Covid-19 lockdowns a godsend for Thailand’s food seasoning market
With people across the world having to cook at home due to the Covid-19 outbreak and subsequent lockdown, the demand for Thai seasoning has been rising so fast that it now holds the third place in the global market.
Auramon Supthaweethum, director-general of the Trade Negotiations Department, said recently that seasoning is one of the star products from Thailand and demand for it has risen due to the change in consumer behaviour. The biggest sellers are chilli sauce, soy sauce, fish sauce, curry paste, seasoning powder etc.
Based on exports in the first two months of this year, Thailand came in third globally for the shipment of food seasonings worth US$135.5 million, growing 18 per cent compared to last year. The top seasonings exporters are the United States and China.
Meanwhile, Thailand’s major markets such as South Korea grew by 33 per cent, while shipments to Asean countries and Australia rose by 25 per cent.
One of the biggest factors supporting the export market is the free-trade agreements (FTA) Thailand has signed with 15 countries, namely Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Vietnam, Brunei, Australia, New Zealand, China, Hong Kong, Chile and Peru.
The brand holding the largest market share of about 75 per cent is Ajinomoto (Thailand), which was established in 1960. This year, Ajinomoto’s revenue stands at Bt26 billion with net profit at Bt5.10 billion, which is Bt957 million or approximately 23.09 per cent more than the previous year.
Thai Churos Co occupies about 20 per cent of the market, while Thai Fermentation Industry Co 5 holds per cent.
