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Slower growth for “future food” projected this year

Slower growth for “future food” projected this year

13 Sept 10:59 Key points summarised by AI
  • Thailand's "future food" market, including plant-based meat, is projected for slower growth of 5.1% in 2022, reaching 4.1 billion baht, primarily due to high inflation and reduced consumer purchasing power.
  • The relatively high price of alternative protein products limits their affordability for low- and middle-income consumers, hindering broader market penetration despite growing interest from eco-conscious individuals and flexitarians.
  • SMEs in the industry face challenges from rising ingredient costs, prompting a strategic shift towards developing products using more affordable, locally sourced ingredients like mung beans, jackfruit, and banana flowers.
  • Experts anticipate mass adoption of plant-based and other future foods could take 5-10 years, emphasizing the need for continuous product innovation, affordability, and crucial government support for R&D to unlock export potential.
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