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).