Thailand Plant Protein Market is Expected to Grow at a CAGR of 21.7% during 2021-2027| Competitive Landscape | In-Depth Analysis on Consumption Behaviour | Plant Protein Consumption by Cities

Growing consumer preferences towards flexitarian and vegetarian foods are driving the demand for the plant-based protein industry in Thailand. According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, about 42% of the people living in Thailand are looking to reduce their meat intake, replacing protein consumption from an alternate source.

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 37% of the people in Thailand have consumed plant-based food alternatives in 2020. These numbers show the growing popularity of the plant protein industry in the country.

It is for this reason that the largest meat supplier - Charoen Pokphand Foods - in Thailand launched its plant-based food range in 2020. For the country's largest meat supplier to reposition its business approach to offer alternative protein products is a testament to the growing environmental and health awareness among the consumers in Thailand. Moreover, it not just the domestic food manufacturing companies that are eyeing the lucrative plant-based market in Thailand. Even big international players such as ADM are entering the market to offer their plant-based protein products in the country.

Rapid urbanization and the rising income are other factors which are helping consumers to embrace the benefits of personal wellness. People have started to pay more attention to what they are consuming, which is the reason why several new plant-based startups are coming at the forefront of innovation in the alternate protein sector.

In Thailand, plant-based faux meat makers are seeing their sales soar in the wake of 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.

The growing plant protein industry is creating opportunities for both established players and startups alike in Thailand. In addition to CPF, food manufacturing companies such as ADM, Beyond Meat, The Meatless Farm Co, and Impossible Foods are also moving faster to establish their presence in Thailand. While the plant protein market is still in its early stages of development, the competition is expected to further intensify with several startups entering the market. Plant protein startups in Thailand are also raising funds for new product development and wider distribution of their plant-based offerings.

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.

With incumbents attempting to protect/enhance their market share in this burgeoning space, the market is expected to record increase in new products. As the food manufacturers go aggressive on gaining market share in this high growth segment, understanding strategic initiatives, product claims, ingredients, and changing consumer preferences in a structured way will be important to gain market share.

The market growth has been supported by the ongoing COVID – 19 pandemic. The demand for plant proteins is expected to increase significantly in the short to medium term.

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.

This business intelligence report from ConsumerIntel360 aims to analyze market opportunities and risks in plant protein industry in Thailand. This report offers a detailed view of market opportunity by end user segments, product categories, ingredients, applications, key cities, competing protein segments, price point, and shift in consumption by consumer demographics. In addition, for each product category, this report details demand gap / white space analysis, competitive landscape, brand share, claims analysis, and ingredient analysis.
• White Space Analysis: For each product category, this report provides market opportunities across price point and key end-use segments.

• Product Innovation: Captures key innovative plant protein product launches in Thailand along with claims, product positioning and targeting.

• Competitive Landscape and Brand Share Analysis: Provides a snapshot of overall competitive landscape and brand share by product category.

• Product Claims Analysis: Provides a detailed view on top claims and emerging claims, offering insights into changing targeting strategy adopted by leading plant protein manufacturers.

• Changing Consumer Preferences: Quantified details on changing consumer preferences along with forecast.

• Plant Protein Consumption by Ingredients: Provides a detailed view of opportunities across key plant protein ingredients (Soy, Pea, Beans & Lentils, Hemp, Flaxseed, Pumpkin & Other Seeds, Brown Rice, Quinoa, Spirulina & Seaweed, and Nuts)

• Plant Protein Sales by Channel: Sales breakdown by online vs. offline channels.

• Plant Protein Sales by Retail Outlet: Sales breakdown by retail outlets grouped by four categories – Diversified Stores, Pharmaceutical & Wellness Stores, Healthcare and Fitness Centers, and Specialist Sports Stores.

• Plant Protein Consumption by Functional Product Type: Plant protein consumption breakdown by 3 segments – Ready to Eat, Ready to Drink, Ready to Mix, and Ready to Cook.

• Plant Protein Consumption by Product Categories: Detailed market size and forecast by eight product categories – Nutrition Supplements, Protein Bars, Sports Nutrition, Meal Alternative, Dairy Alternatives, Meat Alternatives, Bakery Products, and Infant Formulas.

• Plant Protein Consumption by Price Points: Plant protein demand analysis by price points – Premium, Mid-Tier, and Low End.

• Plant Protein Consumption by Cities: Plant protein demand analysis by key cities grouped under three segments – Tier 1, Tier 2, and Tier 3.

• Plant Protein Consumption by Consumer Demographics: Plant protein demand / consumption analysis by age, gender, and income levels.

Scope
This research report provides in-depth analysis of plant protein industry in Thailand, providing white space / gap analysis, product innovation, product claims analysis, and brand share analysis, competitive landscape, market size across 50+ segments. Below is the taxonomy, providing detailed scope of coverage.
Thailand Plant Protein Market Dynamics – Strategy & Innovation
• Competitive Landscape Snapshot
• White Space / Demand Gap Analysis by Product Category
• Brand Share by Product Category
• Key Innovative Launches
• Insights on Market Dynamics

Thailand Plant Protein Market Size by Ingredients
• Soy
• Pea
• Beans & Lentils
• Hemp
• Flaxseed, Pumpkin & Other
• Brown Rice
• Quinoa
• Spirulina & Seaweed
• Nuts
• Other

Thailand Plant Protein Market Size by Product Categories
• Nutrition Supplements
• Protein Bars
• Sports Nutrition
• Meal Alternative
• Dairy Alternatives
• Meat Alternatives
• Bakery Products
• Infant Formulas
• Other

Thailand Plant Protein Market Size by Functional Segments
• Ready to Mix
• Ready to Eat
• Ready to Drink
• Ready to Cook

Thailand Plant Protein Market Share Analysis by Sales Channels
• Online
• In-Store

Thailand Plant Protein Market Share Analysis by Type of Retail Outlet
• Pharmaceutical & Medical Store
• Grocery Retailers
• Health and Wellness Stores
• Specialist Sports Store

Thailand Plant Protein Market Size by Retail Sales Pricing
• Premium
• Mid-Tier
• Low End

Thailand Plant Protein Market Size by Cities
• Tier 1 Cities
• Tier 2 Cities
• Tier 3 Cities

Thailand Plant Protein Consumption by Demographics
• Age
• Gender
• Income

Key Plant Protein Brands in Thailand (based on consumer popularity)
• 137 degrees
• All
• Annie's Homegrown
• Arrowhead Mills
• Artisana
• Baby Natura
• Bean Bag
• Beyond Meat
• Blue Diamond
• Bob's Red Mill
• Bsc
• California Gold Nutrition
• Clif Bar
• Cocomels
• Dang
• DNA (Dena)
• Dr. Murray's
• EVLution Nutrition
• Garden of Life
• Genuine Health
• Gerber
And others...

To get detailed insights and FREE sample report please click here @ https://www.consumerintel360.com/reportstore/view/Thailand-Plant-Protein-Business-and-87

Reasons to Purchase
• Market Opportunity: Get detailed understanding of plant protein market opportunity in Thailand across 50+ segments.

• White Space Analysis: Understand gap in demand / supply across product categories and identify unique opportunities.

• Competitive Landscape & Brand Share: Get a detailed view on competitive landscape along with key brands across plant protein product categories.

• Strategy & Innovation: In-depth understanding of strategies adopted to gain market share along with a snapshot of key innovative plant protein product launches.

• Consumer Preference & Buying Behaviour: Gain insights into changing consumer consumption & buying preferences across plant protein product categories.

• Distribution Channel: Fine tune sales and distribution strategy by focusing on right channels to maximize ROI.

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This release was published on openPR.