Taiwanese food chains show interest in Thai market
Taiwanese food and dessert chains see potential for growth in Thailand and the Bangkok Post reports that more than 20 different chains from the Asian country are looking into business opportunities in Thailand.
This source from the Association of Chain and Franchise Promotion Taiwan, who asked to remain anonymous, told the Bangkok Post how conditions in Thailand are becoming increasingly conducive to food chain franchises.
“Thailand has become a country with high opportunities and potential for the development of Taiwanese chain brands…Rapid urbanisation and development have been taking place in Thailand for the past few years and a mature business model of the retail channel has already been formed in major cities.”
The source also describes how the culinary cultures of Taiwan and Thailand are rather similar, describing them both as “catering cultures.” The weather of the two countries is similar, too. These are both important factor when it comes to the success of a food-related business in a foreign country, the source explains. What people eat, what time of day they eat and in what quantity are all vital elements to the success of a restaurant or food vendor.
Statistics from the United Nations show that Thailand’s urban population has exploded from 38.8% of the population in 2006, to 51.4% in 2020. One report estimates that quick service restaurants in Thailand account for around US$5 billion per year. Also, Thailand’s geography is a plus for Taiwanese companies, explains the managing director of the consulting firm Gnosis Co. It sits right in the middle of Southeast Asia, which means that it would be a great place to start for Taiwanese businesses hoping to expand into mainland Asia.
Some Taiwanese brands that are hoping to open in Thailand include Fried Chicken Master, Frozen Heart, Monga Taiwanese style fried chicken, Morn Coo Coo, Yu Fu Yuan restaurant, I.H Art, Thefeen burger, Tea Top, MR Sun, Presotea and HWC Roasters.
SOURCE: Bangkok Post
