Plant-based diets and meat substitutes are growing in popularity, providing promising export prospects driven by increased awareness of health issues, innovations, and an increasingly global population, according to the latest study by the Commerce Ministry.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, said the agency studied the trade and export trends of plant-based foods and opportunities for Thailand. Shipments in this segment have expanded continuously over the past several years, he said.
Mr Poonpong said Thailand is the world's sixth-largest exporter of plant-based foods, with the country's shipments in 2021 topping US$2.85 billion, making up 4.1% of the global total of $69.3 billion.
In terms of shipments of plant-based foods, the US leads the pack with exports worth $8.04 billion (11.6% of the total), followed by Singapore with $6.54 billion (9.4%), Germany with $5.96 billion (8.6%), the Netherlands with $5.38 billion (7.7%) and China with $2.96 billion (4.3%).
The US, China, Germany, the Netherlands and Canada were the top five importers of plant-based foods, accounting for 12.2%, 6.9%, 4.4%, 3.8% and 3.5% respectively.
As products categorised as plant-based foods do not have exclusive customs tariff codes yet, the Trade Policy and Strategy Office has categorised them into three groups: processed foods; beverages and protein concentrate; and textured vegetable protein.
The study found beverages represented the largest proportion of Thailand's exports of plant-based foods, accounting for $1.5 billion or 52.7% of total exports, with the key markets comprising Vietnam, Cambodia, Myanmar, China and Laos.
Plant-based milk can include several options such as soy, coconut, oat, hemp, rice, quinoa, pea, almond, and other varieties of nuts.
Processed food came second, with $1.34 billion, making up 47.2% of total exports, with key markets including the US, China, Myanmar, Japan and Cambodia.
Exports of protein concentrate and textured vegetable protein generated $2.3 million in value for the country, comprising 0.1% of total exports, with key markets including Hong Kong, Taiwan, China, the US and Myanmar.
Mr Poonpong said one product group Thailand has a relatively high competitive edge in for exports is beverage products made from plant-based milk. Plant-based milk can include several ingredient options, such as soy, coconut, oat, hemp, rice, quinoa, pea, almond, along with other varieties of nuts.
Thailand is the world's second-largest exporter of plant-based milk, with shipments worth $1.5 billion, behind only Switzerland, which generated plant-based milk exports worth $1.95 billion in 2021.
In the processed food category, the study found plant-based non-dairy creamer, organic coconut milk and tofu show a good deal of promise.
In the protein concentrate and textured vegetable protein category, plant-based meat and protein powder offer potential if Thailand succeeds in developing export capabilities, he said.
Mr Poonpong said the study also found plant-based meals offer high potential thanks to their convenience, product diversity, and people's hectic urban lifestyles.
However, he urged the country's producers to study thoroughly information pertaining to labelling regulations for plant-based meat products overseas.