Surging Demand in ASEAN and Neighboring Countries
ASEAN countries, including Thailand, Indonesia, Vietnam,
the Philippines, Malaysia, Singapore, Cambodia, Myanmar,
Laos, and Brunei, have witnessed significant urbanization,
rapid economic growth, fast-rising consumption power, and
ever-improving living standards.
According to recent data,
the ASEAN region’s GDP growth is projected to increase from
4.7% in 2024 to 4.9% in 2025, driven by increasing domestic
consumption, recovering goods exports, and a tourism rebound.
ASEAN's flourishing GDP growth has led to strong purchasing power, resulting in a substantial increase in goods imports. According to the ASEAN Yearbook 2023, imports of goods in ASEAN have been growing year after year since 2020.
For instance, Thailand's imports were valued at USD 207 billion in 2020, USD 269 billion in 2021, and USD 305 billion in 2022. On a broader scale, ASEAN's total goods imports were USD 1.273 trillion in 2020, USD 1.627 trillion in 2021, and USD 1.884 trillion in 2022.
According to Statista, the revenue in the kitchenware market in Southeast Asia is estimated to reach USD 306.50 million in 2024, with a projected annual growth rate of 2.65% (CAGR 2024-2029).
In contrast, the kitchenware market in Europe is expected to generate revenue of USD 5.28 billion in 2024, with a projected annual growth rate of 1.69% from 2024 to 2029 (CAGR 2024-2029).