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Wednesday, July 24, 2024

Thailand Plant-Based Food Market to Grow 10% to 45 Billion Baht

Thailand’s plant-based food market is anticipated to expand by approximately 10%, with its value estimated to reach 45 billion baht in 2024. This growth is fueled by increasing consumer health awareness and ethical concerns.

A recent workshop titled “The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food,” organized by the Trade Policy and Strategy Office (TPSO) and the Fiscal Policy Research Institute Foundation, highlighted the sector’s rapid growth potential. Poonpong Naiyanapakorn, director-general of TPSO, emphasized the rising demand for plant-based food products in both domestic and international markets.

Euromonitor reports that the global compound annual growth rate (CAGR) for the plant-based market from 2019 to 2024 is estimated at 10.5%, translating to a market value of USD 25 billion. Krungthai Compass projects that Thailand’s plant-based food market will achieve a value of 45 billion baht this year, up from 28 billion baht in 2019, driven by a 10% average annual growth rate. This surge is attributed to a growing population of health-conscious consumers and heightened awareness of animal welfare and ethical issues.

Plant-based food, defined as products made exclusively from plant ingredients—including beverages—is considered more sustainable due to its significantly lower use of natural resources compared to animal-based foods, thereby reducing environmental pressure.

Several factors contribute to the market’s expansion, including a burgeoning global population, aging demographics, and advancements in food processing technology. These elements present significant opportunities for Thai agriculture and businesses. The Krungthai Compass report underscores the potential for innovation in creating affordable, accessible, and diverse plant-based food products, which could invigorate local economies and promote sustainable agricultural practices.

Moreover, the Thai government aims to leverage the country’s festivals to boost economic growth, offering additional avenues for the plant-based food sector. With its robust food technology and innovation capabilities, Thailand is well-positioned to become a leading global producer and exporter of plant-based foods, catering to the increasing demand for sustainable future foods.

However, the industry requires comprehensive development and support across various dimensions, including production and processing, marketing, research, technology, innovation, and data management, to enhance the value of Thai agricultural products. This was a consensus among officials and experts attending the workshop.

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