Finnish food tech attracts interest in Thailand, creating opportunities in rapidly growing market

Finnish food tech attracts interest in Thailand, creating opportunities in rapidly growing market

The Ministry for Foreign Affairs arranged a trade mission to Thailand for innovative Finnish food sector and food technology companies. The visit opened up new opportunities in this rapidly growing market. The aim of the visit was to explore business opportunities, build networks and enhance understanding of Thailand's food and innovation ecosystem.

Eight companies took part in the visit: Atsauce, Helsinki Mills, Perfat Technologies, Kometos, RELEX Solutions, Kuva Space, Finth and Nordic Hospitality Experiences. The participants had a full and varied programme. They visited Thaifex, a leading food industry fair in Asia, where they learned about the industry's key global trends and were introduced to carefully selected Thai companies.

Furthermore, Finnish companies had a programme of meetings tailored to their particular areas of interest. They had meetings with, among others, Future Food Hub, True Digital Park, CPF Ventures, SPACE-F, Thai Food and Drug Administration, Dusit International and Thai Beverages.

One of the visit's highlights was a networking event held at the Finnish Ambassador's residence, which brought together key players in the Thai food industry. Companies established particularly valuable contacts at the event and were able to further strengthen these relationships through subsequent bilateral meetings during the visit.

Kitchen of the World meets Finnish innovation

Thailand is known as 'the Kitchen of the World', and for a reason. It is one of the world's leading producers and exporters of foodstuffs, while also serving as a dynamic innovation environment where new solutions for developing the country's food system are actively sought. The country is investing heavily in a shift 'from volume to value', which means moving from a volume-driven approach toward products and solutions with higher added value.

Thailand's market is characterised by its scale: CP Group, for example, employs about half a million people and operates in various sectors. This creates significant opportunities for international partnerships, but capitalising on them requires the right contacts and an understanding of the local business environment.

Finnish companies have expertise that aligns well with Thailand's needs. There is demand for functional foods, circular economy solutions, food safety and analytics and data-driven decision-making.

Health trend is guiding development

One of the strongest megatrends in Thailand is health and wellbeing. An ageing population and expanding middle class as well as increasing nutritional awareness are driving demand for healthier and functional foods. Personalised nutrition, functional foods and healthy products that support wellbeing are particularly popular. Artificial intelligence and data are increasingly utilised to both develop products and anticipate consumer needs.

Finnish companies have solutions that are well suited to this trend, be it optimised nutrition, smart supply chains or sustainable solutions.

Successful visit and valuable contacts

Lili Lehtovuori, Leader of the Team Finland Food and Food Technology Team and Global Opportunity Leader at the Ministry for Foreign Affairs, sums up what made the visit a success:

"The Embassy of Finland in Bangkok and a consultant from Entrylab organised an excellent and comprehensive programme for the Finnish companies. The Embassy has strong connections within Thailand's food ecosystem and, together with a local consultant, has opened doors to the country's leading food sector companies. Establishing such contacts independently would be challenging for Finnish companies. The companies that joined us for the visit were exemplary in how actively they used these contacts at various events. Both the organisers and companies did a great job."

The feedback from participating companies was also extremely positive. The visit confirmed the view that Thailand is an emerging and highly potential target market for Finnish food technology and innovation. Several of the companies involved have already arranged to meet and continue discussions with local actors.

Thailand should therefore be clearly recognised as a high-potential market for Finnish companies: its combination of strong demand, rapid development and openness to international solutions creates excellent conditions for long-term cooperation.