2012-09-11 17:49:16 - Thai foodservice market to improve at a CAGR of 2%
The performance of the Thai foodservice market is expected to improve through to 2016, with the area having a projected constant value compound annual growth rate (CAGR) of 2%.However, on-going political uncertainties remain. In addition, the fact that several countries around the world face the threat of natural disasters like tsunamis, earthquakes, or floods could have a negative impact on the global economy over the coming years.The Thai foodservice sector is largely unorganised, chained restaurants and coffee shops are still a new concept in the country. Traditional dining restaurants are popular across the nation whereas the chained restaurants are confined to big cities such as Bangkok.In 2011, tourism´s contribution to GDP was 16.3%, compared to 14.6% in 2010. Thailand is
a preferred global holiday destination, and receives a large number of tourists every year. The sea beaches, adventure sports, temples, and the rich culture of the country attract many tourists, which consequently contributes to the growth in foodservice sales.The total value of the foodservice market in Southeast Asia was valued at 20 billion (Bt798.36 billion), adding that about 500 million people dined out at least once a year. Plus, people in South East Asia eat seven meals on average every day.Additional factors boosting the foodservice business are an increasing number of women in the labour market, higher out-of-home consumption, and urbanisation.There are approximately 1.3 million food outlets across Southeast Asia, with street vendors and hawkers making up the largest percentage. In Thailand alone, there are around 250,000 restaurants and 210,000 street vendors.For more information on the Thai foodservice market, see the latest research: Thai Foodservice Market ReportFollow us on Twitter @CandMResearch
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