Thailand is targeting future food export growth of 2-5% this year, driven by the global economic recovery and sustainability trends.
Future food refers to innovative food products that are safe to eat, traceable and environmentally friendly, responding to emerging trends concerning good health and well-being.
In 2023, the value of exports of future food amounted to 143 billion baht, up 1% from 2022, accounting for 9% of all food exports.
The higher value was fuelled by economic recovery, which increased consumer confidence, and increased awareness of health concerns among consumers in both domestic and international markets following the pandemic, said Visit Limlurcha, president of the Thai Future Food Trade Association.
In 2022, the value of future food exports tallied 142 billion baht, up 24% year-on-year.
The most popular segment of future food was functional food and functional ingredients, valued at 128 billion baht, up 1%, accounting for 89.5% of all future food exports.
Next was alternative protein with a value of 6.5 billion baht, up 1% and accounting for 4.6% of all future food exports, followed by medical and personalised food, valued at 6.3 billion baht, up 4% and accounting for 4.5% of all future food exports.
Organic food was valued at 1.96 billion baht, down 13% and accounting for 1.4% of all future food exports.
Key markets for future food included Southeast Asia (43%), down by 1.3%, followed by the US (14%), representing a 3% decrease, the EU and UK (11%), up by 8.6%, and China (10.3%), up by 16.6%.
Food trends in 2024 which provide a promising opportunity for Thailand's future food exports include hyper-local sourcing, sustainability, healthy ageing, microbiome-friendly foods, alternative food sources, innovative AI food technologies, sustainable packaging, and value-added products produced from food waste. These trends are in line with future consumer trends which focus on health and sustainability.
Mr Visit said Thailand's future food industry is growing rapidly and becoming more popular.
Future food products sold in the market include plant-based foods and plant-based beverages such as soy milk, walnut milk, almond milk, brown rice milk, along with protein drinks, functional drinks, and personalised foods such as food for ageing.
In Thailand, future food is currently categorised within four distinct groups: functional, medical, novel, and organic food.
Functional food products, such as energy drinks, probiotic yogurt, and kombucha hold a dominant position in the market, comprising 97% of all Thai future food products.
Thailand's novel food segment is focusing on food products made with advanced technologies such as cultured meat.
Organic food refers to food products that are grown or processed without chemicals and genetic modification while medical food refers to food products that are used instead of medicine or as supplements and are provided under a doctor's supervision.