The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: After a difficult 2015, Thailand's economy is starting to recover, supported by large public
spending on infrastructure projects and flourishing tourism sector. While political instability remains a
constant risk, especially with the much revered King Bhumibol being in poor health, the retail sector has
proven its resilience and ability to rebound strongly after political crises in the past. In the meantime, we do
not expect major changes in household spending distribution among different product/service categories
over the coming year, but we note that constantly rising incomes will enable consumers to afford highervalue
purchases across the board.
Key Views & Developments
? According to Thailand's National and Economic Development Board, total value of wholesale, retail and
repairs increased by 5.2% year-on-year (y-o-y) during the first half of 2016. During Q116, growth
reached 5.4% (y-o-y), with this figure weakening slightly to 5.0% (y-o-y) in Q216.
? We forecast total household spending to increase by an annual average of 6.3% during the next five
years. In absolute terms, the spending will rise from USD221.1bn in 2015 to USD300.2bn in 2020.