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