Milk Substitutes - Thailand

Thailand

Highlights

Revenue in the Milk Substitutes market amounts to US$320.50m in 2024. The market is expected to grow annually by 15.77% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$10bn in 2024).
In relation to total population figures, per person revenues of US$4.46 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 158.00m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 11.1% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

In Thailand, the Milk Substitutes Market in The Food market is experiencing subdued growth due to factors such as low consumer awareness and the availability of traditional dairy products. Despite this, the market is expected to grow due to increasing health consciousness and demand for convenient dairy alternatives.

Customer preferences: As consumers become more health-conscious, there has been a noticeable increase in the demand for dairy-free and plant-based milk substitutes in Thailand. This trend is driven by growing concerns about animal welfare, environmental sustainability, and personal dietary preferences. Additionally, the rise of veganism and flexitarianism among younger generations has also contributed to the popularity of milk alternatives. This shift towards non-dairy options is expected to continue as more consumers prioritize ethical and health considerations in their food choices.

Trends in the market: In Thailand, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based alternatives. This trend is driven by a growing demand for healthier and more sustainable options, as well as an increase in lactose intolerance and allergies. The trajectory of this trend is expected to continue, with more companies introducing new and innovative plant-based milk substitutes. This has significant implications for the dairy industry, as it may lead to a decline in traditional dairy consumption. However, it also presents opportunities for industry stakeholders to diversify their product offerings and cater to a wider range of dietary needs and preferences.

Local special circumstances: In Thailand, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's strong Buddhist culture, which promotes a vegetarian diet. This has led to a high demand for plant-based milk alternatives, such as soy, almond, and coconut milk. Additionally, the country's tropical climate and abundance of coconut trees make coconut milk a popular and easily accessible option. On the regulatory front, Thailand has strict laws prohibiting the import and sale of dairy products from countries with a history of animal diseases, creating a barrier for foreign dairy companies.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Thailand is impacted by various macroeconomic factors. The country's economic growth and stability, as well as global economic trends, play a crucial role in market performance. Fiscal policies, such as trade agreements and subsidies, also have a significant influence. Moreover, the increasing awareness about plant-based diets and the growing demand for lactose-free products are driving the growth of the milk substitutes market. Additionally, factors such as urbanization, rising middle-class population, and changing consumer preferences towards healthier food options are also contributing to the market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.