Thailand Plant-Based Dairy Market: Trends, Forecasts upto 2028 and Company Shares

Plant-based dairy alternatives are making a sustainable mark on the Thailand market, riding a wave of consumer interest in environmentally friendly products. Despite economic uncertainties and geopolitical tensions, the dairy industry is experiencing a change in consumer preferences. Premium consumers are turning to oat, soy, and almond milk as sustainable alternatives to traditional cow's milk. Plant-based milk prices have seen substantial growth, although at a slightly slower rate compared to traditional cow's milk.

Plant-based yoghurt and cheese in Thailand are flourishing, registering impressive retail volume growth rates. In contrast, soy drinks are facing dwindling demand as consumers explore diverse plant-based options. Although the price gap between traditional and plant-based dairy is shrinking, plant-based options still carry a slightly higher price tag. This, coupled with reduced disposable incomes among consumers, has tempered the resurgence of plant-based choices. However, the sustainability trend continues to drive interest and growth, despite the economic challenges facing the Thailand.

Segmentation by Retail Channel

The retail landscape in the Thailand's dairy and plant-based alternatives market is experiencing a surge in competitive marketing campaigns. Price sensitivity and innovative product formulations are pushing major brands to venture into the plant-based dairy market, expanding the range of options available to consumers. The convenience of e-commerce is driving sales of plant-based dairy, with online availability improving, and convenience stores are also benefiting from the demand for convenient plant-based products. Single-serve yoghurt products are emerging as meal substitutes, aligning with changing consumer patterns. In this ever-evolving landscape, the plant-based dairy market in the Thailand offers growth potential, as consumers increasingly seek sustainable and environmentally conscious alternatives to traditional dairy products.

Competitive Landscape

The plant-based dairy market in Thailand is becoming increasingly competitive as more companies enter the market. With the rise in demand for plant-based alternatives to traditional dairy products, companies are vying for a share of the market by offering a variety of products such as plant-based milk, cheese, and yogurt. Local companies such as Minor Food Group and Betagen are competing with international brands like Alpro and Oatly. The competition is driving innovation and product development, with companies focusing on improving taste and texture to appeal to a wider audience. As the market continues to grow, the competition is expected to intensify, leading to more options for consumers.