Plant protein market of Thailand contributes around 6% of total Asia-Pacific plant protein market. The demand for protein rich food and beverage products across the country is growing at a steady rate. The industry of soy protein is highly developed due to innovative production process. The soy protein have its application across food, beverage and dietary supplements industries. Similarly, the market of rice protein, wheat protein and pea protein are growing at a steady rate, however still innovation is needed in terms of products development and extraction process to maintain steady supply at cheaper cost in the market. The market revenue of plant proteins is estimated at $195.7 million in 2018.
Rapidly changing lifestyle of population in the country, growing demand of supplements products, rising demand of lactose free products and growing market of meat alternative and processed food are some of the major drivers of rapidly rising plant protein market in Thailand. The opportunity to expand the application of plant protein across beverage confectionery, snacks is very high which will provide major boost to the market. In addition, beverage industry has changed dynamically in terms of high demand for nutritious and healthy ingredients across wide range of beverages. These opportunities forecasts the market revenue of plant protein in the country to grow at a CAGR of 8.4% during the period of forecast 2018 to 2023, to capture the value of 292.4 million by 2023.
The regulation related to popular protein types such as soy, wheat, rice and pea is properly defined by the Government. However, regulations related to emerging protein types such as hemp protein, flaxseed protein, cranberry protein, etc. are not yet defined which hinders their application in the country. Similarly, the awareness about the novel protein types is very low due to less availability and low penetration of marketing campaign. However, in coming years, number of sustainable protein manufacturers are expected to invest heavily in research and development to explore emerging protein types which will result in range of different plant protein-based products available in the market. All these opportunities, drivers and efforts to develop innovative and affordable products in the country would result in expansion of plant protein market during the forecast period.
Key Deliverables
Rapidly changing lifestyle of population in the country, growing demand of supplements products, rising demand of lactose free products and growing market of meat alternative and processed food are some of the major drivers of rapidly rising plant protein market in Thailand. The opportunity to expand the application of plant protein across beverage confectionery, snacks is very high which will provide major boost to the market. In addition, beverage industry has changed dynamically in terms of high demand for nutritious and healthy ingredients across wide range of beverages. These opportunities forecasts the market revenue of plant protein in the country to grow at a CAGR of 8.4% during the period of forecast 2018 to 2023, to capture the value of 292.4 million by 2023.
The regulation related to popular protein types such as soy, wheat, rice and pea is properly defined by the Government. However, regulations related to emerging protein types such as hemp protein, flaxseed protein, cranberry protein, etc. are not yet defined which hinders their application in the country. Similarly, the awareness about the novel protein types is very low due to less availability and low penetration of marketing campaign. However, in coming years, number of sustainable protein manufacturers are expected to invest heavily in research and development to explore emerging protein types which will result in range of different plant protein-based products available in the market. All these opportunities, drivers and efforts to develop innovative and affordable products in the country would result in expansion of plant protein market during the forecast period.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- DuPont
- ADM
- Cargill
- Bunge
- Mead Johnson
- CHS
- Scoular
- Roquette Freres Le Romarin
- Burcon NutraScience
- MGP Ingredients
- Axiom Foods
- Tate & Lyle Plc
- Fonterra
- Kerry
- Omega Protein Corporation
- Glanbia PLC
- Beneo-Pa
