Thailand’s soups market to reach US$22.7m in 2025, forecasts GlobalData

The Thailand soups market is projected to grow at a compound annual growth rate (CAGR) of 5.0% from THB537.7m (US$17m) in 2020 to THB687.8m (US$22.7m) in 2025, owing to healthy, tasty and convenient nature of packaged soups, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Thailand Soups Market Assessment and Forecasts to 2025’, reveals that the market is majorly driven by the growth in the dried soup (mixes) category, which is forecast to register the fastest value CAGR of 5.4% during 2020-2025. The category is followed by frozen soup, which is expected to record a CAGR of 4.6% during the same period.

Anjali Singh, Consumer Analyst at GlobalData, says: “Busy lifestyles, combined with the convenient nature of packaged soups, is driving the growth of the Thai soups market. Growing awareness of health and wellness is a key trend in Thailand, encouraged by the government with the implementation of sugar tax. Salt tax is expected to come into effect in 2021.

“Furthermore, products with clean label having natural, organic, and non-GMO ingredients appeal to health-conscious consumers. Hence, to cater to the needs of Thai consumers, manufacturers are focusing on offering tasty yet healthy soup products.”

‘Hypermarkets & supermarkets’ was the leading distribution channel in 2020, followed by convenience stores and e-retailers.

The per capita expenditure of soups in Thailand, which increased from US$0.18 in 2015 to US$0.24 in 2020, is expected to reach US$0.32 in 2025, which is way lower than both global (US$2.8) and Asia-Pacific (US$0.9) levels.

Campbell Soup Company, Unilever, and Ajinomoto Group were the top three companies in the Thai soups market by value in 2020. Campbell’s and Knorr were the leading brands.

Ms. Singh concludes: “Thai consumers seek nutritional, organic, healthy soup products with clean tables, in addition to convenient, tasty, and quality products. Manufacturers will need to reform their products with reduced salt content due to the upcoming salt tax.”

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