Page 38 - FoodFocusThailand No.222 September 2024

SPECIAL FOCUS

• Plant-Based Processing and Formulation: • Early adoption of plant-based diets in Nordic countries,
Advancements in processing and formulation techniques are such as Sweden and Denmark, is spurring innovation in
critical to producing delicious and functional plant-based milk. substitute milk. Oatly, a Swedish brand has established itself
Companies are investing in research to enhance extraction as the category’s global leader.
technologies, improve texture, and create novel formulations
that match the nutritional value of dairy milk. North America: A Competitive Landscape
North America is a mature market for plant-based milk, with
A Collaborative & Regenerative Ecosystem significant rivalry from both established and rising companies.
The development of sustainable alternative milk depends on • The United States is the world’s largest market for plant-
a collaborative ecosystem that includes numerous stakeholders: based milk, offering several options for customers.
• Startups promote innovation through disruptive Companies such as Ripple and Califia Farms have garnered
technologies and business models. substantial market share.
• Established food companies are leveraging their market • In Canada, plant-based milk is gaining popularity due
presence and distribution networks. to its sustainability and health benefits, similar to the US
• Research institutions offer scientific expertise and talent. market.
• Governments support research, development, and
sustainable agriculture. Limitations and Opportunities
• Startup supporters such as investors, venture builders, Although the future looks bright, the alternative milk sector
incubators, accelerator, and co-manufacturing factory. confronts hurdles. Consumer acceptance, cost
• Consumers drive demand and offer valuable feedback. competitiveness, and supply chain sustainability are critical
By encouraging collaboration among these entities, the areas of concern. Furthermore, regulatory frameworks must
sector can speed up innovation, share expertise, and lower evolve to facilitate the development and commercialization
development costs. of novel products. Despite these limitations, the prospects
are vast. The alternative milk sector has the opportunity to
Market Dynamics and Investment capture a major share of the global dairy market by meeting
The alternative milk sector is witnessing rapid expansion. customer needs, minimizing environmental impact, and
According to Grand View Research, the global market size was enhancing product affordability.
assessed at USD 16.3 billion in 2021 and is expected to grow
at an 11.4% CAGR from 2022 to 2030. This expansion is driven Key Trends and Challenges
by rising customer awareness, larger product portfolios, and • Ingredient Innovation: The development of new plant-
increased investment. VCs and corporations are investing based ingredients and technologies will continue to drive
billions of dollars in alternative protein and dairy enterprises. product differentiation.
For example, Oatly, a leading oat milk brand, has raised more • Taste and Texture: Achieving taste and texture parity
than USD1 billion in funding. with dairy milk remains a key challenge for many brands.
• Sustainability: Reducing the environmental impact of
Asia: A Booming Market alternative milk production is crucial for long-term success.
Asia is at the forefront of the alternative milk movement, • Consumer Education: Raising awareness about the
propelled by rising health consciousness, a burgeoning vegan benefits of plant-based milk and addressing misconceptions
and vegetarian population, and a strong emphasis on is essential for market growth.
environmental responsibility. The alternative milk market is dynamic and constantly
• Alternative milk brands have a major promise in China evolving. By understanding regional trends and consumer
due to its large population and rising disposable income. preferences, companies can develop tailored products and
Companies such as Oatly and Beyond Meat have made strategies to succeed in this competitive landscape.
significant gains in the Chinese market. The future of sustainable alternative milk seems
• Plant-based milk replacements are in high demand in India bright. With advances in food technology, a collaborative
due to its big vegetarian and vegan population and expanding environment, and rising consumer demand, we are on
middle class. Local brands such as Soyatoo are gaining the verge of a dairy revolution. By embracing innovation
popularity. and collaboration, the sector can ensure a healthier,
• Young and health-conscious populations in Southeast more sustainable, and equitable food system for future
Asia are driving substantial growth in the alternative milk market, generations.
particularly in Thailand and Indonesia. Thailand-native brands,
such as Sesamilk, are pioneers in using local ingredients.
While the Asia Market is booming, Bio Buddy, the National
Innovation Agency of Thailand, and TASTEBUD LAB consider More Information Service Info C004
Thailand’s food tech ecosystem and future food market still in
their early phases. However, we picture a bright future due to
the ecosystem’s expanding stakeholders and collaboration. เอกสารอ้างอิง / References
• FAO & WHO. 2023. Food safety aspects of cell-based food. Rome
Europe: A Mature Market • Grand View Research
• MarketsandMarkets
Europe has been a pioneer in the plant-based movement, • Innova Market Insights
emphasizing sustainability and animal welfare. • Perfect Day
• Germany, a sustainability leader, has a growing alternative • Oatly
milk market with different options. Companies such as Alpro • GreenQueen
have built a significant foothold. • TASTEBUD LAB
• Other relevant foodtech startups and companies
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