Ideas for startups in Commodities in Thailand
Sipping in coffee and an idea just got into is pretty standard. But from where to start, needs a healthy mindset and courage. The 21st decade is evidence of young and enthusiastic zealous entrepreneurs who are putting their best into a startup, which is indeed appreciable. However, each unique mind comes with unique ideas. Some people are looking forward to setting up their companies in Thailand.
But Why Thailand?
Well, the Thai ecosystem has always been a favourable and attractive place to set up a business or company due to its strategic position. Thailand is one of the fascinating Southeast Asian countries that supports all types of geographical regions, serving as a gateway to other destinations as well.
As per the import data for 2019, Machinery stood up with the highest import value of 2.64 trillion Thai Baht, which is 35.48% of the overall import value (7.44 trillion Thai Baht). Machinery’s import value is followed by Manufactured Goods (1.295 trillion), Mineral, Fuel, and Lubricants (1.152 trillion), Chemicals (0.799 trillion), Miscellaneous Manufactured Goods (0.684 trillion), Foods (0.402 trillion).
Although food had a relatively lower percentage share (5.4% of the total import value) but the agriculture industry constitutes a total of 8.4% of the GDP of Thailand. Thailand is also a major exporter of rice in the world; alone it represents approximately 1.5% of the GDP.
Major Commodity Industries In Thailand
Thai people are glad and grateful for the well-developed infrastructures, advanced investment policies, free-enterprise economy, and robust export industries. These factors have always benefitted agriculture and other commodities in many ways. Thus, Thailand has emerged as one of the leading producers of rice, sugar, coffee, cement, tin, feldspar, lignite, and gypsum.
Apart from these, the Thai kingdom is an excellent reservoir for mineral resources, which include coal, natural gas, and petroleum globally. Also, Thailand consists of plenty of iron, gold, copper, and zinc to a great extent.
Ideas For Commodity-Related Startups In Thailand
Thailand stands tall among some of the most advanced Asian countries like Indonesia, Singapore, Philippines in terms of agri-tech startups. Agricultural-related industries have always played a pivotal role in South Asian countries, especially in Thailand. According to a post report of Bangkok, it is stated that the value of rice that was traded in 2017 was about TBH 174.5 billion. That is around 12.89 per cent of all farming-related products and items.
Diverse sectors and companies arouse initiatives in Thailand that are always putting effort to improve and enhance farming practices. They are also working efficiently to promote the growth and livelihood of Thai farmers.
Agriculture Related startups
- Poultry Industry
If you are planning to set up your company in the agricultural industry, then you can first begin with chicken farmers. You can get a lot of help from ERP and IoT platforms to carry forward with the development. Broiler meat production is forecasted as 3.23 MMT in the year 2020, which is a 6% growth YoY basis i.e., concerning 2019.
It is due to the anticipated growth in export and domestic consumption. Chicken meat (broiler as well as non-broiler) is expected to have a growth of 3%. Also, due to the popular tourist destination in Southeast Asia, the demand for chicken is always high in Thailand.
Second, you can build a smart farming platform where you can monitor humidity, temperature, CO2, and other vital sensor data via mobile devices like a remote in a greenhouse. In addition to that, you can also provide a smart sprayer drone and radio to operate an agricultural operation.
- Agri Marketing
Now you can come to open brand sources. In other words, you can connect your business or company with small-scale farmers to potential and interested customers and enable them to market their products at the best selling price. From rice to fresh vegetables, everything is available here in platform ranges in the Thai market.
- Promoting Agri Products
If you want to try something unique, then begin with solving the issues of the farmers. That is the problem that they are facing due to lack of market access; you can help these farmers in launching their products online.
As a result, it will benefit both you and them if the products reaches out to a maximum number of customers. Here you should focus carefully on natural products, organic and producers. However, it should be your sole responsibility to promote substantial agriculture in Thailand while keeping your business in growing marketing demand.
You can also help farmers and their farmwork to connect by wiping out the requirement for a mediator in the search procedures for sub-contractors or contractors. As a startup company, you can also develop an e-commerce platform for the agricultural sector and industries too. Here you can enable people to connect their businesses to end-to-end users to buy products and services for their farms and fields.
- Supply Chain
Start your company with compliance services where you and the farmers can observe and verify the social and environmental performances. You can do this for smallholder farmers who don’t have much access to aquaculture operations in Southeast Asia. Also, you can engage a massive number of stakeholders in the seafood supply chain and agriculture to enhance and increase accountability, maintenance, and transparency.
Startups of Thailand- nurturing their property
New businesses and startups had always been evident for new ideas and development for the industry and community, which is indeed a vital source. The advance and diversity of Thailand had been a boon to the tech community and agri-tech sector; thus, they have made it possible to stand as one of the most robust leaders in communities.
For entrepreneurs and startups, Thailand brings endless and apparent opportunities. From here, the startup entrepreneurs get the chance to share their new and innovative ideas, their experiences, which can be very beneficial for small Thai companies. Not only that, but these people also provide moral support and step forward humbly to learn from the mistakes of others.
Please read more about Ande’s thought leadership on Future Businesses and the top 10 technologies that would prevail in our future times.
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