Kasikorn Research Centre recently lowered its 2022 growth forecast for future food – non-meat protein products made from plants, algae, nuts, insects and fungi – from 7 per cent to 5.1 per cent year on year, with total market value at 4.1 billion baht. “Although alternative protein or future food is enjoying market expansion fuelled by eco- and health-conscious consumers and increasing sales channels, its expansion is still limited, especially among consumers with low to medium income who are suffering from reduced purchasing power,” KResearch said. The centre said the current economic climate would make it harder for future-food manufacturers to expand their customer base and increase sales. “Food products are responsible for 36 per cent of Thai household expenditure and are therefore affected by the economic crisis in which the cost of living and inflation are rising, while people’s purchasing power is weakening,” KResearch said.

Source: The Nation Bangkok July 23, 2022 10:25 UTC