Who knew that the business of instant ramen could be so serious? Then again, for producers with a foothold in the Thailand ramen market, the Commerce Ministry’s refusal to increase prices has made this a very serious issue.
Instant Ramen Producers Want the Prices Raised in Thailand or They Will Look at Foreign Markets
Manufacturers such as Nisshin, Wai Wai, and three others are pushing for the Commerce Ministry to bump the price from 6 baht to 8 baht. For those of us in North America, that would be about a six-cent bump from $0.17 to $0.23.
Either of those prices would be a steal for ramen, actually. Should the Commerce Ministry approve the measure, it would mark the first price hike for the product in 14 years.
Producers are calling for a raise in price because costs have risen and most ramen manufacturers are selling instant noodles in Thailand at a loss. Also, this isn’t the first time companies have called for a raise in noodle prices. Each time, the request was shot down.
Vice President Weera Naparuekchat of Wai Wai parent Thai Food Products Factory noted that the prices of palm oil and wheat flour have spiked. “The price of oil has increased considerably due to the Russia-Ukraine conflict,” the executive said.
It was also suggested that Wai Wai might have to move to entertain foreign markets if the prices aren’t bumped up. Since they’re selling at a loss, the company—and others—could dial it back significantly when it comes to sales in Thailand.
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