Thailand cooking up a global food hub by 2026

Thailand is gearing up to establish itself as a leading global food hub by 2026, with its food trade value projected to exceed 700 billion baht next year. This ambitious goal is largely driven by the private sector’s initiatives to enhance food-related industries and promote gastronomy tourism.

Taniwan Koonmongkon, president of the Thai Restaurant Association (TRA), revealed that Thailand’s food trade value is expected to reach 690 billion baht this year, with a growth rate of 5%. If no significant external threats arise, the trade value may surpass 700 billion baht by next year.

To further this agenda, a collaboration involving the Tourism Authority of Thailand (TAT), Phenix Food Wholesale Hub, the Thai Chamber of Commerce (TCC), the Federation of Thai Industries, the Thai Health Promotion Foundation Office, and other partners has been established.

This partnership aims to bolster gastronomy tourism, a critical component of Thailand’s soft power, through the organisation of the Thailand Food Travel Mart 2024 (TFTM 2024).

The TFTM 2024 event kicked off today, November 22, at the Phenix Shopping Centre and will continue through to Sunday, November 24. TAT Governor, Thapanee Kiatphaibool, emphasised the importance of gastronomy tourism and food soft power in boosting Thailand’s culinary tourism.

“TFTM 2024 will strengthen ties between tourism and food industries, enhancing their global presence.”

By 2025, Thailand aims to attract 39 million tourists, with Thai cuisine significantly contributing to the expected tourism revenue of 3.4 trillion baht.

The event will feature various activities, including the sale of food items at discounted prices, aiming to engage and attract a wider audience.

In addition to these developments, Taniwan highlighted efforts by the TRA and the TCC to improve the image of Thai seabass. Since 2019, the seabass market has suffered a decline in value, dropping over 50% from 6 billion baht annually to 3 billion baht. The associations are promoting fish production under good aquaculture practices to boost domestic competitiveness.

The TCC supports this initiative to revitalise the seabass market, addressing challenges that arose when Malaysia, leveraging the ASEAN Free Trade Agreement, began exporting seabass to Thailand with a 0% tariff. Thai seabass farmers have struggled to compete due to Malaysia’s lower production costs.

The TCC, TRA, and Thai Marine Finfish Farmers Association are actively working to promote the consumption of safe, fresh, clean, and odour-free seabass domestically, reported Bangkok Post.

Taniwan expressed optimism that after TFTM 2024, there will be a significant rise in orders, benefiting fish farmers and enhancing the restaurant industry’s value.