Thailand’s plant-based food market, projected to grow around 10%, is estimated to reach a value of THB 45 billion (USD 1.2 billion) in 2024. 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 potential for rapid growth in both domestic and international markets. The compound annual growth rate of the plant-based market from 2019 to 2024, estimated at 10.5%, is expected to generate USD 25 billion in value, according to Euromonitor.
Krungthai Compass reports that Thailand’s plant-based food market will bedriven by the increasing number of health-conscious consumers and ethical concerns regarding animal welfare. Plant-based food, defined as food produced using only plant ingredients, including beverages, is touted as more sustainable due to its lower natural resource consumption and reduced environmental impact.
Other major drivers include a growing global population, ageing demographics, and advancements in food processing technology. The rising demand for plant-based options presents a unique opportunity for Thai agriculture and businesses. Innovation in developing affordable, accessible, and diverse plant-based food products could stimulate local economies and support sustainable agricultural practices.
Thailand has the potential to become a leading producer and exporter of plant-based food, meeting the growing global demand for sustainable foods through its food technology and innovation. Comprehensive development in production, processing, marketing, research, technology, and data management is essential to enhance the value of Thai agricultural products.
(Source: Bangkok Post)
