The push for wider adoption of plant-based diets is being propelled by calls for enhanced taste and affordability of plant-based products, coupled with a demand for greater nutritional transparency. These factors, along with the removal of certain ingredients to improve product healthiness, are seen as critical drivers in catalyzing the transition towards plant-based eating habits. Such shifts not only have the potential to drive market growth but also to significantly impact consumer choices and overall dietary patterns.
Statistics from Statista indicate a robust growth trajectory for the Thai plant-based food market, with projections suggesting a market value increase from 28 billion baht in 2019 to an estimated 45 billion baht by 2024. Concurrently, there is an anticipated rise in the proportion of individuals abstaining from meat consumption in Thailand, with estimates indicating a shift from 8% in 2019 to 15% by 2025.
The emergence of the COVID-19 pandemic further fueled consumer consciousness regarding health and dietary choices, prompting many to reconsider their meat consumption habits and opt for plant-based alternatives. This shift presented a lucrative opportunity for food companies to capitalize on the burgeoning trend.
Major players in the food industry, including CP Foods, Thai Union Group, and even non-traditional entrants like PTT Group, have responded by introducing plant-based product lines aimed at catering to evolving consumer preferences.
However, consumer feedback underscores two primary barriers hindering wider adoption of plant-based diets: price and taste. Despite a growing interest in plant-based alternatives, consumers are deterred by the relatively higher costs of these products compared to conventional options. Additionally, there is a strong preference for plant-based products that closely mimic the taste and texture of animal-based counterparts, highlighting the importance of sensory appeal in driving consumer acceptance.
For individuals like Preeyanut C. and Patipon P., the allure of plant-based alternatives is offset by concerns over affordability and taste. While both express enthusiasm for incorporating more plant-based options into their diets, they emphasize the need for greater accessibility and affordability of these products to facilitate widespread adoption.
Similarly, Nida W. and Patsita J. underscore the critical role of taste and nutritional quality in shaping consumer perceptions of plant-based products. While acknowledging the health benefits associated with plant-based diets, they emphasize the need for improved taste profiles and reduced processing to enhance product appeal.
In light of these insights, stakeholders in the plant-based food industry are urged to prioritize affordability, taste enhancement, and nutritional transparency in product development efforts. By addressing these key considerations, plant-based food companies can unlock significant growth opportunities and position themselves as leaders in the burgeoning market for sustainable and nutritious food alternatives.