Meat Substitutes - Thailand

Thailand

Revenue in the Meat Substitutes market amounts to €44.83m in 2024. The market is expected to grow annually by 7.99% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€2,198m in 2024).
In relation to total population figures, per person revenues of €0.62 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 4.23m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 6.1% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions: Spain, Russia, United Kingdom, South Korea, India

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Analyst Opinion

In Thailand, the Meat Substitutes Market within the Meat Market of The Food market is experiencing minimal growth, influenced by factors such as consumer preference for traditional meat products and limited availability of plant-based options. However, with increasing health consciousness and rising demand for sustainable food choices, the market is expected to see gradual growth in the coming years.

Customer preferences: As vegetarian and plant-based diets gain popularity in Thailand, consumers are increasingly seeking meat alternatives that align with their dietary choices. This trend is driven by a growing awareness of the environmental impact of meat production, as well as health concerns related to excessive meat consumption. Additionally, the rise of veganism and flexitarianism in the country has led to a demand for innovative and diverse meat substitute products, catering to a variety of tastes and preferences.

Trends in the market: In Thailand, the Meat Substitutes Market within the Meat Market of The Food market is experiencing a surge in demand, driven by a growing awareness of the health and environmental benefits of plant-based proteins. This trend is expected to continue, with major players in the industry investing in research and development to create more innovative and sustainable meat alternatives. Additionally, the rise of vegetarian and vegan lifestyles is also contributing to the growth of this market. Industry stakeholders must adapt to these changing consumer preferences and invest in the development of new, high-quality meat substitutes to stay competitive in the market.

Local special circumstances: In Thailand, the Meat Substitutes Market within The Food market is heavily influenced by the country's cultural and religious beliefs. With a significant Buddhist population that practices vegetarianism, there is a high demand for meat alternatives. Additionally, the government has implemented policies promoting healthy and sustainable food choices, further driving the growth of the meat substitutes market. Furthermore, the tropical climate and abundance of local ingredients have led to the development of unique and innovative plant-based meat substitutes, catering to the local taste preferences.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Thailand is heavily influenced by macroeconomic factors such as consumer trends, government regulations, and investment in sustainable food production. As consumers become more health-conscious and environmentally aware, the demand for plant-based meat substitutes is increasing. In addition, the Thai government's initiatives to promote sustainable food production and reduce carbon emissions are driving the growth of the meat substitutes market. Furthermore, the country's stable economic growth and favorable investment climate have attracted significant investments in the food industry, further supporting the growth of the meat substitutes market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.