BANGKOK, 18 October 2016: Kasikorn Research Centre says Thai food, famous worldwide, paves the way for the country’s food supply business to expand in overseas markets as well as encourage the sale of franchises and the set up Thai fast food chains.
Thai government has a policy to promote Thailand to be the Kitchen of the World.
The bank’s think-tank unit said Thai restaurants should play a role promoting culture and local food to foreigners resulting in the export of goods related to Thai food overseas.
The centre estimates that Thai restaurant income including goods exported to support restaurants grew 10% on average year-on-year, or expanded from THB91,000 million in 2015 to THB133,000 million in 2018.
There are around 14,908 Thai restaurants overseas ranging from major operators like supply chain, SMEs, Thai citizens living abroad and foreigners who open Thai food restaurants and quick-service restaurants, it said.
The centre said Thai food restaurants overseas have the potential to grow and should offer Thai lifestyle products as an added value feature for their business such as spa and herb products.
There are also challenges mainly from locals opening Thai restaurants and international suppliers like Singapore and Malaysia who expand their chain restaurant business overseas, it said.
An increase in Thai hotels opening overseas would help to grow exports of Thai food ingredients and supplies.
The centre recommended that Thai fast food and outlets and chain restaurants, or franchises, be expanded overseas.
Kasikorn Research Centre is a subsidiary company of Kasikorn Bank, which conducts tourism and business research mainly on Thailand’s economy including tourism with reliable recommendations and indicators on business prospects.