The Minor Food Group Public Company Limited, a leading restaurant operator in the Asia-Pacific region, is pressing forward with its bold five-year strategy under the theme ‘Passion for Growth’, aiming for exponential expansion through to 2029. With a focus on franchising to support an asset-light model, Minor Food is positioning itself as the Global Franchisor of Choice, while simultaneously launching a new brand: ‘The STEAK & MORE’.
Mr. Thunyachate Ekvetchavit, Chief Development Officer at the Minor Food Group, stated, “The food and beverage sector in Thailand and globally is undergoing a period of recovery and renewed expansion, while consumer behaviour continues to evolve rapidly. Businesses must remain agile in adapting to this changing landscape. Minor Food understands this context well, and through the ‘Passion for Growth’ strategy, we’re setting the course for sustainable organisational growth from 2025 to 2029. The core focus is to strengthen the business model by collaborating with franchise partners in high-potential markets around the world, aiming to boost investment efficiency and overall returns. At present, Minor Food’s portfolio comprises over 30 brands and more than 2,700 outlets in 24 countries, including 1,300 franchised outlets, which account for 48% of total operations—demonstrating strong prospects for future franchise-driven expansion.”
In alignment with the current trends, Minor Food will implement its restaurant expansion strategy through three key pillars:
Expanding franchise brands domestically across Thailand, particularly popular names such as Bonchon, Dairy Queen, and GAGA, to meet the increasing demand nationwide. The company is also introducing new store formats such as Dairy Queen stand-alone modular store co-located with convenience stores in dense residential areas, making them more accessible to customers seeking convenience close to home.
Accelerating international expansion in countries such as Indonesia, where Dairy Queen and GAGA are actively growing, as well as in other key markets across Asia including China, Singapore, Australia, Japan, CLMV countries, and the Middle East. This will be driven by core brands such as The Pizza Company, Swensen’s, Sizzler, and The Coffee Club.
The development and expansion of new brands aligned with fast-growing food trends. This includes in-house brand creation, strategic joint ventures, and acquisitions of high-potential brands. A prime example is the debut of ‘The STEAK & MORE’, an original Minor Food brand crafted for consumers who enjoy bold,
flavour-packed steaks at accessible, value-for-money prices.
“By 2029, Minor Food aims to operate more than 4,500 food and beverage outlets worldwide, with over 2,500 of those—or 56%—run under the franchise model. This goal reflects our belief in the franchise strategy as a powerful engine to elevate our portfolio brands to a global stage, while creating long-term value for all stakeholders—employees, customers, franchise partners, as well as business allies.” Thunyachate.
Mr. Thunyachate has unveiled further details of Minor Food’s ambitious ‘Passion for Growth’ strategy, which aims for a significant international expansion and franchise-led profit growth through 2029.
The company reported robust core profit margin contributions from its food segment in Q2 2025, with food accounting for 36% of Minor International’s core profit, despite representing only 20% of core revenue. In comparison, the hotel division contributed 64% to profit and 80% to revenue, reflecting the high-margin advantage of the food business, particularly through franchising.
Minor Food’s strategy signals a decisive shift from a Thailand-centric presence to a truly global portfolio. Currently, the group operates over 2,700 outlets across 24 countries—yet two-thirds are located in Thailand. Chief Development Officer Thunyachate revealed plans to recalibrate this balance, targeting a 50-50 split between domestic and overseas stores by 2029. “The key engine for growth in our food segment is the franchise model, which consistently delivers higher margins,” he emphasized.
Capitalizing on changing consumer behavior and post-pandemic recovery in the food and beverage sector, Minor Food is rolling out a modular store initiative, beginning with Dairy Queen. These standalone outlets, strategically sited at 7-Eleven locations with parking or Lotus’s hypermarkets, offer franchisees flexible and relocatable store formats—far easier to move than traditional department-store outlets. The company aims to launch 15 modular Dairy Queen outlets across Thailand by year-end, catering to customers seeking convenience beyond shopping mall hours.
The brand is also enhancing store experiences by launching flagship standalone sites for The Pizza Company in Phrae and Swensen’s in Hat Yai. These locations, distinguished by unique designs and exclusive menus, are performing strongly. Notably, a recently opened Swensen’s storefront near Bang Saen Beach recorded triple the sales versus its prior location in a nearby department store. A GAGA flagship in Hat Yai is also poised to open shortly.
International expansion remains a top priority, with Indonesia emerging as a core growth market thanks to its sizable population and resilient purchasing power. Dairy Queen and GAGA outlets have seen strong results there, while the group is evaluating opportunities in India and the Middle East, with entry plans for these regions under active development.
Despite economic uncertainties and a low-single-digit decline in same-store sales growth (SSSG) in the second quarter, Minor Food continues to outperform sector peers. Mr. Thunyachate remains bullish on the outlook, eyeing double-digit revenue CAGR over the next three years. “Consumer demand persists even as the economy slows,” he said. Success hinges on compelling value propositions, competitive differentiation, and adaptive marketing strategies. Minor Food’s franchise platform positions the company to generate long-term value for stakeholders and seize global opportunities ahead.
