Firms turn jackfruit into mock pork as fake meat craze soars in Thailand

Food exports from Thailand are one of the few areas that have increased during the pandemic, while sales of other products have struggled

The plant-based meat market is expected to be worth US$27.9 billion globally by 2025, more than double the US$12.1 billion value last year

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NR Instant Produce has been manufacturing plant-based protein by turning jackfruit into mock pork. Photo: Handout

Published: 6:51pm, 14 Oct 2020Updated: 12:42pm, 15 Oct 2020

Thai food producers are betting on growing plant-based meat trends at home and abroad for future expansion.

Food exports from Thailand are one of the few areas that have increased during the pandemic, while sales of other products have struggled because of the disruption to international trade. The government wants to make Thailand a food production hub, and plant-based meat can help it achieve that ambition.

Among growing Thai companies is NR Instant Produce, a food exporter that started making plant-based protein in 2016 by turning jackfruit into mock pork. The company raised about 1.6 billion baht (US$51.4 million) in its initial public offering this month and the stock doubled in intraday trading on its debut on October 9. The producer is expanding facilities in the US, China and Thailand.

“Consumer focus on health is a huge megatrend right now. The growth potential is massive,” said Danai Pathomvanich, the chief executive officer.

He said about 7 per cent of NR Instant’s revenue comes from plant-based products and expected the contribution to jump to 30 per cent within four years.

NR Instant Produce isn’t alone. The country’s largest meat producer controlled by one of the richest families, Charoen Pokphand Foods, is also looking at producing plant-based meat from soy protein. One of the top oil refiners, Bangchak, also plans to diversify into the faux meat industry.

The plant-based meat market is expected to be worth US$27.9 billion globally by 2025, more than double the US$12.1 billion value last year, according to a MarketsandMarkets report. North America and Europe are currently the top markets, but increased demand from Asia-Pacific and South American countries is expected to drive sales, the report said.