Meat - Thailand

Thailand

Revenue in the Meat market amounts to €9.04bn in 2024. The market is expected to grow annually by 5.65% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€253bn in 2024).
In relation to total population figures, per person revenues of €125.70 are generated in 2024.
In the Meat market, volume is expected to amount to 1,840.00m kg by 2029. The Meat market is expected to show a volume growth of 4.3% in 2025.
The average volume per person in the Meat market is expected to amount to 21.3kg in 2024.

Key regions: Russia, China, Spain, Canada, United Kingdom

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Comparación de regiones

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Analyst Opinion

The Meat Market in Thailand has been slowly growing due to factors such as increasing health awareness and consumer demand for convenience. However, this growth is hindered by challenges in the sub-markets of Fresh Meat, Processed Meat, and Meat Substitutes, leading to a minimal overall growth rate.

Customer preferences: Recent years have seen a growing interest in sustainable and ethical food consumption among Thai consumers. This has translated into a rise in demand for locally-sourced and organic meat products, as well as a preference for humanely raised and slaughtered animals. Additionally, there has been a shift towards alternative protein sources such as plant-based meat substitutes, driven by health and environmental concerns. This trend reflects a greater awareness and prioritization of ethical and sustainable food practices among consumers in the Meat Market within The Food market.

Trends in the market: In Thailand, the Meat Market within The Food market is experiencing a shift towards organic and sustainable meat products. Consumers are increasingly concerned about the environmental and health impacts of conventional meat production methods. This trend is expected to continue, with government initiatives promoting sustainable agriculture and consumer demand for ethically-sourced meat. The implications for industry stakeholders include the need for investment in sustainable practices and transparency in labeling. Additionally, there is potential for increased market differentiation and premium pricing for organic and sustainable meat products.

Local special circumstances: In Thailand, the Meat Market is heavily influenced by the country's Buddhist culture, which promotes vegetarianism and limits the consumption of beef. This has led to a higher demand for alternative protein sources such as chicken, pork, and seafood. Additionally, Thailand's geographical location and tropical climate make it a major producer and exporter of meat products, supplying both domestic and international markets. The country's regulatory policies also play a significant role, with strict food safety regulations and certifications ensuring the quality and safety of meat products in the market. Furthermore, the rise of e-commerce and online food delivery platforms has allowed for easier access to a variety of meat products, catering to the diverse tastes and preferences of consumers in Thailand's fast-paced urban cities.

Underlying macroeconomic factors: The Meat Market within The Food market in Thailand is heavily influenced by macroeconomic factors such as economic stability, government policies, and global trade. The country's strong economic growth and increasing urbanization have resulted in a growing demand for meat products, leading to a surge in the market. Additionally, government initiatives to boost domestic production and exports have further propelled the market's growth. However, the rising cost of meat production and fluctuations in global meat prices pose challenges to the market's stability. Moreover, the growing awareness of ethical and environmental concerns related to meat consumption has also impacted the market, driving the demand for alternative protein sources.

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.