Thailand is aiming for a 2-5% rise in future food exports in 2024, as the global economy recovers and interest in health and sustainability continues to increase worldwide.
According to the Bangkok Post, Thai future food exports reached 143 billion baht last year, making up 9% of all food exports. Functional foods and ingredients accounted for the largest share of this figure at 128 billion baht, while alternative proteins were valued at 6.3 billion baht. Medical, personalized, and organic foods made up the remainder. By 2027, Thailand is aiming for future food exports to reach 350 billion baht according to NXPO (Thailand’s Office of National Higher Education Science Research and Innovation Policy Council).
Future foods hub
A report published last year found that the USA was Thailand’s most significant export partner for future foods in 2022, accounting for 20,212 million baht. Vietnam, Cambodia, China, and Myanmar were also notable partners, all bringing in over 10,000 million baht.
The report also found that 41% of Thai consumers plan to eat more plant-based meat, while 65% are likely to cut down on conventional meat. Additionally, 70% say they would pay 5-10% more for alternative foods. Thailand is said to have a greater interest in future foods than any other ASEAN nation, particularly for vegetarian and vegan foods.
The report continues by outlining the Thai government’s comprehensive strategy to position the country as a leading hub for future food production. This includes financial support for entrepreneurs, enhancing stakeholder skills through academies or boot camps, and establishing research institutes.
“Kitchen of the world”
Plant-based meat manufacturing is on the rise in Thailand, with UK company Plant & Bean recently opening what is claimed to be the country’s first dedicated plant protein facility in collaboration with Thai companies. Meanwhile, some major global plant-based companies are reportedly relocating their manufacturing to Thailand to cut costs.
Thai plant-based meat company Let’s Plant Meat also continues to see success, receiving the prestigious Prime Minister’s Export Award in the Best Thai Brand category last year. The company was recognized for exporting its products to several Asian countries, including Thailand, Malaysia, Indonesia, Singapore, the Philippines, Vietnam, Cambodia, Japan, and Hong Kong.
“Future food is a rising trend in the global food industry, driven by concerns over health and environmental issues,” says a Thai government report. “Thailand, known as the Kitchen of the World, has significant potential in the future food industry. Thai entrepreneurs can manufacture sustainable products that cater to health-conscious consumers.”
