Tops, the grocery chain under Central Retail, wants to increase revenue from its own brand product line.
Stephane Coum, chief executive of the food group at Central Retail, said the market for home brands in Thailand is valued at more than 38 billion baht, with 11.3% growth year-on-year in 2024.
However, home brand products only hold a 4% market share in Thailand compared with a global average of 22%, indicating substantial room for growth, he said.
This year, the company targets a 20% expansion of its own brand portfolio.
Tops offers more than 5,000 items in 110 categories, featuring more than 80 brands under its own label.
The company plans to add 500 more items in 10 categories, while expanding into more export markets, said Thanawat Jirajariyavej, chief merchandising officer of Central Food Retail.
Tops also wants to enhance its private label offerings such as coffee and baby diapers, he said.
Mr Thanawat said the stagnant economy weakened purchasing power, making it essential for the company to offer products that can improve customers' quality of life during this challenging time.
"In this economy, it is the best time to grow our home brands," he said.
Younger consumers tend to be less attached to particular brands, and are willing to accept new brands that meet their quality standards, said Mr Thanawat.
Tops private label products account for 12% of the company's overall sales, which surpasses the typical 4% share in the Thai private label market.
The majority of private labels sales, around 80-90%, come from the domestic market.
For the export market, the company exports its own brand and other brand products to China, Singapore, Cambodia, Vietnam and Switzerland.
The exports include well-known products from Thailand, including rice, local snacks and canned fruit.
The company recognises the potential for expanding its exports to Southeast Asian markets such as Malaysia, the Philippines and Indonesia. Central Retail is also keen to export its products to other markets in Asia and Europe.
He said Southeast Asia's robust GDP growth and absence of tariffs for intra-Asean trade make it an appealing market.
Some nations in this region have substantial populations and these people are familiar with each other's cultures, said Mr Thanawat.
The company targets 70% growth in exports of its own brand this year, he said.
