Thailand Canned Food Market Forecasts from 2023 to 2028

The Thailand canned food market is estimated to grow at a CAGR of 4.96%, reaching US$314.525 million in 2028 from US$224.135 million in 2021.

The prime reason which is expected to drive the canned food demand in the country is a surge in household disposable income and lifestyle changes that have accommodated the utilization of canned food in meal preparation or its consumption as a meal itself. Furthermore, the surge in single-person households in the country is also forecasted to drive the canned food demand during the forecast period.

Rising Demand for Seafood

The market for canned foods in Thailand has grown as a result of the rise in demand for seafood. The largest net exporter of seafood and agricultural products is Thailand. According to the Canadian government, Thailand's agri-food and seafood surplus was CAD24.7 billion in 2021. Thailand's rapid development can be attributed in large part to its wealth of raw materials, low labor costs, and readily available resources, all of which make it an agricultural nation. In Thailand, agriculture employs one-third of the workforce and contributes 6% of the country's GDP, according to the International Trade Administration. Japan and the US are Thailand's two biggest export partners. Additionally, as per the 2021 report by USDA, the sales of canned tuna increased from 33, 970 tons in 2020 to 34, 484 tons in 2021.

Rising Demand for Agricultural Products

People prefer agricultural items like canned rice and canned vegetables since they have a longer shelf life and include essential nutrients. Foods in cans, like canned fish, canned pineapples, and canned vegetables, are becoming more and more popular both domestically and abroad. According to the US Department of Agriculture, Thailand's packaged food industry saw growth in 2020 and 2021 as a result of rising domestic food consumption, with net sales totaling US$15.67 billion. Additionally, government assistance is expanding Thailand's canned food business. The Thailand government's "World Food Valley" project, which spans 2000 rai in the province of Ang Thong, aims to boost exports to US$58.6 billion by 2036 by supporting the food industry with raw materials, quality assurance, testing, approval, and mentorship services.

Bangkok is Expected to Grow Significantly

With the increasing demand for canned food including canned tuna, canned vegetables & canned pineapples across the Bangkok region, the canned food market is expected to witness higher sales, thereby promoting market growth. Moreover, the ambitious plan of Thailand 4.0 policy includes focusing on the development of the Argi- food sector including the export of canned food items. The favorable government initiatives are expected to boost the growth of Bangkok's canned food market. The increasing demand is also because the canned food contains all necessary nutrients & has a longer shelf life. Further, the agriculturally rich characteristics of the region make it most prominent with an abundance of raw materials & lower labor costs providing additional benefits.

Major Market Player

• Maruha Nichiro Corporationprovides varied offerings of canned food items related to aquaculture, fishery products & different processed foods among others. The company aims to build a more sustainable value chain through its business by integrating marine resources & food processing technology advancements.

Key Market Developments

• In April 2022, AJE, a manufacturer of carbonated beverages, expanded and introduced a fresh line of tinned saba fish in a tomato sauce called D'Gussto in Thailand. The introduction aimed to broaden the company's regional client base and offer Thai consumers inexpensive canned foods.
• A DIY hot tuna salad in a can was introduced in February 2021 by Thai Union, the largest producer of canned tuna in the world, in collaboration with After Yum, one of Thailand's most renowned restaurants for its spicy food menus. Customers may add salad toppings, chili, and lime juice to create unique dinners thanks to the cooperation.
• In March 2022, Maruha Nichiro invested in US-based food company Happi Foodi with the development of its various portfolio brands including frozen food, and canned food items among others.

Segmentation:

By Type

• Organic
• Inorganic

By Product Type

• Canned Meat
• Canned Fish/Seafood
• Canned Fruits and Vegetables
• Canned Beans and Legumes
• Others

By Distribution Channel

• Online
• Offline
• Supermarket/ Hypermarket
• Convenience Store
• Others

By Region

• Bangkok
• Phuket
• Krabi
• Chiang Mai
• Others