Asian sauce and seasoning manufacturer Lee Kum Kee Sauce Group is exploring opportunities to enter Thailand’s ready-to-eat meals market via collaborations with local companions. Having been within the industry for 135 years, the company recognises the growth potential in this sector as it caters to the demands of busy customers looking for convenience.
Cheryl Chan, the regional advertising director of Mahsuri Dagang Sdn Bhd (Lee Kum Kee’s company name), highlighted the sizeable nature of Thailand‘s food market throughout her current visit to the country. Lee Kum Kee’s ready-to-eat merchandise are presently 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.
Verify -based Lee Kum Kee model exports over 300 sauce and seasoning products to a hundred nations across five continents. The firm entered the Thai market in 1999, with Pan Food Co Ltd handling the distribution of merchandise to resorts, eating places, and catering services, whereas Loxley Trading Co oversees advertising and distribution by way of traditional and fashionable trade channels.
Around 40 Lee Kum Kee merchandise can be found in Thailand, together with well-liked items such as oyster sauce, soy sauce, and sesame oil.
The company lately showcased a broad range of sauces and condiments at 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 within the sauce and seasoning section, given the substantial size of the food enterprise market. Statista estimates that Thailand’s meals market will be price US$67.4 billion in 2023, with an anticipated annual progress of 5.32% between 2023 and 2028, leading to a market quantity of US$87.4 billion in 2028.
To capitalise on this progress pattern, Lee Kum Kee plans to launch three new merchandise in the retail sector during the third quarter of this 12 months, focusing on “healthy products” that have seen elevated demand following the pandemic. Chan said…