Recently, Ms. Peng Pimeng, a business expert from the Department of International Trade Promotion of the Ministry of Commerce of Thailand, revealed that the department led the management team and media reporters to visit the factory of Thailand HongThai (Swan) Herbal Medicine Company, one of the well-known soft power enterprises of herbal products in Thailand, to understand the company's production of nasal pass, cooling oil, essential oil and spray.
It is understood that HongThai's market share in topical herbal products is about 15-20%, which is expected to increase to 35% in 2025, and may occupy more than 50% market share in the next 3-5 years, and further enter ASEAN and move towards the global market. In this regard, the International Trade Promotion Agency is committed to developing the potential of Thailand local enterprises to conduct international business, enhancing the added value of Thailand's products and services, and continuously improving the quality to expand market channels, so as to promote Thailand to become one of the top 5 in Asia by 2027.
HongThai founder and CEO Tira revealed that the company is currently cooperating with neighboring countries such as Malaysia, Cambodia, Viet Nam and Laos, as well as Asian regions such as the Philippines, Singapore, India, Korea and Japan, as well as Europe, and the company is constantly adjusting its strategy to meet more market demand.
It is also understood that the market value of Thailand's herbal products in 2023 will be about 56.94 billion US dollars, an increase of 9% over the previous year, especially the retail sales of products for the treatment of coughs, colds and allergies increased by 11% to 10.09 billion baht.