Thailand Soy Protein Market- Size, Trends, Competitive Analysis and Forecasts (2022-2027)

Thailand Soy Protein Market to be worth $240 million by 2027

Thailand is one of the strongest economies among the ASEAN member countries. The consumption of seafood and animal-based meat is very high in the country. Agriculture is one of the main businesses with a GDP percentage share of 8.4%. The food manufacturing industry is highly developed in Thailand. The protein industry is booming in the country due to factors such as health consciousness, fitness trends, rising veganism, and changing lifestyle of the consumers. The soy protein market of Thailand accounts for a 6% market share of the Asia-Pacific region.

Soy protein in Thailand had a market revenue of $154.8 million in 2021. With a growing demand for soy protein-based food, beverage, and supplementary products, the revenue of the soy protein market is projected to capture the value of $241.2 million by 2027, registering a CAGR of 7.5% from 2022 to 2027. Major drivers of the soy protein industry in Thailand is rising concern among the population about the health problems due to the consumption of meat products. Because of this, the demand for meat alternatives has recorded a considerable rise. Soy protein isolate and soy protein concentrates are cost-effective and provide high nutritional and functional properties. Thus, for food and beverage manufacturers, soy proteins are the most attractive protein types to use as an ingredient in various products.

The application of soy protein across the dietary supplements industry has the highest forecasted growth rate of 8.1% till 2027. The demand for protein-based drinks, juices, bars, shakes, and other items that aids in recovering the broken tissues after the intensive workouts are increasing rapidly with the increase in the number of Thai people indulging in sports and physical activities, especially youngsters. There are not many multinational soy protein-producing companies in Thailand. However, given the potential of the protein market, foreign investors from Australia, China, and New Zealand are planning to expand their operations in Thailand.

Key Deliverables

• Market trends since 2018 and five year forecasts of market growth
• Detailed analysis of the micro and macro elements influencing demand trends
• Identifying opportunity spaces across segments
• Supply & demand side trend and analysis
• Price trend analysis, investment prospects, and competition pattern
• Insights on the growth potential of the market
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry