The food industry is one of the industries playing an important role in the global economy, as it is necessary for life, and it is the industry with the highest value in the world. In Thailand, it is considered an important industry, which can be seen from the agricultural sector supplying raw materials to the food industry. In 2019, the food production sector was valued at 638 billion baht, accounting for 4% of GDP, and the export value was as high as 1.11 trillion baht. Thailand is also a major food exporter, ranked 11th in the world. To upgrade the entire industry with the BCG model it is necessary to develop the food industry for sustainable development. The guideline for BCG economic development must rely on three main parts:
1. Application of innovation to upgrade the country's food industry with appropriate technology and management in product innovation, production innovation, and innovation;
2. Development and improvement of regulations related to food that are appropriate and keep up with the progress of the food industry currently and in the future. At the same time, a balance must be struck between creating new standards to protect the safety of consumers and promoting economic development via the country’s food industry;
3. Development of infrastructure is important, as it is necessary to upgrade the country's food industry so that Thai food entrepreneurs can compete in the global market, especially medium-sized or small enterprises that are unable to make large investments in necessary infrastructure.
Source: National Science and Technology Development Agency (NSTDA)
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