Tourism, wellness, and green businesses to drive Thai economy this year

The three sectors have a bright outlook for 2023 due to their performance last year, growth prospects, the current business environment, and economic trends, Sinit said, citing a forecast by the Department of Business Development.

Although the Covid-19 pandemic will continue to create an economic crisis globally, it creates opportunities for new businesses, Sinit said, adding: “Entrepreneurs need to adapt swiftly and carefully study business trends.”

Registration of new wellness and lifestyle businesses increased sharply last year from 2021, Sinit said.

Citing January to November data from the Department of Business Development, he said 1,262 new businesses related to health, beauty, spas and fitness were registered in 2022, up 70% from 2021. Combined, their registered capital totals 2.7 billion baht.

New tourism-related businesses also surged last year from a year earlier: 4,852 new businesses registered in the sector – an 82% increase from 2021. Their combined registered capital totalled 11 billion baht.

Last year also saw 133 new green businesses launched, up 51% from 2021. Their combined registered capital totalled 405 million baht.

Another 62 new businesses that manufacture electric vehicles, batteries and accessories were registered last year, with combined registered capital of 5.9 billion baht. That was an increase in new businesses in the sector of 55% from 2021.

Using broader definitions of the three categories – including meetings, incentives, conferences and exhibitions in tourism, frozen health foods and herbal remedies in wellness, and environmental management in green businesses, for example – causes the sectors’ economic power to surge. 

According to the Department of Business Development, 94,035 new tourism, wellness and green businesses were registered by the end of last year under the sectors' broader definition. Their combined registered capital totalled 1.3 trillion baht, according to data from the department.