Thailand Mashed Potato Market Size, Share, Opportunities, And Trends By Application (Food Ingredient, Food Product, Snack, Culinary), By Form (Powder, Solid), And By Distribution Channel (Foodservice, Retail) - Forecasts From 2023 To 2028

Thailand mashed potatoes market is expected to reach a market size of US$38.417 million in 2028, up from US$17.213 million in 2021, and the market is set to grow at a CAGR of 12.15% during the projected period.

Mashed potatoes are one of the simplest side dishes prepared to accompany the main course. The boiled potatoes are mashed to make mashed potatoes and are combined with a wide range of recipes. Companies are offering mashed potatoes with different palates in the recent food market. Changing lifestyles and eating habits of the people is one of the major reasons fueling the market for mashed potatoes in the projected period.

Additionally, with the increasing number of tourists in the country, which demands different types of foods, and mashed potatoes being a staple for Americans and Europeans, the market is expected to grow. For instance, in 2022 from January to December 1,11,53,026  people visited the country, whereas the number of people visiting the country in the period in 2021, according to the WorldData.info was only 4,28,000 . Hence, with the increasing tourism and rising consumer spending on food items in the country, the market for mashed potatoes is expected to rise in the coming years.

Rising consumption of potatoes in the country

The prospective expansion of the mashed potato market is expected to pick up positive momentum fuelled by the increasing population and elevated rates of potato consumption within a given nation. According to World Bank data, Thailand's population reached 71,697,030 in 2022, in 2021 it was 71,601,103  reflecting a 0.13% growth compared to the preceding year. With the increasing population, the demand for potatoes is expected to grow, as potato snacks have huge popularity in the country. According to the United States Department of Agriculture, 39  percent of the total snack foods market is dominated by potato snacks in the country. Hence, the rising consumption is expected to propel the market for potatoes in the coming years as potatoes are gaining popularity in the country.

According to the United States Department of Agriculture, fresh potato processing increased from 52,000 MT in 2019 to 58,400 in 2020. One of the major reasons for increasing these processing imports in the country can be attributed to the rising consumption of potatoes by the people owing to which the market for mashed potatoes is also expected to see a rise in the projected period.

Thailand's mashed potato market for the food Ingredient segment is projected to grow steadily. 

The mashed potato is one of the most popular dishes in Thailand, preferred for addition in salads and as a side dish. They are used as a food ingredient and can be made in a variety of ways such as butter, milk, cheese, herbs, and spices among others. Furthermore, as mashed potatoes are widely used in packaged and frozen food, their demand is expected to witness an upward trend, especially from the HoReCa sector (hotel/restaurant/catering and encompasses the whole food service industry).

Moreover, one of the most famous dishes in the country is the Thai Sweet Potato Mash where mashed potato is applied as a food ingredient. It is a delicious combination of sweet and savoury with the natural sweetness of the potato and Thai species.  Additionally, Western-style food outlets such as KFC and McDonald’s include processed potato dishes such as mashed potatoes which are widely consumed by food lovers in the country. For instance- in January 2023, KFC celebrated the opening of its 1000th restaurant in Thailand.

According to an estimate from Euromonitor, the sales in quick service restaurants in Thailand reached US$4,954.46 million in 2022 from US$4,144.95 million in 2021. This highlights the rising sales in different restaurants across the country will accelerate the demand for food dishes with mashed potato as key ingredients further, thereby supporting market growth.

Moreover, the increasing population in Thailand coupled with rising potato production provides an additional impetus for the demand for mashed potato dishes. For instance, per FAO, potato production in the country reached 126,864 metric tonnes in 2020, which is more than other nations like Cuba, Bhutan, and Sri Lanka among others. This is anticipated to result in various delicious food products with mashed potatoes as prime ingredients in the upcoming years.

Thailand Mashed Potato Market Scope:

Segmentation:

• By Application
  • Food Ingredients
  • Food Product
  • Snack
  • Culinary
• By Form
  • Powder
  • Solid
• By Distribution Channel
  • Foodservice
  • Retail