Amid continued global economic volatility, rising energy costs and fragile purchasing power, food is no longer merely an everyday consumer category. It has become a key economic value chain connecting consumer spending, SMEs, agriculture, restaurants and tourism.
Krungthai Card Public Company Limited, or KTC, hosted the 25th KTC FIT TALK under the theme “Food Economy: When Food Becomes a Driver of Thailand’s Economy.” The forum brought together experts from the food industry, restaurant sector and gastronomy tourism network to examine how the Food Economy supports economic circulation across consumers, entrepreneurs, farmers and local communities.
Ms. Varitta Phatanarajta, Head of Credit Card Marketing Division, KTC, said restaurants remained the top spending category among KTC credit cardmembers. During the first four months of the year, restaurant spending grew 6% year over year, while average monthly transaction frequency per member increased 5%, reflecting the continued role of dining in Thai consumers’ lifestyles despite more cautious spending.
“At KTC, food represents more than a single meal. It is a spending behavior connected to quality of life, tourism, health, relationships and consumer experiences. Every restaurant transaction also connects back to entrepreneurs, ingredients, labor, SMEs and local economies. The Food Economy therefore reflects both consumer purchasing power and the circulation of income within the domestic economy,” Ms. Varitta said.
Ms. Paiyada Hanchaisuksakul, President of the National Food Institute (NFI), said Thailand’s food industry remains resilient, supported by high local content and domestic production capacity. The industry is moving beyond its traditional role as an export-oriented manufacturing base toward becoming an innovation-led sector, driven by data, technology and intelligence-based strategies to enhance value creation and competitiveness.
The Food Economy spans agriculture, food producers, SMEs, restaurants and tourism, while channeling economic value to grassroots communities. Thailand’s agricultural sector employs around 11 million people, or approximately 28% of the national workforce, while the country had about 128,000 food-processing SMEs in 2025, employing more than 5 million people. Thailand’s restaurant and beverage sector is expected to reach approximately 700 billion baht in market value in 2026, growing 2-3%, with employment of around 650,000 people, underscoring its role as an economic shock absorber.
Ms. Paiyada said economic policy should move beyond “making food cheaper” toward “raising incomes across the food value chain.” This shift is essential to advancing Thailand’s transition toward becoming High-Value & Integrated Brand Owners, supported by stronger standards, innovation and brand ownership in the global market.
Mrs. Thaniwan Kulmongkol, President of the Thai Restaurant Association, said the restaurant business serves as a “downstream economic indicator” that clearly reflects consumer purchasing power. Dining-out frequency has declined from an average of three to five times per week to only one to two times per week, while operators continue to face rising costs across raw materials, wages, energy, rent and delivery platform fees, leaving many restaurants in a situation where “sales are not growing, but costs are.”
She said operators must adapt through cost management, digital tools and data, as well as stronger differentiation in quality, standards and customer experience. The future of the restaurant business will no longer be defined by “taste” alone, but by “value, trust and customer experience.” She added that public and private sectors should support operators by reducing cost burdens, improving access to low-interest financing, strengthening digital capabilities, raising hygiene and food safety standards, promoting food tourism and helping small operators access knowledge, funding and market channels.
“The restaurant business is not only about selling food. It is an economic system that connects farmers, producers, employment, tourism and Thai culture. If the Food Economy is strong, it can help drive the country’s economy as a whole,” Mrs. Thaniwan said.
Associate Professor Dr. Jutamas Wisansing, President of the Thailand Gastronomy Network (TGN), said Thailand’s foodservice market is expected to reach approximately US$38.1 billion, or more than 1.3 trillion baht, in 2026, according to Mordor Intelligence. Thailand also has more than 482 restaurants listed in the Michelin Guide, while food and beverage spending ranks as the second-largest category of tourist expenditure, reflecting the growing role of gastronomy tourism in driving economic circulation.
“Consumers today no longer choose food based solely on fullness or taste. They increasingly prioritize health, quality, value and experiences that reflect their personal identity. Food has become part of the broader Experience Economy, creating value from upstream to downstream,” Assoc. Prof. Dr. Jutamas said.
She added that food is no longer simply a daily expense, but an important economic mechanism that reflects the behavior and lifestyle of modern consumers.