Company makes fortune turning jackfruit into pork

Food producers in Thailand are banking on growing plant-based meat trends at home and abroad for their future expansion.

Thailand's food exports are one of the few sectors that have seen growth during the pandemic, while sales of other products have struggled due to the disruption to international trade.

The government wants to make Thailand a food production center, and plant-based meat can help achieve this ambition.

Among the growing Thai companies is NR Instant Produce Pcl, a food exporter that began manufacturing plant-based protein in 2016 by processing jackfruit into imitation pork.

See also: The Many Health Benefits of Jackfruit

The company raised about 1.6 billion baht ($50 million) in its initial public offering this month, and the stock doubled in intraday trading on its October 9 debut.

The producer is expanding its facilities in the United States, China and Thailand.

“Consumer interest in health is a mega trend right now.

“The growth potential is enormous,” said Danai Pathomvanich, CEO.

He said that about 7% of NR Instant's revenue comes from plant-based products and that this contribution is expected to increase to 30% within four years.

NR Instant Produce is not alone.

The country's largest meat producer, Charoen Pokphand Foods Pcl, controlled by one of the wealthiest families, is also considering producing plant-based meat from soy protein.

One of the major oil refiners, Bangchak Corp Pcl, also plans to diversify into the fake meat industry.

Vegetarian Festival

According to a report by Markets and Markets, the global plant-based meat market is expected to be worth €23.7 billion by 2025, more than double last year's value of €10.3 billion.

North America and Europe are currently the main markets, but increased demand from Asia-Pacific and South American countries is expected to boost sales, the report said.

For Thailand, the trend is quickly confirmed, fueled by social media.

Every year, millions of Thais in the Buddhist-majority stop eating animal products during the nine-day Vegetarian Festival – which begins on October 17 this year – and more and more people are going without meat for longer and more frequently.

See also: Vegetarianism in Thailand

“One of the most telling indicators of Thailand’s embrace of a plant-based lifestyle is the number of Thai entrepreneurs offering plant-based products,” said Mika Apichatsakol, who opened a vegan restaurant in Bangkok this year with her husband and longtime vegan Gareth Sheehan.

"We are already at the stage where Thais are producing their own products and are no longer dependent on expensive Western products," she said.

“This is a game changer.

This means that herbal products are for everyone.”