Market Size & Segments
In Thai, Bangkok is called Krung Thep, meaning the City of Gods, the Great City. In 2022, Bangkok's population was estimated to be 10.72 million, mostly comprised of ethnic Thais. However, Bangkok is also world-renowned to be a heaven for tourists. In 2019, Thailand welcomed close to 40 Million tourists, with the majority of them flying directly into Bangkok. Walled Buddhist temples and monasteries called wats serve as focal points for both cultural and commercial activities.
Kokolato's key customers are health and eco-conscious locals and travelers looking for delicious healthy alternatives to their favorite desserts. They are conscious of the impact of their food choices and are looking for more plant-based options to include in their diet. They are people who appreciate high-quality and delicious food and are willing to pay a premium for it.
Our main target market can be segmented into two groups:
- 1.Young professionals and families: This group is made up of young working professionals and families looking for convenient and delicious plant-based options for their daily meals. They are busy and appreciate the convenience of online delivery apps as well as the unique entertaining experiences at our dessert parlor and food truck.
- 2.Food enthusiasts and tourists: Food enthusiasts and tourists are looking for unique and memorable culinary experiences in Bangkok. They are willing to pay a premium for high-quality and delicious plant-based desserts and appreciate the unique theatrical experience provided in our dessert parlor.
In addition to the simplified market segmentation provided above, we will now go into further detail about specific segments we find especially relevant.
Target Market Segments
Thai Market: The plant-based food market in Thailand is currently growing 2-10 percent per year with growth projected to reach 10-35 percent per year, with the sector’s value reaching U.S. $1.5 billion in 2024. Millennials make up more than a quarter of the population and by 2025 they will account for 50% of the total workforce. Although we plan to market different products and services to different market segments within Thailand, we would like to highlight our focus on developing products and services specifically tailored to the millennial generation. The positioning of plant-based food as being sustainable and environmentally friendly in the West has been successful. However, Thailand needs a different approach. Health benefits and the Buddhism belief to abstain from killing animals are the main drivers for Thais shifting to meat-alternative products. Consumers’ increasing concern for their health and nutritional well-being is encouraging them to replace their consumption of animal-based products with plant-based items.
Cannabis Tourism: The Thailand legal cannabis market size was valued at USD 80.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 58.4% from 2022 to 2030. The growth can be attributed to cannabis legalization and its rising usage for medical purposes. Growth rates like this are typically only found in the cryptocurrency community, but Thailand is taking the bull by the horns, and we plan to capitalize on this projected growth by specializing in the production of cannabis F&B products. Cannabis tourism is on the rise, attracting an entirely new kind of tourist to Thailand. There are already over 5,000 dispensaries in Thailand that have been launched in less than one year. News sources attribute two million tourists specifically traveling to Thailand for Cannabis driven purposes within the first few months of legalization. Given the obvious health benefits of consuming edible cannabis products as opposed to smoking flowers, we aim to become the number one choice for cannabis tourists seeking edible cannabis products.
Medical Tourism: The healthcare expenditure of Thailand is expected to grow to USD 50 billion by 2026 and the country is also the third most visited medical tourism destination. Thus, fueling the market growth. Tourists flying to Thailand for medical procedures often require and always benefit from health-focused diets.
Chinese Tourists: In 2019 almost 12 million Chinese visited Thailand. The Chinese population is 92% lactose intolerant, making it another great tourism-based market segment. Kokolato sees huge potential in catering to this specific tourist population.
Culinary Tourism: The Thailand culinary tourism market has a share of nearly 4% in the global culinary tourism market, which is a huge valuation, and it is all because of the love for Thailand's food culture. The Thailand Culinary Tourism market is currently valued at US $23,285 million and is expected to grow to US $123,951.28 million by 2032, a CAGR of 18.2%.