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Krungsri Research expects output of chilled, frozen and processed chicken products to increase by an annual average rate of 3-5% during 2021-2023

Output Thailand’s chicken products is forecast to expand by an average 2.5-3.5% annually over 2023 to 2025. Within Thailand, the full reopening of the country is underpinning an accelerating rebound in tourist arrivals. This, coupled with broader recovery in the economy, will support stronger demand for chicken from restaurants and food processors. Exporters of chicken products can also look forward to an improving business environment

Over 2026-2028, strengthening domestic and international demand for chicken consumption will lift output to climb by 1.7-2.7% annually

Output by the Thai chicken industry is forecast to rise by 2.0-3.0% to an annual total of 1.99-2.10 billion broilers over 2024 to 2026, and this will then yield 3.19-3.35 million tonnes of chicken meat (up 1.5-2.5%). The industry will benefit from strengthening demand on domestic and export markets as well as the falling cost of feed,

Contains processed seafood, chilled, frozen and processed chicken, beverages

Sales of ready-to-eat food will increase through 2022-2024. The domestic market, the main source of income for the industry, will be buoyed by sales of instant noodles, as weak spending power encourages consumers to turn to low-cost foods. Sales of chilled and frozen food are also expected to rise with the spread of modern trade outlets, of which are the main distribution channel. In addition, ongoing urbanization is also encouraging consumers to adopt lifestyles that place a greater premium on convenience and speed, which will naturally translate into stronger sales of ready-to-eat meals.

The Thai processed seafood industry will see annual growth limited to rates of just 1-2% in the period 2019 to 2021 exports

From 2023 to 2025, overall output by the Thai seafood processing industry is expected to contract by between -0.5% and -1.5% annually, with exports predicted to slide at a slightly faster rate of between -1.0% and -2.0% per year. Output will come under pressure from official quotas that will reduce the size of the catch and from the higher cost of inputs, in particular of animal feed and fuel for trawlers. Alongside this, expensive energy will also push up processing costs. Exports will be impacted by falling demand in the industry’s main overseas markets as buyers increasingly turn to cheaper imports from China, Ecuador, and Vietnam, which enjoy trade agreements with many countries

Over the three years from 2021 to 2023, the value of the domestic market for ready-to-eat food will gradually rise.

2023 Investment Inducing Growth