COUNTRY PROFILE
Discover more about the Southeast Asia market. Events, resources, and more are linked throughout the profile.
$3.9 billion
total U.S. processed food exports to Southeast Asia in 2024
3rd
largest market for U.S. processed food exports
673 million+
total population across all nations of ASEAN
The Association of Southeast Asian Nations or “ASEAN” comprises 10 countries, namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Burma, the Philippines, Singapore, Thailand and Vietnam. Across all nations of ASEAN, there is a population of over 673 million people. The region has one of the largest economies in the world, and it is believed that by 2050, it will have the fourth largest economy in the world. It also has one of the world’s largest labor forces, falling only behind India and China. The entire region stretches across over 1.7 million square miles.
Focus Economics reports ASEAN Gross Domestic Product (GDP) growth will broadly match 2024’s level in 2025. Investment and exports will benefit from the global tech sector upturn and export frontloading in anticipation of higher U.S. tariffs. Easing inflation and interest rates in most economies, plus public stimulus, should provide further tailwinds. Downside risks include geopolitical turmoil and potential changes in U.S. trade policies. Euromonitor reports that real Gross Domestic Product (GDP) was 4.6% in 2024 and is projected to grow to 4.7% in 2025.
In October 2024, inflation rose in Malaysia, the Philippines, Thailand and Vietnam but cooled in Indonesia and Singapore. Going forward, ASEAN inflation should average near 2024’s expected level in 2025 as past interest rate hikes largely offset upside pressures due to extreme weather. A severe La Niña weather event and weaker regional currencies are upside risks. Inflation in ASEAN dropped to 2.8% in 2024. Markets for U.S. exports of processed food included for market assessments here are Indonesia, the Philippines, Singapore, Thailand and Vietnam.
The Southeast Asian region remains the third largest market for U.S. processed food exports. In 2023 the total was US$4.4 billion, and a decline of 13% from that of 2022. In 2024, U.S. exports of processed food products declined another 12% to US$3.9 billion. Key markets such as the Philippines, Indonesia and Singapore dropped anywhere from 16% to 31% in 2024, which is very unusual to see, not even during the global COVID-19 pandemic.
Top 2024 U.S. processed food exports to Southeast Asia included:
Euromonitor has estimated the retail sales value of packaged foods in Southeast Asia at US$111.9 billion in 2024. They have also forecasted the packaged food retail sales to reach US$162 billion by 2029.
High-growth products in the forecast include:
