Producers and exporters of products relevant to Thai food are now looking for new business opportunities abroad, which have helped spur growth in export of Thai food-related goods. Other favorable factors include branch expansion of Thai restaurant chains abroad and large companies such as F&B producers that have ventured into restaurant business there. These factors have attributed to higher number of Thai diners overseas, prompting demand for products related to Thai cooking.
KResearch projects that there will be growth of over 10 percent overall in Thai food supply chains abroad, including Thai restaurants, exports of Thai food products – e.g., seasonings (sauces, coconut cream, herbs and spices) – and ready-to-cook items (curry paste). Total turnover is predicted will rise from THB91 billion in 2015 to a whopping THB133 billion in 2018.
The restaurant chains themselves demonstrate some potential to become integrated food service providers, which would come from advantages gained in becoming internationally recognized brands. With that, they could create other culinary experiences for their customers, e.g., expanding from restaurant to a Thai lifestyle shop that that also sells imported products related to Thai food. Restaurateurs adopting such tactics would likely see higher receipts and a bolstered image as Thai food service providers.
Meanwhile, producers and exporters of Thai cuisine products may consider tapping into the household sector abroad by having their products sold at Thai restaurants as well, not just at retail stores. By thus changing consumer behavior, selling products online could become another lucrative possibility. Thai hotel chains branching out elsewhere present yet another opportunity for Thai food-related product manufacturers and exporters to boost sales since these hotels will have demand for Thai food ingredients as served in their own restaurants.
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