Cooking ingredients and meals in 2024: The big picture
Cooking ingredients and meals in Thailand is set to show an overall positive performance in 2024, with increasing sales in both current value and volume terms across both retail and foodservice. While unit price growth for most categories has been stabilising, climate challenges continue to affect production, especially of olive crops for the production of olive oil, which remain vulnerable to extreme weather events.
Key trends in 2024
Convenience remains a key growth driver in cooking ingredients and meals in Thailand, particularly in categories such as ready meals and recipe sauces, as local consumers are looking for ways to save time amidst increasingly busy lives. Recipe sauces, for instance, have gained popularity as brands have been introducing locally inspired flavours to cater to diverse tastes.
Competitive landscape
Cooking ingredients and meals is highly fragmented overall in Thailand, albeit with different balances of players across the individual categories, thus seeing a high level of competitive activity. Sime Darby Oils Morakot PCL is expected to continue to lead edible oils in retail value terms in 2024, topping the brand ranking with its namesake Morakot brand.
Channel developments
In 2024, hypermarkets and small local grocers are expected to remain the primary distribution channels for retail sales of cooking ingredients and meals in Thailand in value terms, similar to 2023. Retail e-commerce continues to hold only a low share, as most local consumers prefer in-person grocery shopping, allowing them to check expiry dates, assess product quality, and review ingredient lists and nutritional labels directly.
What next for cooking ingredients and meals?
Retail sales of cooking ingredients and meals in Thailand are projected to grow steadily in both retail volume and current value terms over the forecast period. This growth will be fuelled by sustained interest in home cooking, and the continuous introduction of innovative products emphasising convenience and versatility.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Thailand, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Thailand report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Thailand?
- Which are the leading brands in Cooking Ingredients and Meals in Thailand?
- How are products distributed in Cooking Ingredients and Meals in Thailand?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Thailand?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Thailand
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Thailand
KEY DATA FINDINGS
Unit price rises lead to only low volume growth for olive oil
Availability of palm oil experiences fluctuations due to supply issues, but price stabilisation measures keep it affordable
Morakot continues to lead overall edible oils
Growth in edible oils expected to continue, driven by cooking at home, and health and wellness trends
Health benefits will favour interest in alternative edible oils
Increasing sustainability efforts within edible oils
Meals and Soups in Thailand
KEY DATA FINDINGS
Continued growth for ready meals despite consumers facing a higher cost of living
Consumers demand convenient meal solutions and different culinary choices
Growing preference for healthier choices drives greater variety
Product innovation will continue to drive growth in ready meals
Increasing competition expected within frozen ready meals in the forecast period
Brands set to leverage plant-based options and sustainability commitments to appeal to a wider consumer base
Sauces, Dips and Condiments in Thailand
KEY DATA FINDINGS
New product innovations to elevate the cooking experience spur growth
Foodservice volumes continue to expand due to tourist influx
Convenience continues to be a key factor driving growth in sauces, dips and condiments
Sauces, dips and condiments expected to maintain solid retail volume growth
Greater opportunity for growth for product innovations with a health focus
Increased availability and variety of plant-based sauces
Sweet Spreads in Thailand
KEY DATA FINDINGS
Sweet spreads sees modest growth amidst rising cost of living
Impact of rising cocoa prices on chocolate spreads
Increasing focus on health and wellness claims for jams and preserves
Tourist influx expected to drive up foodservice volumes of sweet spreads
Marketing and brand collaboration to spur consumer interest
Growing health and wellness trend to drive growth for nut and seed based spreads
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
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This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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