August 16, 2022
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Food & Beverages

Thailand Foodservice Market Size Projected to Reach $672 Million by 2026

Thailand Foodservice Market size is projected to reach $672 million by 2026, growing at a CAGR of 4.2% during the forecast period 2021-2026. Foodservice refers to the catering services that serve food to the customers outside their homes. It includes various services, such as full-service restaurants, cafes/bars, self service restaurants, street stalls, takeaway outlets, ghost kitchens, and others. Quick service restaurants are increasingly being adopted by the working population in the country owing to their busy lifestyles and the rise in the inclination towards convenience foods. The rise in the adoption of chained self-service restaurants on highways, increase in the availability of luxurious full-service restaurants in the country, rise in the implementation of various marketing methods to attract young customers, growing investment by the key players to expand their presence in the country, and the rise in the adoption of ghost kitchen among the young customers are the factors that are set to drive the growth of the Thailand Foodservice Market for the period 2021-2026.

Key Takeaways

  • The growing demand for chained outlets in shopping centers and heavily populated areas in the country is driving the Chained Outlets segment. However, the emergence of the COVID-19 pandemic is one of the major factors that is said to reduce the growth of the Thailand Foodservice Market.
  • The rise in the investments by the key players to develop full-service restaurants based on the requirements of the consumers and the growing demand for luxurious full-service restaurants in the country are the major factors driving the Full-Service Restaurants segment.
  • Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Thailand Foodservice Market report.

Thailand Foodservice Market Size, By Type, 2020-2026 (USD Million)

Thailand Foodservice Market

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Thailand Foodservice Market Segment Analysis-By Type

The Thailand Foodservice Market based on the Type can be further segmented into Full-Service Restaurants, Cafes/Bars, Self Service Restaurants, Street Stalls, Takeaway Outlets, Ghost Kitchen, and Others. The Full-Service Restaurants segment held the largest share in 2020 owing to the factors such as the increase in the availability of luxurious full-service restaurants in the country and the growing advertising campaigns by the key players to attract the young population in the country. The rise in the investments by the key players to develop full-service restaurants based on the requirements of the consumers is driving the growth of the Thailand Foodservice Market. The Takeaway Outlets segment is estimated to be the fastest-growing segment with a CAGR of 4.5% over the period 2021-2026. This growth is owing to the factors such as the growing expansion of takeaway outlets in the country and the rise in the demand for a wide range of food options to choose from when ordering among the young population.

Thailand Foodservice Market Segment Analysis-By Structure Type

The Thailand Foodservice Market based on the Structure Type can be further segmented into Chained Outlets and Independent Outlets. The Chained Outlets segment held the largest share in 2020 owing to the factors such as the rise in the availability of chained self service restaurants and street stalls and an increase in the demand for chained outlets in shopping centers and heavily populated areas. The rise in the demand for chained outlets on highways is driving the growth of the Thailand Foodservice Market. The Independent Outlets segment is estimated to be the fastest-growing segment with a CAGR of 4.7% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to launch independent outlets in the country and the rise in the disposable income of the young population in the country.

Thailand Foodservice Market Drivers

  • The Rise in the Adoption of Ghost Kitchen

The young consumers in the country are increasingly shifting towards ghost kitchens for their convenience foods as it provides flexibility for customers by giving them control over exactly what they’re eating and the arrival time. Ghost kitchen also eliminates the logistics of cooking for both in-house and takeaway outlets choice for the consumers, which is further propelling the growth of the Thailand Foodservice Market.

  • Increase in the Demand for Quick Service Restaurants

The working population in the country is increasingly shifting towards quick service restaurants owing to their busy lifestyles and the rise in the inclination towards convenience foods. Quick service restaurants are also attracting customers by launching food products based on their preferences, which is one of the major factors driving the growth of the Thailand Foodservice Market.

Thailand Foodservice Market Challenges       

  • The Emergence of the COVID-19 Pandemic

The COVID-19 pandemic has negatively impacted the manufacturing supply chain, restaurant business, and food distribution businesses in Thailand. The lockdown in the country has stopped workers from operating in takeaway outlets, full-service restaurants, and self service restaurants and had a significant effect on the supply chain, which is one of the major factors that is estimated to reduce the growth of the Thailand Foodservice Market.

Thailand Foodservice Market Competitive Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Thailand Foodservice Market. Key companies of this market are Starbucks Corporation, McDonald’s Corporation, Yum Brands Inc, Domino’s Pizza, Minor International Public Company Limited, Seven & I Holdings Co. Ltd, Central Restaurants Group Co. Ltd, MK Inter Food Co. Ltd, Thai Beverage PLC, and ZEN Corporation Group Public Company Limited among others.

Expansions/Product Launches:

  • In February 2021, Starbucks Corporation has launched its largest store in Thailand with Starbucks Reserve® Chao Phraya Riverfront to accelerate the growth across one of Southeast Asia’s dynamic markets and to make the customers explore different flavors and high-quality varieties.
  • In October 2019, McDonald’s Corporation has launched its digital foodservice application in Thailand to meet the competition in fast food and online delivery and to enhance customer experience by bringing new technologies to deliver the best service that meets the individual customer’s needs.
  • In January 2019, Yum Brands Inc-owned Taco Bell Corporation has expanded its services by launching a new restaurant in Thailand to offer quality Taco Bell menu items alongside Thai-inspired creations to customers in the country.

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