Thailand’s plant-based food market is on track for significant growth, with projections from a recent workshop indicating a 10% increase in value, reaching 45 billion baht this year.
This promising forecast was highlighted during a recently held workshop titled The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food. The event was co-organised by the Trade Policy and Strategy Office (TPSO) and the Fiscal Policy Research Institute Foundation.
The Director-General of TPSO, Poonpong Naiyanapakorn, emphasised the rapid expansion potential of plant-based food products in both domestic and international markets. According to Euromonitor, the compound annual growth rate (CAGR) of the plant-based market from 2019 to 2024 is estimated at 10.5%, expected to generate a global market value of US$25 billion (915 billion baht).
Krungthai Compass reports that Thailand’s plant-based food market value will rise to 45 billion baht this year from 28 billion in 2019, driven by an increasing number of health-conscious consumers and heightened concerns for animal welfare and ethics.
Plant-based food, which includes both food and beverages made exclusively from plant ingredients, is championed for its sustainability. Such foods reportedly utilise significantly fewer natural resources than their animal-based counterparts and exert less environmental pressure.
Several factors are driving this market growth, including a rising global population, ageing demographics, and advancements in food processing technology. Krungthai Compass recognises the expanding demand for alternative food options which presents a unique opportunity for Thai agriculture and businesses.
The research unit notes the potential for innovation in creating affordable, accessible, and diverse plant-based food products. Such developments could stimulate local economies and support sustainable agricultural practices, aligning with government efforts to leverage Thai festivals for economic growth.
Thailand has the potential to become a leading global producer and exporter of plant-based foods, meeting the rising global demand for sustainable future foods, due to its food technology and innovation.
However, Krungthai Compass points out that Thailand’s plant-based food industry requires further development and support across various dimensions, including production, processing, marketing, research, technology, and innovation, to fully realise this potential and add value to Thai agricultural products, reported Bangkok Post.