Bangkok, July 29, 2024 — The Thai Commerce Ministry unveiled an ambitious strategy on Monday to position Thailand as a global leader in high-protein plant-based ingredients, leveraging the burgeoning global trend toward plant-based diets. This initiative aims to capitalize on increasing consumer demand for healthier eating options, heightened awareness of animal welfare, and environmental sustainability.
Poonpong Naiyanapakorn, Director-General of the Trade Policy and Strategy Office (TPSO), emphasized a transformative shift in Thailand’s plant-based food sector. “Thailand’s future in plant-based food production represents a significant departure from the past. The country is poised to become a major supplier of nutritious food ingredients on the global stage,” Poonpong stated.
Highlighting the advancements within Thailand’s agricultural sector, Poonpong noted improvements in production technologies and innovations aimed at enhancing efficiency. “Our agricultural sector is now incorporating cutting-edge technology to optimize production, including the conversion of raw materials into plant-based food ingredients,” he added. “This progress opens new business opportunities for entrepreneurs both in Thailand and abroad.”
Thailand’s food industry value chain, which spans crop cultivation, production, and processing, is well-positioned to support the country’s aspirations. With global recognition of Thai cuisine and an established food industry infrastructure, Thailand is strategically positioned to excel in the plant-based food sector.
Moreover, Thailand’s status as a destination for health and medical tourism further complements this initiative. The increasing consumer emphasis on environmental and health considerations aligns well with the plant-based food trend.
Despite these advantages, Poonpong acknowledged the need for comprehensive development across several areas, including production, processing, marketing, research, technology, and legal frameworks. Strengthening these aspects is crucial to enhancing the value of Thai agricultural products and establishing Thailand as a global hub for plant-based foods.
Market analysis underscores the potential for growth in this sector. According to Euromonitor, the global plant-based food market is projected to experience a compound annual growth rate (CAGR) of 10.5% from 2019 to 2024, reaching an estimated $25 billion by 2024. The Krungthai Compass report from 2020 also forecasts the Thai plant-based market to be valued at 45 billion baht by 2024, reflecting a CAGR of 10%, in line with global market trends.
This growth trajectory is driven by shifting consumer preferences, government support for technological advancements, and innovations in food processing. Additional factors contributing to this surge include global population growth, climate change impacts on food security, an ageing demographic, and advancements in agricultural technology.
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