How the Thailand Catering Market is positioned?
The economy of Thailand has gained momentum with the expansion of GDP by 3.3% in the first quarter of 2017 and 3.7% in the second quarter. The country’s GDP recorded a growth rate of 0.8% in 2014, 2.8% in 2015, and 2.5% in 2016. The World Bank projected economic growth of 3.5% for the year 2017. Apart from the growing agriculture sector, the tourism industry of Thailand has played a significant role in boosting the economy of the country.
Catering services offered to domestic and foreign population in the nation have expanded phenomenally over the years. The overall size of Thailand catering market was recorded at USD ~ million during 2017, increasing from USD ~ million during 2012, at a robust CAGR of ~% during the same period. The market is at a mid growth stage with a continuous expectation of witnessing significant growth in the recent future as well. Expansions in caterers’ service portfolio to meet the changing preferences of various sectors across all major and minor regions of Thailand have led to a surge in the revenues of the overall catering industry. Total exhibitions went up to ~ during 2017 from ~ exhibitions during 2014. The rise in the numbers of such grand events boosted the overall revenues of the catering market, wherein the players offered organizing, decoration, food and other allied services. The total numbers of MICE travelers for various corporate events augmented from ~ during 2012 to ~ during 2017. The increase in guests to serve in meetings, incentives, conventions and exhibitions contributed to the revenues of the market players by expanding their customer base.
How Have the Different Sectors Performed Within the Market?
The hospitality sector (hotels and wedding/event halls) of Thailand contributed the majority share of USD ~ million to the overall revenues generated by the country’s catering market during 2017. Almost all wedding ceremonies and corporate events are hosted by the hotels in the country. This has made hospitality sector the top end user of catering services. In-Flight catering services contributed USD ~ million to the overall revenues generated by the caterers in Thailand during 2017. As per Air Transport Information Division of the Airports of Thailand PCL, ~ million passengers travelled through air transport in the country between 1st January 2017 and 30th September 2017. This enhanced the customer base of the caterers offering food and other related services to passengers in flights, thereby adding to the overall market revenues. Market players offering catering services to schools and universities in the country constituted ~% in the overall revenues of Thailand catering market during 2017. Catering services offered to the healthcare sector in Thailand contributed ~% to the overall revenues generated by caterers in the country during 2017.
How has the Hospitality Sector Performed?
The hospitality sector of Thailand contributed the majority share of ~% to the overall revenues generated by the country’s catering market during 2017. 5 star hotels collectively generated USD ~ million from their food and event catering services during 2017. 4 star hotels on the other hand accounted for the second largest share, adding USD ~ Million in hospitality catering market revenues during 2017. While, wedding halls and 3 star hotels generated USD ~ million and USD ~ from catering in 2017 respectively.
How is the Competition Scenario in the Catering Industry of Thaland?
Thailand catering market is highly competitive with few larger players acquiring the major chunk of the overall market revenues. The service providers in the industry include pure-play catering companies, wedding/event halls, 5 star hotels, 4 star hotels and 3 star hotels. All these caterers provide services to various sets of consumers across the country. Catering service providers operating in the space compete on various grounds to gain a higher share in the overall revenues. The major parameters which boosted the competition between various hotels offering catering services in Thailand included number and capacity of ballrooms, diversity in menu, location, per head cost, and number and capacity of meeting rooms within the hotel premises.
What Parameters Do Customers Consider Before Selecting Caterer
The parameters for selecting a particular catering company by the end user vary depending upon the type of audience to be catered and the amount which the ultimate consumers are willing to spend. Opting for the most suitable caterer often depends on price, the brand image of the company, quality of food and other catering service, proximity, variety of services offered, and references given by other companies associated with the caterer. Quality of food is the most important criteria for most of the customers in various sectors of the country.
There has been a continuous rise in the numbers of aircraft passengers in Thailand between 2012 and 2016. This has proved beneficial to in-flight catering services providers. With the registration of more numbers of passengers, the demand for caterers also increases, owing to the food requirements of passengers on board. The booming tourism industry has witnessed a continuous rise in the number of foreign tourists in the country over the last 15 years. Increasing numbers of foreign visitors have led to the augmented demand for catering services, majorly in the hospitality sector. The in-flight catering services have also risen due to the same reason.
How Will the Growing Number of MICE Events Shape the Future of Industry, 2018-2022
The revenues generated by catering market players in Thailand are projected to augment to USD ~ million by 2022 from USD ~ million during 2017, registering a robust CAGR of ~% during the same period. Surging numbers of MICE events from ~ during 2017 to ~ during 2022 is also expected to expand he customer base of the caterers during the same period. The rising numbers of marriages from ~ during 2017 to ~ during 2022 is expected to be the major reason behind the dominant share of hospitality sector in the revenues of overall catering market on Thailand by 2022. This is also projected to be accompanied by the rising numbers of MICE events at a CAGR of ~% between 2017 and 2022. In-flight catering services are expected to constitute ~% in the overall revenues during 2022
Companies Cited in the Report
List of Companies Companies Covered in the Report
I Do Catering
Impact Wedding Hall
Lebua Major Players
Vivace Wedding Hall
Key Factors Considered in the Report
Comprehensive analysis of Thailand Catering Market and its segments
Listed major players and their positioning in the market
Identified major industry developments in last few years and assessed the future growth of the industry.
Number of Hotels Thailand
Catering business in Thailand
Top Wedding Hotels Thailand
Destination Wedding in Thailand
Wedding Package Thailand
Hospitality Market Thailand
Wedding Planners in Thailand
MICE Industry Thailand
Number of MICE events Thailand
Corporate Meetings Package Thailand
Meal Menu In-flight Catering Thailand
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications