Thailand's nutraceutical industry is expected to hold at least 3.5 percent of the global market share by 2023. Though the sector is still evolving in Thailand, globally it has an attractive market size of over $70 billion. As most of the technologies used in the pharma industry are also utilized in nutraceutical manufacturing. The pharmaceutical industry exports about 56% of its products to the global market. A similar trend can be predicted in the food nutrition industry.
The dietary supplements segment constitutes over 65 percent of the Thailand market and is growing at a rate of 17 percent and is likely to be at 22 percent per year, especially when preventive health has become the focus for all in the current pandemic. The food nutrition market in Thailand is expected to grow from an estimated $400 million in 2017 to $1.8 billion by the end of 2025, as per the insights from the International trade administration(ITA).
There are a few advantages to running nutraceutical companies in Thailand. It has a rich heritage of herbal medicines. The desire for these products has been steadily increasing. A report from Statista shows that the export value of ayurvedic and herbal products amounted to $46.6 million from Thailand in FY2019.
Animal Nutrition- Exports and Investments
Animal nutrition focuses on the dietary nutrients needs of animals, primarily those in agriculture and food production, but also in zoos, aquariums, and wildlife management. This industry is well regulated in developed markets of the U.S, Europe, and Australia. Whereas in Thailand, dairy cattle or poultry rearing are treated as secondary activities.
There is no organization to regulate the activities of the Animal Nutrition sector. In the interim, the authorities hasve proposed to bring regulations for animal feed to control the seepage of the contaminants.
Every sector of the livestock industry, the associated services, and the wellbeing of both animals and humans are influenced by animal feeding. Animals are being fed formulated feed which increases the possibility of toxins in the tissue of tolerant organisms. The toxication increases as we move to higher levels of the food chain. Humans being at the top of the food chain are more prone to cancer, kidney problems, respiratory disorders, and more.
Recently, noticeable efforts have been made to reduce the exposure to chemicals provided to animals as their feed. This would lower the risk of contamination seepage. Thailand has several milestones to cross before it can be considered as a significant exporter in animal nutritional products. Only reliable studies and relevant laboratory practices can open doors to a revolution in the food and animal nutrition sector.
As for animal nutrition products, Thailand exports a small number of feed ingredients to the US.
At present, the volume of exports in this sector is low. But areas similar to organic and feed ingredients like nutritional supplements, probiotics, etc will boost the exports if dealt in. In 2019, Thailand exported 1238 MT of various kinds of animal feed to the world, valued at 22.8 million USD, representing 1.5% of world export.
The commercial feed industry in Thailand is estimated to be close to 28 million metric tons and caters largely to:
- Poultry Feed (70-75%)
- Aquaculture feed (10-12%)
- Dairy feed (10-15%)
There is a link between nutritional status and the economic status of a country. People with adequate nutrition are more productive and can create opportunities to gradually break the cycles of poverty and hunger. As one of the major positive side effects of the epidemic is the increase in awareness about health and fitness; This has given a significant boost to the nutrition sector.
The demand for nutraceutical products is not dependent on the pandemic. While it undoubtedly increased consumer spending on healthcare and nutrition, the industry will continue to flourish post-pandemic. As backed up by research the consumption will skyrocket once the global recession ends.
The animal nutrition sector in Thailand has previously been neglected. One way to overcome the consequences of this neglectful attitude is to invest in good laboratory practices and quality assurance procedures. Thailand also needs to follow proper regulatory standards and comply with all the safety requirements to secure its exports.