Aromon Sapphawitham, Director-General of the Department of Business Development, says the restaurant sector has expanded rapidly since the COVID-19 pandemic, reports state news agency NBT.
From 2022 to 2023, the number of new restaurants increased by 32.97%, with 4,017 businesses opening in 2023. The registered capital for these businesses also rose by 22.62%, reaching B8.078 billion. In the first eight months of 2024, 2,847 new restaurants were established, with a combined capital of B5.826bn.
Currently, 44,508 restaurant businesses are officially registered in Thailand, with a combined capital of B220.916bn. Small businesses dominate the sector, making up 98.58% of the total, while medium-sized businesses account for 1.17%, and large businesses for just 0.25%. Most restaurants are structured as limited companies and are located in Bangkok, followed by regions such as Phuket, Surat Thani, Krabi, Chonburi, Rayong and Trat.
The industry’s revenue has been increasing yearly. In 2021, restaurants earned B179.6bn, followed by B244.4bn in 2022 (a 36.05% increase), and B306.6bn in 2023 (up by 25.45%). Restaurants in Bangkok performed especially well in 2023, making a profit of B10.37bn, a 106.9% increase compared to the previous year, said the report.
Foreign investment has also played a significant role, with a total investment of B29.1bn. The top five countries contributing to the growth are the United States, Japan, China, India and France.
Technological advancements, such as online food ordering and advertising platforms, have been key factors in the restaurant industry’s growth. Additionally, innovations in food preparation, such as using organic and imported ingredients and offering unique dining experiences like Fine Dining and Chef’s Table, have helped attract more customers. Restaurant design, ambiance and service quality have also become important in creating memorable dining experiences, the report added.
The Department of Business Development has been promoting Thai restaurants through the Thai SELECT program, which helps raise the standard of Thai restaurants and attract tourists. There are currently 496 Thai SELECT restaurants across the country, known for their high quality and cultural significance, the report noted.
The department is also supporting the expansion of restaurant businesses through franchises, helping them grow both domestically and internationally. So far, 248 restaurant franchises have been developed, with 27 of them operating in 31 countries around the world, the report concluded.