Thailand has set its sights on becoming a leading source of high-protein plant-based ingredients, capitalizing on the global trend towards healthier diets and sustainable food choices. This ambition aligns with the rapidly growing demand for plant-based products, driven by consumer concerns over animal welfare, environmental impact, and overall well-being.
The Thai government’s Trade Policy and Strategy Office (TPSO) highlights the country’s significant potential in the plant-based food industry, citing the sector’s substantial improvement in terms of agricultural richness, technology, and innovation. Thailand’s agricultural sector is leveraging processing technology to enhance production efficiency, creating opportunities for entrepreneurs both domestically and internationally.
To achieve its goal of becoming a global plant-based food hub, Thailand’s industry requires comprehensive development in production, processing, marketing, research, technology, innovation, databases, investment, and legal frameworks. This will enable the creation of added value for Thai agricultural products and position the country as a major player in the global plant-based food market.
The global plant-based food market is projected to experience significant growth, with Euromonitor estimating a compound annual growth rate (CAGR) of 10.5% between 2019 and 2024, reaching an estimated market value of approximately $25 billion in 2024. The Thai plant-based market is expected to follow a similar trajectory, with a CAGR of 10% and a projected market value of 45 billion baht in 2024.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office (TPSO) at the Commerce Ministry, pointed out, “The agricultural sector is employing technology and innovation to enhance production efficiency, including the processing of agricultural products into raw materials for plant-based food production,” he explained. “This will create business opportunities for entrepreneurs both domestically and internationally.”
