Restaurant business, like Asia market Thai restaurants still have an opportunity to grow in the middle of economic fluctuation. Business expansion is affected by the population structure that is changing such as smaller households, changing lifestyle of the consumer, and also urban expansion.
Increasing tourists is also boosting the growth of restaurants. Unfortunately, business competition also tends to be more aggressive in the chain restaurants expansion. This means there will be many new players to make the battle more complicated.
Opportunities inAsia Market Thai Restaurant
From January 2019 until June 2020, both local and international investors filed 116 promotion applications for investment in drink manufacturing and food processing projects in Thailand. The total value it represented is 18.8 billion Thailand baht or 600 million USD.
Among the other countries in Asia and numerous opened opportunities in Asia market entry, why considering Thai restaurants? Here are some reasons:
- Big population
Thailand has 70 million population, making the country the second biggest economy. It is also one of some fortunate countries on this earth that is able to produce way more food compared to the food consumed. The food is including rice, the most needed staple in the world.
- Important member of ASEAN
Thailand is not just a member of ASEAN, it is sitting at the center of the economic community of ASEAN. The trade it has is grouping about 650 million consumers. Yes, it offers a promising Asia market growth especially in the food sector.
- World’s kitchen
An alias was given to Thailand: the Kitchen of the World. The food sector of Thailand is backed by some factors such as natural resources that are rich, geographical location, local workforce in top quality, reputation for the product safety and quality, and supportive policies for investment focus.
- Effective management
Thailand management for the COVID-19 crisis is highly effective. It helps the food factories in the country remain open to provide the chains of food supply for everyone. Even though the economies of the world face difficulty, Thai food international demand is still increasing.
- Reliable suppliers
Thailand has 10,000 companies of food processing that are standing out as the most reliable suppliers for plentiful and safe foods. This country is number 1 world’s exporter for canned pineapple, canned tuna, coconut milk, sweet corn, durian, and cassava.
It is number 2 world’s biggest exporter for sugar and rice. Thailand is also in the top 5 world’s exporter for shrimp and chicken. This country is also number 9 world’s biggest exporter for halal products and number 11 of global suppliers for ready to eat meals.
Your company may be successful in entering Asia market Thai restaurants and expanding your business to Thailand. But always prepare the best Asia market strategy since all the data above is attracting many western companies to enter the Thailand market and make the competition harder.
Put your trust in the most professional team who will be ready to guide your company to enter Thailand food restaurant market, grow and expand your business, and beat the competition.