Thai ice cream exports continue to grow, becoming number 1 in Asia

Thai ice cream export

The Director of the Office of Trade Policy and Strategy (OTPS), Ministry of Commerce, revealed that the value of Thai ice cream exports has grown continuously for the past 7 years, with a compound annual growth rate (CAGR) from 2017 to 2023 of 12.43 percent per year.

The latest in 2023, the total value of ice cream exports was 148.21 million dollars, approximately 5,099 million baht, an increase of 7.3 percent. Thailand is the number 1 ice cream exporter in Asia and 11th in the world.

Ice cream is a product with an increasing demand trend. According to the ice cream market value report by Euromonitor International, a global market intelligence company, in 2023 the global ice cream market had a retail value of 86,719.4 million dollars, an increase of 8.8 percent compared to 2022. The Thai ice cream market had a retail value of 396.0 million dollars, an increase of 11.0 percent.

Supported by hot weather, popularity of foreign tourists and increasing On The Go Lifestyles of Thai people.

In addition, the trend of demand for healthy food has made consumers look for food that is complete in nutrients and has good nutritional value, which also affects the trend of ice cream consumption.

Consumers want to consume ice cream that tastes delicious and is healthy, including ice cream made from cow’s milk, plant-based ice cream, and ice cream with fruit ingredients.

In addition, products have been developed to meet the needs of a wider range of consumers, such as lactose-free ice cream and ice cream with reduced sugar content, which not only meets health needs,

It also meets the needs of consumers who are allergic to cow’s milk. As for plant-based ice cream and fruit ice cream, it also meets the needs of vegan or vegetarian consumers very well.

In addition, modern consumers are beginning to pay attention to sustainability issues, so major ice cream manufacturers are currently improving their production processes to be more environmentally friendly, such as using eco-friendly freezers and changing packaging from plastic to paper, which is another way to create added value and stimulate consumer demand.

When considering the share of Thai ice cream export value in the world market, the latest data in 2022 shows that Thailand’s ice cream export value accounts for approximately 2.6 of the global ice cream export value.

While the European Union, the United States and the United Kingdom account for 68.4%, 5.0% and 3.0% of the global ice cream export value, respectively, Thailand’s ice cream exports have continued to grow.

From 2017 to the present, in 2023, Thailand had an export value of 148.21 million dollars (5,099 million baht), an expansion of 7.3 percent, and in January 2024, Thailand had an export value of 9.91 million dollars (343 million baht), an expansion of 10.1 percent when compared to the same period last year.

The top 5 major Thai ice cream export markets in 2023 with the highest export value are:

• Malaysia 29.5%
• South Korea 11.3%
• Vietnam 9.5%
• Singapore 6.5%
• Cambodia 6.3%

Mr. Poonpong added that Thailand is the number 1 exporter of ice cream in Asia. When compared to major exporting countries, Thailand is second only to the European Union, the United States, and the United Kingdom, showing that ice cream is another potential export product of Thailand.

Since Thailand is well-equipped with a variety of raw materials and can transform products into ice cream creatively and to the satisfaction of consumers, almost all types of Thai fruits can be used as ingredients to produce ice cream with various flavors.

While Thai herbs can be used as ingredients in ice cream to highlight Thai identity, as well as create ice cream styles and shapes, which are outstanding features that attract consumers, especially foreigners.

However, consumers are now paying more attention to health and sustainability issues. Thai manufacturers and entrepreneurs must therefore pay attention to these issues and adapt to the changes in order to develop ice cream that meets consumer needs and seek opportunities to export to new trading partners, as Thai ice cream still has a lot of room for growth in both domestic and global markets.

Source of information: Thairath

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