The plant protein market in Thailand has recorded a strong growth with a CAGR of 31.7% during 2018-2020. According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, increase in demand, and investments are expected to further drive innovation and inorganic growth in the plant-based protein industry in Thailand.Plant protein industry is expected to continue to grow in Thailand over the forecast period. It is expected to record a CAGR of 21.7% during 2021-2027. The plant protein consumption in the country will increase from US$ 33.0 million in 2020 to reach US$ 137.1 million by 2027. Growing consumer preferences towards flexitarian and vegetarian foods are driving the demand for the plant-based protein industry in Thailand. According to ConsumerIntel360’s recent survey, more than 50% of the people living in the metropolitan areas of Thailand are looking to reduce their meat intake, whereas close to 47% of the people said that they were looking to include plant-based products in their diet.
Apart from the health and environmental factors, one other reason behind the rising demand for plant-based products in Thailand was the outbreak of African swine fever. It led to an increase in pork prices exponentially, which resulted in consumers looking for better and cheaper alternatives. According to ConsumerIntel360, more than 82% of the people in Thailand have consumed plant-based food alternatives in 2020.
Coronavirus pandemic accelerating demand for plant-based meat in Thailand
In Thailand, plant-based faux meat makers are seeing their sales soar in the wake of the novel coronavirus outbreak as consumers are looking for safe and healthy alternatives. This trend is similar and in-line with the global trend, wherein the sales of plant-based alternatives have increased exponentially after the outbreak.
Even startups in Thailand are taking advantage of the global shift towards plant-based meat. A food-tech startup, More Meat that launched a plant-based food product, has received excellent responses from the consumers in the country. During their launch in 2020, the company expected sales of 100,000 baht in the first quarter of 2020. However, because the coronavirus outbreak accelerated the demand, More Meat was able to garner 500,000 baht in sales in the first quarter of 2020.
Innovation in flavors to drive plant-based market growth
It is crucial for plant-based food manufacturers to be able to replicate the taste and texture of animal-based meat with their plant-based products to drive more consumer interest. Therefore, companies are making use of blended ingredients through their innovation to create plant-based products that are more appealing and nutritious to consumers.
For instance, Let's Plant Meat - a plant-based startup from Thailand - uses a blend of four key ingredients among others to prepare their meatless burger patty and minced meat. The startup first extracts plant protein such as soy and rice, which is then turned into a texturized structure using pressure and heat. These proteins are then added to water and coconut fat, among other ingredients, to give it an umami taste.
Sesamilk - another startup from Thailand - introduced plant-based milk, which is made from natural seeds. Instead of using soy or any other nuts, the startup uses Thai sesame seeds, which are a rich source of fat. The startup claims that their Sesamilk is not only natural and eco-friendly, but it is also healthier than cow milk. Moreover, according to Sesamilk, their plant-based milk contains 128 times more sesamin than soy milk-mixed black sesame.
Sesamin helps in reducing cholesterol levels, decreases blood pressure, regulates HDL levels, improves kidney and liver health, and serves as a potent anti-oxidant. Moreover, it also increases insulin sensitivity and ketone formation.
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