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Thailand Retail Market Size 2025-2029

The Thailand retail market size is forecast to increase by USD 49.69 billion, at a CAGR of 6.9% between 2024 and 2029.

In the dynamic market, several trends are shaping the industry landscape. The increasing preference for convenience and quick service, particularly in sectors like fast food and apparel, is driving market growth. Digital payment methods, such as LED and smartphone transactions, are gaining traction, streamlining the shopping experience. Telemedicine and digital health are revolutionizing the personal care sector, offering consumers on-demand healthcare services. In the realm of digital commerce, fresh food and FMCG categories are witnessing significant sales growth through e-commerce platforms. Artificial intelligence and data analytics are transforming logistics and supply chain management, ensuring efficient delivery of meal kits and other goods. 


Live streaming and meal kit services are disrupting the food service industry, offering consumers a unique dining experience. Travel retail is embracing digital commerce, with convenience stores and e-commerce platforms catering to the needs of travelers. The retail sector is also grappling with challenges, such as the threat from counterfeit products and the need for advanced packaging solutions to maintain product integrity. Overall, the retail market is witnessing a digital transformation, with technology playing a pivotal role in shaping consumer behavior and market dynamics.

What will be the Size of the Market During the Forecast Period?

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The market encompasses various sectors, including grocery, apparel, footwear, home and garden, convenience food products, and processed meat. This dynamic market exhibits continuous growth, driven by shifting consumer preferences and trends. Working women, striving for financial independence, increasingly turn to online shopping for convenience. However, challenges persist, such as card abandonment and high product return rates, which e-commerce players must address to ensure customer satisfaction.


Travel, food service, commercial assessments, and online food service are also significant contributors to the retail landscape. Emerging trends include media and entertainment, healthcare and wellness, technology products, and niche markets like live streaming engagement and cross-border e-commerce. The retail industry's size and direction reflect the evolving needs and preferences of a diverse consumer base.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Grocery
  Apparel and footwear
  BPC
  Home and garden
  Others


Distribution Channel

  Offline
  Online


Pricing Scheme

  Cash
  Digital payment
  Buy now pay later


Geography

  Thailand

By Product Insights

The grocery segment is estimated to witness significant growth during the forecast period. The market, driven by the grocery sector, experiences significant growth due to increasing consumer numbers and expanding product offerings from both domestic and international retailers. Convenience stores showcase strong growth, as consumers prefer purchasing daily grocery requirements from nearby shops. Hypermarkets, supermarkets, and other retail outlets also expand rapidly, catering to the demand for a wide range of household groceries under one roof. Key retail formats in the Philippines and Vietnam markets also witness similar trends, with e-commerce players gaining traction due to increasing internet and smartphone penetration.
Consumer behavior shifts toward financial independence, online shopping, and digital transformation. E-commerce platforms address this trend, offering counterfeit product protection and seamless digital consumer journeys. Cross-border ecommerce, sales channel analysis, and consumer engagement models further influence the evolving retail landscape. Actionable insights for strategists aim to inform decisions and drive strategic moves in the digital commerce space.

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Market Dynamics

Our Thailand Retail Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of Thailand Retail Market?

Growing demand for convenience food products is the key driver of the market. The market exhibits dynamic trends, particularly in sectors such as Grocery, Apparel, Footwear, Home and garden, and Convenie

The Thailand Retail Industry market report segments the industry into Product (Food and Beverage and Tobacco Products, Personal and Household Care, Apparel, Footwear, and Accessories, Furniture, Toys, and Hobby, Industrial and Automotive, Electronic and Household Appliances, and more) and Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, and Department Stores, Specialty Stores, Online, and more).

In 2023, Thailand's modern trade growth grew by around 4.8 percent. Modern retail businesses in Thailand include department stores, discount stores, supermarkets, and convenience stores.

The Thailand Travel Retail Market is Segmented by Product Type (Beauty and Personal Care, Wines and Spirits, Tobacco, Eatables, Fashion Accessories, Hard Luxury, and Other Product Types) and Distribution Channel (Airports, Airlines, Ferries, and Other Distribution Channels). The Report Offers the Market Sizes and Forecasts in Value (USD) for all the Above Segments.

In the second quarter of 2024, the value of wholesale and retail sales in Thailand amounted to around 473 billion Thai baht. According to the source, the year-on-year growth of the wholesale and retail sales in Thailand in that period was 5.1 percent.

Key information about Thailand Retail Sales Growth

• Thailand Retail Sales grew 0.5 % YoY in Mar 2023, compared with a 2.1 % increase in the previous month.
• Thailand Retail Sales Growth YoY data is updated monthly, available from Jan 1996 to Mar 2023, with an average growth rate of 6.3 %.
• The data reached an all-time high of 113.2 % in Nov 1999 and a record low of -61.3 % in Nov 1998.
• In the latest reports, Car Sales of Thailand recorded 65,088.0 units in May 2023, representing a growth of 0.5 %.

CEIC calculates monthly Retail Sales: Incl. Motor Vehicles Growth from monthly Retail Sales Index. The Bank of Thailand provides Retail Sales Index with base 2002=100. Retail Sales: Incl. Motor Vehicles Growth prior to January 2001 is calculated from Retail Sales Index with base 1995=100, ISIC Rev. 3.

The Thai retail market, valued at approximately (estimated based on CAGR and available data) 100 Billion USD in 2025, exhibits robust growth potential, projected to maintain a CAGR exceeding 5.5% from 2025 to 2033. This expansion is fueled by several key drivers. Rising disposable incomes among Thailand's growing middle class are driving increased consumer spending. E-commerce penetration continues to accelerate, offering new opportunities for both established players and emerging businesses. Furthermore, increasing urbanization and a young, tech-savvy population contribute to the dynamic market landscape. However, challenges remain. Intense competition among established retailers like The Mall Group, 7-Eleven (CP ALL PCL), Tesco Lotus, and international players such as Unilever and Alibaba, necessitates innovative strategies. Supply chain disruptions and economic volatility pose potential risks. Segmentation within the market is diverse, encompassing hypermarkets, supermarkets, convenience stores, online retail, and specialty stores, each with varying growth trajectories and competitive dynamics. The competitive landscape is characterized by a blend of local giants and global conglomerates. While large players maintain significant market share, smaller, niche retailers are thriving by capitalizing on specialized offerings and localized customer preferences. The market's evolution is largely shaped by evolving consumer behaviors, with increasing demand for omnichannel experiences and personalized services. Successful retailers will need to adapt to these changes, investing in digital infrastructure, enhancing customer loyalty programs, and focusing on sustainable and ethically sourced products to gain a competitive edge. This dynamic environment presents significant investment opportunities, especially for companies focused on technology-driven solutions, sustainable practices, and personalized consumer experiences. Recent developments include: August 2020 - Tesco Lotus partnered with DHL Supply Chain Thailand. This partnership will see DHL Supply Chain manage Tesco Lotus's warehouse operations in Surat Thani, a 51,500 square meters (sqm) facility that houses its inventory of groceries that cater to consumers in Southern Thailand. The DHL team will handle the inbound and outbound activities, inventory management, and temperature-optimal storage of fresh and frozen food products.. Notable trends are: Growth of the Tourism Industry in Thailand is Driving the Market.

As of March 2023, retail sales grew by almost 0.5 percent in Thailand. In 2022, the retail sales in the country had shown the highest growth in August, reaching around 22.6 percent growth.

Food and beverage retail in Thailand The food and drinks market in Thailand is essential and diverse. It contributes gravely to the economy of the country. In 2021, approximately 96 million tons of soy sauce was sold in Thailand, followed by fish sauce, and frozen and chilled meat. As the urban lifestyle became widely adopted by the Thai people, their consumption habits shifted. Leaning towards eating fast and convenient food, packaged foods come in handy. The sales value of packaged food and drinks in Thailand was the highest for dairy products in 2022, followed by rice, pasta, and noodles.

Major retailers in Thailand While the retailer market is shared by several major retailers such as CP All Plc, Central Group, and the Mall Group. In Thailand, CP All Plc is the largest retailer based on sales. In 2022, CP All Plc generated the total sales revenue of around 224.4 billion Thai baht. As an affiliated corporation of CP All Plc, 7-Eleven convenient stores are also one of the most successful modern retailers in Thailand with nearly 14 thousand outlets nationwide.

The Thailand travel retail market, valued at $154.48 million in 2025, exhibits robust growth potential, projected to expand at a Compound Annual Growth Rate (CAGR) of 6.75% from 2025 to 2033. This growth is fueled by several key factors. The burgeoning tourism sector in Thailand, a popular global destination, significantly drives demand for duty-free goods. Increasing disposable incomes among both domestic and international travelers contribute to higher spending on luxury items, beauty products, and alcoholic beverages within airport and airline retail channels. Furthermore, strategic partnerships between retailers and airlines, along with the ongoing development of modern airport infrastructure, facilitate expansion and enhance customer experience, supporting market growth. The market segmentation reveals strong performance across various product categories, including beauty and personal care, wines and spirits, and luxury goods. Airports remain the dominant distribution channel, leveraging their high foot traffic to capitalize on impulse purchases. However, the market faces potential restraints, such as global economic fluctuations which can influence consumer spending on non-essential items and the competitive landscape featuring established players like King Power International Group and The Shilla Duty Free, alongside emerging regional competitors. The success of individual players will hinge on offering compelling product assortments, strategic location optimization, and personalized customer service. Looking ahead, the market will see continuous evolution. Innovations in retail technology, such as personalized shopping experiences via mobile apps and improved online pre-ordering facilities, will become increasingly crucial. The rise of e-commerce integration within the travel retail landscape, allowing pre-orders for collection at the airport, presents both an opportunity and a challenge to existing brick-and-mortar stores. Sustainable and ethical sourcing of products will likely gain importance as consumer awareness grows, influencing the product offerings of duty-free retailers in Thailand. The increasing focus on health and wellness trends will also drive demand for specific product segments within the beauty and personal care category. Therefore, future growth will depend on adapting to consumer preferences and technological advancements to enhance convenience and create a premium shopping experience for the increasingly discerning travel retail customer in Thailand. Recent developments include: In October 2023, Foreo broadens its presence in Thailand's travel retail sector with a new outlet at Don Mueang Airport. This expansion, in collaboration with King Power, builds upon Foreo's existing launches at Suvarnabhumi and Phuket airports, along with its presence in King Power Rangnam, King Power Srivaree Complex, and King Power Phuket downtown stores., In November 2023, Thailand's leading oil and retail company plans to expand into Southeast Asia due to the region's economic growth. PTT Oil and Retail Business is investing $900 million to broaden operations beyond Southeast Asia, operating over 2,500 lifestyle outlets in Asia and supplying petrochemical products globally to over 40 countries. Notable trends are: Growth of the Tourism Industry in Thailand is Driving the Market.

The Thai retail market recorded a CAGR of 3.2% over the past five years despite economy slowdown and political instability. It is expected to grow at a CAGR of 3.7% in 2015-2020 driven by increasing consumer spending, rising tourism, and a growing middle-income population. In addition, the Thai government has included boosting consumer spending among its main economic policies will support the growth retail market in the country. On the other hand, growing internet and smartphone penetration coupled with high interests among the youngsters to shop online is expected to fuel the retail sales through online channel. Rising international tourist arrivals will ensure a good platform for duty free operators. To capitalize on this opportunity duty free retailers are opening downtown duty free stores across popular tourist destinations such as Bangkok and Phuket. Read More

Verdict Retail’s, "Retail Sales of Duty Free Retailing in Thailand: Market Size, Growth and Forecast to 2020" provides detailed historic and forecast statistics on retail sales from 2010 to 2020 taking place at "Duty Free Retailing" for each category at segment level. However, delivered wholesale sales are not included. The segment level analytics are provided for the following product categories: Apparel, accessories, luggage and leather goods Books, news and stationery Electrical and electronics Food and grocery Health and beauty Home and garden products Music, video and entertainment software Sports and leisure equipment Verdict Retail categorizes "Duty Free Retailing" as airside retailers in airports or on board an aircraft or ferry. However, does not include tax free purchases by tourists at conventional stores. "Retail Sales of Duty Free Retailing in Thailand: Market Size, Growth and Forecast to 2020" report is the result of Verdict Retail’s extensive market research covering the retail industry in Thailand. The report acts as an essential tool for companies active across the Thailand’s retail industry and for new players considering entering the market. The comprehensive statistics within the report provides insight into the operating environment of the market and also ensures right business decision making based on historical trends and industry model based forecasting. This is an on-demand report and will be delivered within 2 working days (excluding weekends) of the purchase. Read More

In 2022, Home Pro was the leading DIY retailer in the Thai market, with a market share of roughly 35 percent. Home Pro was founded in 1995 and is one of the leading home improvement retail in Thailand.

Verdict Retail’s, "Retail Sales by Vending Machines in Thailand: Market Size, Growth and Forecast to 2020" provides detailed historic and forecast statistics on retail sales from 2010 to 2020 taking place at "Vending Machines" for each category at segment level. However, delivered wholesale sales are not included. The segment level analytics are provided for the following product categories: Food and grocery Health and beauty Verdict Retail categorizes "Vending Machines" as Verdict Retail includes paid-for sales from all vending machines not located within a store, such as public places, workplaces, pubs and bars under the Vending Machine Retail Channel. "Retail Sales by Vending Machines in Thailand: Market Size, Growth and Forecast to 2020" report is the result of Verdict Retail’s extensive market research covering the retail industry in Thailand. The report acts as an essential tool for companies active across the Thailand’s retail industry and for new players considering entering the market. The comprehensive statistics within the report provides insight into the operating environment of the market and also ensures right business decision making based on historical trends and industry model based forecasting. This is an on-demand report and will be delivered within 2 working days (excluding weekends) of the purchase. Read More

In 2022, the e-commerce sales value generated from the wholesale and retail industry in Thailand amounted to approximately 2.8 trillion Thai baht and was forecast to steadily increase in the following year. The e-commerce market value in Thailand was also forecast to value at almost one trillion Thai baht in 2024.

"Retailing in Thailand, Market Shares, Summary and Forecasts to 2021", provides data for historic and forecast retail sales, and also includes information on the business environment and country risk related to Thailand retail environment. In addition, it analyzes the key consumer trends influencing Thailand retail industry. Read More

The Thailand pharmacy retail market reached around USD 5.90 Billion in 2024. The market is projected to grow at a CAGR of 4.90% between 2025 and 2034, reaching almost USD 9.52 Billion by 2034.

This report is the result of Canadean’s extensive market research covering Thailand Online Retailers. It provides detailed historic and forecast sales value of the market at category level. "Online Retailers in Thailand: Market Snapshot to 2017" provides a top-level overview and detailed insight into the operating environment of Thailand retail industry. It is an essential tool for companies active across Thailand retail value chain and for new players considering entering the market. Read More

According to a survey conducted in 2020 on the satisfaction of consumers toward consumer goods retailers in Thailand, 32 percent of surveyed respondents were satisfied with Tesco Lotus hypermarkets. In comparison, 20 percent were satisfied with Big C. Since the coronavirus (COVID-19) pandemic, various retailers in Thailand were significantly affected. Comparatively, e-commerce platforms for consumer goods gained popularity among Thai consumers.

Impact of COVID-19 pandemic on grocery shopping in Thailand

Although the consumers still visited grocery stores during the COVID-19 pandemic in Thailand, a study conducted in March 2020 showed that they visited such stores less frequently than before. Some of the causes of this change in grocery visits were the restrictions on opening hours as well as social distancing measures. In that same period, Thai consumers tended to pay more attention to price when shopping. This was partly due to the increasing unemployment rate and economic uncertainty that Thai consumers experienced during that time. Furthermore, bulk buying became a popular option when grocery shopping, as some consumers were worried that they would have to quarantine, or even that the grocery stores might run out of items.

RSI: DG: Stalls and Markets of Textiles, Clothing and Footwear data was reported at 917.050 2019=100 in Feb 2025. This records an increase from the previous number of 655.140 2019=100 for Jan 2025. RSI: DG: Stalls and Markets of Textiles, Clothing and Footwear data is updated monthly, averaging 0.000 2019=100 from Jan 2000 (Median) to Feb 2025, with 302 observations. The data reached an all-time high of 1,131.850 2019=100 in Mar 2017 and a record low of 0.000 2019=100 in Jan 2015. RSI: DG: Stalls and Markets of Textiles, Clothing and Footwear data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.H: Retail Sales Index: 2019=100.

This report is the result of Conlumino’s extensive market research covering Thailand Value, Variety Stores and General Merchandise Retailers. It provides detailed historic and forecast sales value of the market at channel level. "Value, Variety Stores and General Merchandise Retailers in Thailand: Market Snapshot to 2019" provides a top-level overview and detailed insight into the operating environment of Thailand retail industry. It is an essential tool for companies active across Thailand retail value chain and for new players considering entering the market. Read More