Asian sauce and seasoning producer Lee Kum Kee Sauce Group is exploring alternatives to enter Thailand’s ready-to-eat food market by way of collaborations with native companions. Having been in the business for a hundred thirty five years, the company recognises the growth potential in this sector as it caters to the calls for of busy consumers in search of convenience.
Withheld , the regional advertising director of Mahsuri Dagang Sdn Bhd (Lee Kum Kee’s company name), highlighted the sizeable nature of Thailand‘s food market during her latest go to to the nation. Lee Kum Kee’s ready-to-eat merchandise are at present obtainable in Hong Kong and exported to the US market.
Research by Krungsri indicates that the market worth of ready-to-eat meals in Thailand stands at 44 billion baht, with 26 billion attributed to dried and shelf-stable ready-to-eat food, and 18 billion to chilled ready-to-eat meals.
The China-based Lee Kum Kee brand exports over 300 sauce and seasoning products to 100 nations across five continents. The firm entered the Thai market in 1999, with Pan Food Co Ltd dealing with the distribution of products to motels, restaurants, and catering services, while Loxley Trading Co oversees advertising and distribution by way of traditional and fashionable trade channels.
Around 40 Lee Kum Kee merchandise are available in Thailand, together with in style gadgets corresponding to oyster sauce, soy sauce, and sesame oil.
The firm lately showcased a broad range of sauces and condiments on the Thaifex – Anuga Asia expo, aiming to strengthen its presence in Thailand and Southeast Asia.
Chan emphasised the immense potential that Thailand holds for Lee Kum Kee, particularly in the sauce and seasoning section, given the substantial size of the food business market. Statista estimates that Thailand’s food market might be price US$67.4 billion in 2023, with an anticipated annual progress of 5.32% between 2023 and 2028, resulting in a market quantity of US$87.four billion in 2028.
To capitalise on this progress pattern, Lee Kum Kee plans to launch three new products in the retail sector in the course of the third quarter of this yr, focusing on “healthy products” that have seen increased demand following the pandemic. Chan said…