As the global edible insect market gains momentum, Thailand is poised to become a significant player in this burgeoning industry. With a projected annual growth rate of 25.1% between 2025 and 2030, the edible insect market is expected to reach a value of $1.35 billion by 2024. This growth is fueled by increasing consumer interest in sustainable protein sources, particularly in the form of protein powders, protein bars, and blended insect foods.
Thailand, already the sixth-largest exporter of edible insects globally, has the potential to expand its market share significantly. Despite current export values being relatively low, the country’s rich agricultural knowledge and local practices in insect farming are expected to enhance its competitive edge. With the ability to produce over 7,000 tons of insects annually, Thailand's market for edible insects is estimated to reach profits of around 260,000 baht per year.
One of the driving forces behind the rising popularity of edible insects is their environmental sustainability. Producing one kilogram of insect protein emits only one kilogram of CO2 equivalent, making it 27 to 40 times less polluting than traditional livestock farming. This stark contrast has led environmentally conscious consumers to seek alternatives to conventional meat sources.
Moreover, as global temperatures continue to rise, insects may become an even more viable protein source. Insects thrive in warmer conditions, allowing for more efficient growth compared to livestock, which face challenges such as reduced growth rates and increased susceptibility to diseases in higher temperatures. As a result, the edible insect sector is not only positioned for economic growth but also as a solution to the environmental impacts of climate change.
However, the industry faces challenges, particularly in consumer acceptance. Many people remain unfamiliar with the concept of eating insects, leading to concerns about food safety and palatability. To overcome these barriers, there is a need for increased awareness and education about the nutritional benefits of edible insects and their role in sustainable food systems.
In addition to the potential for growth in the edible insect market, the Thai economy is currently navigating the complexities of a rapidly appreciating baht, which has risen to 32.50 - 32.70 baht per dollar. According to Mr. Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (F.T.I.), this rapid appreciation poses a challenge for Thai exports, making it crucial for the government to stabilize the currency and prevent excessive fluctuations.
While a stronger baht can reduce the cost of imports for raw materials and energy, it may also hinder the competitiveness of Thai exports. The F.T.I. emphasizes the importance of monitoring the currency closely to ensure that businesses can maintain their competitive edge in the global market.
In light of these economic conditions, the private sector is optimistic about generating significant revenue, with projections of up to 1.6 billion baht in additional income over the next five years. To achieve this, collaboration between the public and private sectors is essential, particularly in negotiating with the United States to reduce tariffs and enhance trade relations.
Furthermore, the Federation of Thai Industries is advocating for the reduction of barriers to trade and export, which are increasingly vital as competition in the global market intensifies. By fostering cooperation among various stakeholders and promoting understanding within the export sector, Thailand can bolster its economic resilience and capitalize on emerging opportunities.
In conclusion, as the global appetite for sustainable protein sources continues to grow, Thailand stands at the forefront of the edible insect market. With its rich agricultural heritage, innovative practices, and a commitment to sustainability, the country is well-positioned to lead in this promising industry. However, addressing consumer perceptions and stabilizing the currency will be crucial in realizing this potential.
