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Thailand Foodservice Market Growth, Trends and Forecasts (2022 - 2030)
SKU ID : INH-14244439 | Publishing Date : 01-May-2019 | No. of pages : 80
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Market Overview
Thailand foodservice market is forecasted to reach USD 676.04 million by 2024, witnessing a CAGR of 16.8% during the forecast period (2019 - 2024).
- Thailand is one of the major contributors to the consumer foodservice industry among Southeast Asian nations. The tourism industry has been one of the primary factors of growth for the foodservice industry in the country. Tourists from Malaysia, India, Laos, and China grew at a considerable pace in the country over the recent past. According to the Department of Tourism, significant growth is attributed to domestic stability, the development of economical cost airlines, and considerable government measures to boost tourism.
- Social networking sites, such as Facebook, Twitter, and Instagram played a crucial role in augmenting the market's growth. Celebrities from the entertainment industry posted images and provided feedback about their healthy lifestyles, which contributed, as well as boosted, to the health and wellness trend in Thailand.
Scope of the Report
The Thailand Foodservice Market is classified by sector type and structure. The full-service restaurant is the dominant segment and is expected to remain so throughout the forecast period. However, the quick service restaurants segment is projected to record the fastest growth over the forecast period. Bangkok, South and East Thailand account for the significant share of the number of registered restaurants in the country.
Key Market Trends
Full-Service Restaurants Are Gaining Popularity In Thailand
Full-service restaurants are gaining the popularity of all the establishments in the restaurant industry. The market share has been growing due to increased consumer preference for convenience, hygiene, and high-quality standards. High-end restaurants reach teenagers and young professionals by offering high-quality food in a unique atmosphere. Many full-service restaurant chains offer takeout and delivery options which are also popular. New Japanese department stores and restaurants are opened frequently in Thailand. In 2018, in Bangkok, a large new shopping Centre owned by CP Group called ICONSIAM opened its doors to the public.
Gastronomy Tourism Drives Local Consumer Food Service
Thai Restaurants And Coffee Shops Are The Most Popular Among Tourists And Locals. Tourism remains one of the primary drivers of economic growth in Thailand and is an increasingly large component of Thailand’s GDP. According to the Department of Tourism, the high growth of the hospitality sector was the result of domestic stability, the growth of low-cost airlines, and certain government measures to boost the popularity of restaurants among tourist. One factor contributing to the growth of the travel sector in Thailand is the growth of tourists from other Asian countries. Tourists from China, Laos, and Malaysia grew the fastest in 2016 out of tourists from all countries. Experts anticipate that Bangkok will soon become one of the largest recipients of Chinese tourists in Asia, second to only Tokyo.
Competitive Landscape
The most prominent companies in this region include, Yum! Brands Inc, Starbucks Corporation, MK Restaurants Co.Ltd, Charoen Pokphand Group among others. Some of the renowned and luxurious hotel groups in Thailand, including Minor International PCL, Thai Beverage PCL have full-service restaurants with various cuisines. Seven & I Holdings Co. Ltd. held a majority market share of the Thailand foodservice market in 2016.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Thailand foodservice market is forecasted to reach USD 676.04 million by 2024, witnessing a CAGR of 16.8% during the forecast period (2019 - 2024).
- Thailand is one of the major contributors to the consumer foodservice industry among Southeast Asian nations. The tourism industry has been one of the primary factors of growth for the foodservice industry in the country. Tourists from Malaysia, India, Laos, and China grew at a considerable pace in the country over the recent past. According to the Department of Tourism, significant growth is attributed to domestic stability, the development of economical cost airlines, and considerable government measures to boost tourism.
- Social networking sites, such as Facebook, Twitter, and Instagram played a crucial role in augmenting the market's growth. Celebrities from the entertainment industry posted images and provided feedback about their healthy lifestyles, which contributed, as well as boosted, to the health and wellness trend in Thailand.
Scope of the Report
The Thailand Foodservice Market is classified by sector type and structure. The full-service restaurant is the dominant segment and is expected to remain so throughout the forecast period. However, the quick service restaurants segment is projected to record the fastest growth over the forecast period. Bangkok, South and East Thailand account for the significant share of the number of registered restaurants in the country.
Key Market Trends
Full-Service Restaurants Are Gaining Popularity In Thailand
Full-service restaurants are gaining the popularity of all the establishments in the restaurant industry. The market share has been growing due to increased consumer preference for convenience, hygiene, and high-quality standards. High-end restaurants reach teenagers and young professionals by offering high-quality food in a unique atmosphere. Many full-service restaurant chains offer takeout and delivery options which are also popular. New Japanese department stores and restaurants are opened frequently in Thailand. In 2018, in Bangkok, a large new shopping Centre owned by CP Group called ICONSIAM opened its doors to the public.
Gastronomy Tourism Drives Local Consumer Food Service
Thai Restaurants And Coffee Shops Are The Most Popular Among Tourists And Locals. Tourism remains one of the primary drivers of economic growth in Thailand and is an increasingly large component of Thailand’s GDP. According to the Department of Tourism, the high growth of the hospitality sector was the result of domestic stability, the growth of low-cost airlines, and certain government measures to boost the popularity of restaurants among tourist. One factor contributing to the growth of the travel sector in Thailand is the growth of tourists from other Asian countries. Tourists from China, Laos, and Malaysia grew the fastest in 2016 out of tourists from all countries. Experts anticipate that Bangkok will soon become one of the largest recipients of Chinese tourists in Asia, second to only Tokyo.
Competitive Landscape
The most prominent companies in this region include, Yum! Brands Inc, Starbucks Corporation, MK Restaurants Co.Ltd, Charoen Pokphand Group among others. Some of the renowned and luxurious hotel groups in Thailand, including Minor International PCL, Thai Beverage PCL have full-service restaurants with various cuisines. Seven & I Holdings Co. Ltd. held a majority market share of the Thailand foodservice market in 2016.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
