Thailand Foodservice MarketIncreased Interest in Take-out and Convenience on-the-go Food, Which Is Driving Increased Traffic to the QSR and Increasing Coffee & Tea Channel Are Driving Thailand Foodservice Market Growth.
The Thailand Foodservice Market size is estimated to reach $670.3 Million by 2026, growing at a CAGR of 15.9% during the forecast period 2021-2026. The foodservice industry encompasses any establishment that serves food to people outside their home. This includes restaurants, carryout operations, cafeterias, university dining halls, catering and vending companies, hotels and inns, and rehab and retirement centers. Increased interest in take-out and convenience on-the-go food, which is driving increased traffic to the QSR and increasing coffee & tea channel are driving market growth during the forecast period 2021-2026.
Thailand Foodservice Market Segment Analysis - By Type
Based on Type, Thailand Foodservice Market is segmented into Full-Service Restaurants, Quick Service Restaurants, Street Stalls/Kiosks, Fast Food, Cafes/Bars, and, others. The Full-service restaurants' segment holds the largest share in terms of revenue in 2020. This is owing to the rise in market demand for convenience, hygiene and high-quality standards following the outbreak of Covid19 in the second half of the year. High-end restaurants are intended to cater to young people and young adults by serving high-quality food and providing a special experience with precautions. However, the Home Delivery/Takeaway segment is set to be the fastest-growing CAGR of 16.3% during the forecast period 2021-2026. This is owing to the ongoing COVID-19 pandemic; food service is related to online food delivery services since it provides Thailand consumers with a wide range of food options to choose from when ordering in Thailand instead of being customers of restaurants near their home.
Thailand Foodservice Market Segment Analysis - By Structure Type
Based on Structure type, Thailand Foodservice Market is segmented into Chained Outlets, Independent Outlets. The independent Outlets segment held the largest share in 2020. This is owing to the Changes in the Thai household structure have led to changes in Thai eating habits with growing demand for easy ready-to-eat meals, nutritious food items, and food delivery the region. However, The Chained Outlets segment is set to be the fastest-growing CAGR during the forecast period 2021-2026. This is owing rising health issues customers have increasingly moved to chained players, assuming that their ingredients and hygiene levels are stricter than those of independent players.
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Thailand Foodservice Market Drivers
Growing Food Tourism drives Thailand foodservice market
Thailand restaurants and coffee shops are the most famous with tourists and locals. Tourism remains one of the key drivers of economic growth in Thailand and is steadily contributing to Thailand's GDP. According to the Department of Tourism of Thailand, the high growth in the hospitality sector has been the product of domestic stability, the growth of low-cost airlines and some government steps that have been taken to improve the popularity of restaurants among tourists.
Thailand Foodservice Market Challenges
The foodservice sector in Thailand has had the worst coronavirus rate so far. From the manufacturing supply chain and restaurant business to foodservice providers and food distribution businesses, the foodservice industry has been struggling to cope with the pandemic. Countrywide lockdowns have stopped workers from operating in plants, and have had a significant effect on the supply chain. With agricultural and agricultural activities hit, there is a great deal of fear of food shortages.
Thailand Foodservice Market Industry outlook:
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 Yum! Brands Inc, Starbucks Corporation, McDonald's Corp, MK Restaurants Co. Ltd, Thai Beverage PCL, Minor International PCL, Charoen Pokphand Group, Seven & I Holdings Co. Ltd, Dunkin' Brands, Pepper Lunch, and among others.
Thailand Foodservice Market Developments:
In May 2019, Food and Beverage Company F&N has acquired the Starbucks Thailand coffee shop chain. The deal was done through Coffee Concepts (Thailand), a partnership between F&N Retail Connection and Maxim's Caterers.
In January 2020, Yum Brands Joins The Burger Category With Its $375 Million Acquisition Of Habit Restaurants. M&A activity in the restaurant space has been ramping up as competition intensifies and growth opportunities stagnate.
The factors such as Increasing consumer awareness about food safety, health, and food adulteration and other foodservice channels lead to growth of the market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Thailand Foodservice Market.
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