11 May 2020
Posted in Consumer
Thailand’s seasonings, dressings & sauces market to reach 305.3 million kgs at a CAGR of 1.1% by 2024, says GlobalData
The seasonings, dressings & sauces market in Thailand is expected to reach 305.3 million kgs by 2024 at a compounded annual growth rate (CAGR) of 1.1% between 2019 and 2024, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Thailand Seasonings, Dressings & Sauces – Market Assessment and Forecasts to 2024’ reveals that ‘Dressings’ was the largest category with value sales of THB12.5bn (US$395.9m) in 2019. In growth terms, the tomato pastes and purees category is forecast to post fastest growth at a CAGR of 3.5% over the forecast period, followed by condiment sauces and dips with CAGRs of 3.4% and 3.3%, respectively, over the same period.
Meenakshi Haran, Senior Consumer Insights Analyst at GlobalData, says: “Thailand’s rich culinary heritage and the practice of combining multiple tastes like sweet, salty, spicy and sour, in a single meal, benefits the sales of seasonings, dressings & sauces in the country.”
The per capita consumption of seasonings, dressings & sauces in Thailand stood higher than the regional average in 2019. The per capita consumption of herbs, spices & seasonings category stood at 1.3kg compared to global per capita consumption of 1.31kg, followed by condiment sauces at a per capita consumption of 1.1 kg, well under the global average of 1.4 kg in the same year.
Ajinomoto Group, Unilever and Nguan Soon Co., Ltd. are the top three companies in the Thai seasonings, dressings & sauces market, with hypermarkets & supermarkets emerging as the largest distribution channel in 2019.
Haran concludes: “Growing health consciousness among the consumers will see producers focus on health & wellness (H&W) attributes of their products. GlobalData forecasts that H&W attributes such as ‘naturally healthy’ and consumer benefits such as ‘generally wellbeing’ will contribute the most towards the growth of the H&W market in the Thai seasonings, dressings & sauces sector through 2019–2024.”