The alternative protein (AP) market in Thailand is expected to grow 5.1% to USD 113.3 million in 2022, less than previously expected. The Kasikorn Research Center said this is due to decreased purchasing power and rising inflation. The AP market is dominated by plant-based proteins, which are more expensive, it said. Amid intense competition, big companies have an advantage because they have integrated production systems, economies of scale, and nationwide distribution channels. Meanwhile, AP producers will face higher production costs in H2, from soybean, energy, and logistics costs.
ASIAN AGRIBUSINESS MEDIA PTE LTD