Thailand's Sukiyaki Wars: Upstart 'Suki Teenoi' Challenges Market Leader MK with Billion-Baht Ambitions

 

Thailand's sukiyaki restaurant sector is witnessing a dramatic shake-up as upstart chain Suki Teenoi continues its meteoric rise, posting revenues of 7.08 billion baht in 2024—a 34% increase from the previous year—whilst market leader MK grapples with pricing pressures and operational challenges.

 

The budget buffet specialist, which opened its doors just six years ago in 2018, has achieved what many thought impossible: breaking into the billion-baht profit club with net earnings of 1.17 billion baht, marking its first year crossing the thousand-million threshold.

 

 

Established Giant Feels the Heat

MK, the traditional sukiyaki powerhouse that has dominated Thailand's hotpot landscape for decades, maintains a commanding 60% market share of the 23 billion baht sukiyaki sector.

 

However, the veteran chain faces mounting pressure from agile competitors who are successfully targeting price-conscious consumers.

 

 

Despite recent efforts to modernise—including viral social media campaigns, buffet promotions at 299 baht, and retail expansion with ready-to-eat products—MK's attempts to compete on price have met with mixed results. 

 

The company's latest financial figures show revenues of 13.78 billion baht with net profits of 1.77 billion baht, but operational challenges remain significant.

 

 

 

 

The Numbers Tell the Story

A comparison of profitability per outlet reveals the stark efficiency gap between the two operators.

 

MK's 448 branches generate approximately 3.9 million baht profit each annually, whilst Suki Teenoi's 82 locations achieve roughly 14 million baht per branch—nearly four times more profitable per site.

 

This disparity partly explains MK's difficulty in matching competitors' pricing.

 

The established chain carries substantial overheads, including 25,000 employees and predominantly shopping centre locations with higher rental costs, compared to Suki Teenoi's strategic positioning in standalone venues with extended operating hours until 5am.

 

 

 

Dark Horse Emerges

Adding to the competitive pressure is Lucky Suki, a relative newcomer founded by four partners with no prior restaurant experience.

 

The red-branded chain has achieved remarkable growth, with revenues jumping from 79 million baht in 2022 to over one billion baht in 2024—a more than twelve-fold increase in just three years.

 

Lucky Suki's co-founder Rosarin Tiyavarapan has set ambitious targets for 2025, aiming to double revenues to 2 billion baht whilst expanding from 19 to 40 locations.

 

 

 

Market Dynamics Shifting

The sukiyaki sector's transformation reflects broader changes in Thai consumer behaviour, with middle-income diners increasingly drawn to value-oriented options.

 

Suki Teenoi's success stems from its 219-baht buffet price point (approximately 276 baht including drinks and VAT), positioned significantly below traditional competitors whilst maintaining quality standards.

 

 

The chain's digital-savvy approach, including payment partnerships with Shopee's "buy now, pay later" service, demonstrates sophisticated understanding of its target demographic's spending patterns and preferences.

 

 

 

Legacy Brands Fight Back

Established players are adapting with varying degrees of success.

 

Neo Suki, operating since 2008, has found new momentum under second-generation leadership, posting 280 million baht revenues with 4.5 million baht profits across 22 locations.

 

Meanwhile, premium operator You&I continues to struggle with losses despite revenue of 476 million baht, highlighting the challenges facing higher-end positioning in the current market climate.

 

Industry observers suggest the sukiyaki wars are far from over, with Suki Teenoi's trajectory towards potential ten-billion-baht status representing a fundamental shift in Thailand's dining landscape—one where value and accessibility increasingly trump traditional prestige and location premiums.