Sales of plant-based meat alternatives in Thailand are rising as prices fall and consumer interest in non-animal proteins increases. While markets in the United States and the United Kingdom have slowed, Thailand’s demand for plant-based proteins is expanding steadily. Between 2021 and 2024, volume sales of meat and seafood alternatives increased by nearly 30%, according to Euromonitor data cited by Madre Brava. Analysts expect an additional 43% rise by 2029.
Falling prices have supported this growth. After peaking in 2022, the average price of vegan meat has declined by about 8% over the past two years. However, the cost of plant-based meat remains higher than conventional meat. Madre Brava found that plant-based products are eight times more expensive than chicken, four times more than pork, and twice as high as beef. Compared with processed meats, they are about 40% more expensive, though the gap continues to narrow.
Two-thirds of Thai consumers surveyed in 2024 said they intend to reduce or stop eating meat within two years. Despite this, processed red meat and poultry sales are still projected to rise by 25% and 30%, respectively, over the next five years.
Thailand’s livestock industry contributes significantly to emissions, with agriculture producing 39 million tonnes of CO2e annually. The government aims to cut emissions by 30% by 2030 under its national climate plan. Expanding the plant-based protein sector could help meet these targets while creating over two million new jobs and generating an estimated USD 39.6 billion in economic value.
(Source: The Green Queen)
