Bangkok: CHAO estimates that the Thai snack market between 2024-2027 is expected to grow by 6.5% per year, receiving economic stimulus plans from the government and tourists, along with expanding into foreign markets, targeting revenue of 2.2 billion within 3 years.
According to Thai News Agency, Mr. Sirinat Chanyanan, Managing Director of Chao Sua Foods Industry Public Company Limited (CHAO), stated that the company assessed the overall Thai snack market between 2024-2027, expecting it to grow by 6.5% per year. Supporting factors include the overall Thai economy, which is expected to expand, with government spending being a significant driving force. Additionally, the tourism sector and domestic demand, primarily supported by the recovery of income, contribute to the market's growth. Products operated by Chao Sua are anticipated to maintain a good growth rate, with expectations of double-digit growth between 2024-2027. Specifically, the rice cracker market is projected to grow by 14.4% per year, with Chao Sua holding the leading market share at 79%. By 2025, the total market value is expected to reach 1,635 million baht. Processed meat products are also anticipated to grow by 13.9% per year, with Chao Sua maintaining a 62% market share. By 2025, this market's total valu e is projected at 732 million baht.
The company identifies growth potential in the Better-for-you Snack group, which aligns with evolving consumer behavior. In response, Chao Sua is preparing to develop new products to meet customer needs comprehensively and create distinct offerings as a healthier snack alternative. This strategy aims to maintain leadership in the Modern Thai Snacks segment.
Ms. Naphat Morin, Chief Executive Officer of CHAO, highlighted that the company has set a revenue growth target to exceed 2,200 million baht in 2027, translating to a compound annual growth rate (CAGR) of 12% per year. This goal will be pursued through strategic marketing, innovation, and strengthening distribution channels both domestically and internationally. The company plans to expand to 5-10 new countries, focusing on regions with growth potential in Asia and Europe, facilitated by continuous trade exhibitions and the appointment of distributors. Furthermore, operational efficiency enhancements will be prioritized through effective cost management, automation improvements, and the installation of solar panels to continuously boost profit margins.