Frozen instant food business looks promising next year: KRC

BANGKOK, Dec 7 (TNA) – The frozen instant food business is likely to grow significantly next year since there is a greater demand for the product both locally and overseas, according to Kasikorn Research Centre.

The leading think tank reported the frozen instant food business is expected to expand continuously because the food could cater to a changing behavior of consumers.

Some consumers have to work harder and have time constraints. They do not want to waste time for food preparation. So, they prefer to buy frozen instant foods because it is convenient. Also, there are several assortments of the foods.

A move by existing and new producers to expand the market by offering a variety of menus and increasing the number of cold storages could also help boost the business growth.

The market value of frozen instant foods had enjoyed a leapfrogging growth in the past few years.

The market value is expected to total 3 billion baht next year, compared with 1 billion baht in 2004.

It is projected the market boom would attract new investors into expanding in the frozen instant food production and make some exporters turn to increase the frozen food production lines to expand market locally.

Shortly, KRC said, the frozen instant food business needs to be kept a close watch since its market value is high and likely to increase continuously.

New investors are expected to enter into the business and set to develop products to meet consumers’ needs. So, it is believed competition in the business would intensify in terms of sale promotions, product development, and expansion of distributions channels.

TNA