Entrepreneurs flocked to invest in the frozen food segment, with the number of new business registrations up 84% in the first nine months, driven by rising domestic and export demand.
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| In a supermarket in Thailand. |
| Photo : Net/CVN |
According to Deputy Commerce Minister Sinit Lertkrai, new registrations between January and October stood at 92, compared to 42 in the same period last year, with registered capital up 284 percent to THB 299 million.
The frozen food segment has flourished in recent years during the COVID-19 pandemic, which has affected most businesses, the official said.
He said ready-to-eat frozen foods, both for domestic consumption and export, have high growth potential thanks to their long shelf life and the advantage of expansion through convenience stores.
The main products among them include frozen fruits, fresh vegetables, fresh shrimp, fresh squid, fresh chilled and frozen fish, steamed and boiled crab, frozen and fresh chicken and frozen duck.
The annual market value of the sector in Thailand has been estimated at THB 300 billion for the past three years. Thai frozen food was valued at 304 billion baht in 2021, down from 284 billion in 2020 and 307 billion in 2019.
VNA/CVN