
Even though Thailand has a sluggish economy, the Thai herbs and spices market has proved to be resilient, according to McCormick & Company, Incorporated, an American spice manufacturer and distributor.
Priya Sharma, managing director of McCormick India-Southeast Asia, said the company believes that following the Covid-19 pandemic, people around the world now tend to cook more at home.
At the same time, the restaurant industry in Thailand is prospering once again after the pandemic, which benefits both the business-to-customer (B2C) segment and business-to-business (B2B) segment of the company, she said.
"Thailand ranked in the top three markets for the company in Southeast Asia, with both the B2C and B2B sectors growing at the same pace, which aligns with other markets in the region," said Ms Sharma.
However, the company did not reveal its revenue target in Thailand this year.
She said the company focuses on innovation through continued research and development to understand consumer insights and behaviours.
The internet has revolutionised the world of food by providing culinary-related content which triggers consumer demand for new experiences in terms of flavour and richness of ingredients.
"In Thailand, we see a rising trend of people who are craving Sichuan Mala and Korean food," she said.
The company also learned that social media users have saved cooking reels (short cooking videos) to prepare meals which reflect fond memories of the 'good old days' spent with family members.
Due to a greater degree of customer sophistication in terms of the search for new experiences, the company must be agile and able to adapt to evolving customer behaviours and lifestyles by providing new lines of products to the market, she said.