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Kaitai Research Center, believes the Thai alternative protein market is expected to continue to grow, from the consumers can easily obtain products through modern retail outlets (supermarkets and convenience stores) and other major sales channels, while other channels such as online channels and catering service industry Alternative protein dishes have also been added for consumers to choose from .
In addition, there is demand from consumer groups who want to reduce meat consumption and flexible vegetarian consumer groups, especially teenagers and office workers, who have begun to focus on health care and body shape, like sports, and like to try new foods.
The demand continues An upward trend .
Although Thailand's alternative protein market has room for market growth because it is in its infancy, there are still restrictions on participating in market competition and challenging factors that need to be considered, especially in terms of taste and price
.
Since Thailand is a country with a high degree of diversification in terms of food types and price points, and the intensified epidemic has caused the current consumers' purchasing power to remain fragile and price sensitive, consumers are especially those who wish to reduce meat consumption.
Flexible vegetarian consumer groups have alternative consumption choices and have the opportunity to change their purchase or consumption behavior at any time
.
.
Since Thailand is a country with a high degree of diversification in terms of food types and price points, and the intensified epidemic has caused the current consumers' purchasing power to remain fragile and price sensitive, consumers are especially those who wish to reduce meat consumption.
Flexible vegetarian consumer groups have alternative consumption choices and have the opportunity to change their purchase or consumption behavior at any time
.
Based on the above factors, the Kaitai Research Center predicts that the market value of Thailand’s innovative alternative protein products will be approximately 4.
5 billion baht in 2021, accounting for 12% of the total value of Thailand’s alternative protein market of approximately 36.
2 billion baht, and innovative alternatives by 2024 The market value of protein products is expected to rise to 5.
67 billion baht (compound annual growth rate of 8% during 2021-2024)
.
At present, Thailand's innovative alternative protein products, which account for approximately 89% of the total market value, are food products, and the remaining 11% are beverage products
.
However, compared with the Thai protein market, which is worth about 650 billion baht, the market value of innovative alternative protein products is still small, so there is still a lot of room for market growth
.
Since the growth driving force of the alternative protein market mainly comes from large-scale operators rather than small and medium-sized enterprises, it stems from the advantages of large-scale operators in production potential and sales channels.
Therefore, if small and medium-sized enterprises want to compete with large competitors, in addition to the development of food taste In addition to its advantages, it is also necessary to create differentiation in terms of raw materials, marketing and competitive prices
.
5 billion baht in 2021, accounting for 12% of the total value of Thailand’s alternative protein market of approximately 36.
2 billion baht, and innovative alternatives by 2024 The market value of protein products is expected to rise to 5.
67 billion baht (compound annual growth rate of 8% during 2021-2024)
.
At present, Thailand's innovative alternative protein products, which account for approximately 89% of the total market value, are food products, and the remaining 11% are beverage products
.
However, compared with the Thai protein market, which is worth about 650 billion baht, the market value of innovative alternative protein products is still small, so there is still a lot of room for market growth
.
Since the growth driving force of the alternative protein market mainly comes from large-scale operators rather than small and medium-sized enterprises, it stems from the advantages of large-scale operators in production potential and sales channels.
Therefore, if small and medium-sized enterprises want to compete with large competitors, in addition to the development of food taste In addition to its advantages, it is also necessary to create differentiation in terms of raw materials, marketing and competitive prices
.
Looking to the future, powerful Thai operators should look for export markets as another channel to expand their markets, and have the opportunity to grow faster than the domestic market.
This is due to the fact that most Thais still prefer to consume meat and animal products, and There are many consumer choices, so it will take some time for the domestic market to grow
.
For example, insect protein-based products are currently being promoted by the government as commercial farms to keep up with future food trends and have certain markets in Mexico and the European Union
.
However, because this type of product is a new and innovative food, operators need to carefully study the regulations and trade measures of each trading partner country
.
This is due to the fact that most Thais still prefer to consume meat and animal products, and There are many consumer choices, so it will take some time for the domestic market to grow
.
For example, insect protein-based products are currently being promoted by the government as commercial farms to keep up with future food trends and have certain markets in Mexico and the European Union
.
However, because this type of product is a new and innovative food, operators need to carefully study the regulations and trade measures of each trading partner country
.
