24 Aug 2023 Services Restaurant business in 2023 is expected to expand by 7.1 percent YoY. Going forward, food waste management will help reduce costs and achieve net zero goal (Current Issue No.3429 Full Ed.) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star The restaurant business is expected to grow during the remainder of the year, thanks to the recovery in tourism and long holiday festivals. KResearch projects that full-year 2023 turnover of the restaurant industry will reach THB 435 billion, growing by 7.1 percent YoY. However, the expansion of restaurant business value remains uneven while most operators still face challenges, such as intensified competition in all segments, elevated operating costs, and labor shortages. These factors affect profitability and longevity in business operations, making it take longer to reach the break-even point. As evidenced, only 35 percent of newly opened restaurants are able to survive for more than three years after commencing operations (data from LINE MAN Wongnai). Going forward, restaurants that are likely to face challenges include casual dining restaurants due to the numerous players in this segment, and quick-service restaurants that must adapt to changing consumer behavior. Amid heightened competition, restaurant operators must shoulder rising operating costs, especially raw material costs that may fluctuate due to the impact of the El Niño (raw material costs accounting for up to 35 percent of the total costs). Therefore, efficient cost management remains crucial. One strategy that restaurants could adopt is managing food waste, which accounts for 4-10 percent of the total ingredients. Achieving this would not only aid in cost reduction but also contribute to mitigating environmental impact. It has been observed that the food service industry globally generates around 244 million tons of food waste each year, contributing to 8-10 percent of global greenhouse gas emissions. Restaurant operators can help reduce food waste through more efficient raw material management and cooking processes, such as deploying technology in stock management such as Point of Sale (POS) systems; and offering discount promotions for food left unsold at day’s end by selling it in stores and through food delivery platforms. Other actions include organizing CSR activities to maximize the benefits from surplus food, such as using leftover food for animal feed or biogas production, making organic fertilizers for agricultural purposes; and creating menus with various portion sizes to offer customers a variety of choices when placing orders. Many restaurants might already take such actions, though focus should be on approach adjustment to achieve concrete results. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. Services Food Delivery Related Analysis View all 9 Mar 2018 Services Restaurant Business: Expected to Rise 4-5% in 2018 (Current Issue No. 2904) At present, more restaurateurs are setting up in department stores and other large retail facilities. The current expansion in new shopping malls a... Read more 0 KB 0 KB 28 Dec 2017 Services More Challenges Facing Retail Trade in 2018 Amid Rising Competition from Non-Retail Businesses (Current Issue No. 2891 Full Ed.) The phenomenon of swift expansion and continual uptrend in e-commerce is viewed by KResearch as a significant turning point in retail trade resulti... Read more 0 KB 0 KB 3 Nov 2017 Services Millenials and Medium-Income Earners Dictate Current Media Content (Current Issue No. 2877 Full Ed.) An online poll conducted by KResearch shows that a majority of Thai consumers believe that keeping abreast of news is an important task. Th... Read more 0 KB 0 KB 25 Sep 2017 Services “Creating a Customized Experience”: Key Strategy for Small Retailers (Current Issue No. 2868 Full Ed.) We at KResearch are of the view that competition in the online-shopping market here is heating up as Thai and international companies have ... Read more 0 KB 0 KB 25 Jul 2017 Services Income from International Patients Up 3-4% in 2017 (Current Issue No. 2859 Full Ed.) The number of patients from Middle Eastern countries visiting Thailand for medical treatments has declined steadily due chiefly to changes in their... Read more 0 KB 0 KB 23 Feb 2017 Services Private Hospitals Grow Steadily on International Clients(Current Issue No. 2827 Full Ed.) The outlook for private hospital business remains promising because it hasmaintained double-digit growth rates in recent years, thanks to growing n... Read more 0 KB 0 KB View all