate chilled ready meals and remains the leader in frozen ready meals.
With little impact on retail sales from COVID-19 in 2020, retail volume and current value growth rates in ready meals are forecast to remain strong and stable throughout the forecast period, with higher CAGRs expected in the forecast period than were seen in the review period. Consumers who want to eat at home but do not have the time or skills to do so are likely to purchase such products, with the younger generation being particularly interested in ready meals.
Convenience stores is expected to remain the leading distribution channel for ready meals in the forecast period, as the number of such outlets is set to continue to rise. These stores offer various types of foods, as well as additional services, such as microwaves, hot water and free utensils.
More ready meals players are set to target the lucrative older population in Thailand with their ready meals in the forecast period, amidst a backdrop of an ageing population in the country. The elderly often have problems with the composition of certain foods, which are hard for them to chew and swallow, and any products catering to this consumer group are usually imported and expensive.
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Understand the latest market trends and future growth opportunities for the Ready Meals industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Ready Meals research and analysis database.
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