Meat in Thailand

Euromonitor International
January 2022
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LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2021 DEVELOPMENTS ............................................................................................................... 1
ASF and PRRS viruses cause an increase in the price of pork ................................................ 1
Poultry suffers from factory closures due to COVID-19 ............................................................ 1
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Governmental scheme lightens the future of pork .................................................................... 2
Disease spreading in cows and buffaloes curves the increasing price ..................................... 2
Summary 1 Major Processors of Meat 2021 ................................................................... 2
CATEGORY DATA ....................................................................................................................... 2
Table 1 Total Sales of Meat by Category: Total Volume 2016-2021 ......................... 2
Table 2 Total Sales of Meat by Category: % Total Volume Growth 2016-2021 ........ 3
Table 3 Retail Sales of Meat by Category: Volume 2016-2021 ................................. 3
Table 4 Retail Sales of Meat by Category: % Volume Growth 2016-2021 ................ 3
Table 5 Retail Sales of Meat by Category: Value 2016-2021 .................................... 3
Table 6 Retail Sales of Meat by Category: % Value Growth 2016-2021 ................... 4
Table 7 Retail Sales of Meat by Packaged vs Unpackaged: % Volume 2016-
2021 ............................................................................................................. 4
Table 8 Forecast Sales of Meat by Category: Total Volume 2021-2026 ................... 4
Table 9 Forecast Sales of Meat by Category: % Total Volume Growth 2021-
2026 ............................................................................................................. 4
Table 10 Forecast Retail Sales of Meat by Category: Volume 2021-2026 .................. 5
Table 11 Forecast Retail Sales of Meat by Category: % Volume Growth 2021-
2026 ............................................................................................................. 5
Table 12 Forecast Retail Sales of Meat by Category: Value 2021-2026 ..................... 5
Table 13 Forecast Retail Sales of Meat by Category: % Value Growth 2021-
2026 ............................................................................................................. 5

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MEAT IN THAILAND
KEY DATA FINDINGS
▪ Total volume sales fall by 2% in 2021 to 2.1 million tonnes
▪ Pork is the best performing category in 2021, with total volume sales growing by 3% to
692,000 tonnes
▪ Total volume sales are set to grow at a CAGR of 3% over the forecast period to 2.4 million
tonnes

2021 DEVELOPMENTS

ASF and PRRS viruses cause an increase in the price of pork

The price of pork is showing a continuous increasing trend caused by the African Swine Fever
(ASF) disease that is widely impacting the swine industry across the globe. The second wave of
ASF has killed over 10 million pigs in China, which is the biggest producer within the pork
industry, and the supply shortage has led to the climbing price. Such challenging circumstances
will require a few years to recover as this industry has been affected globally, while the majority
was from countries in Asia. Thailand is a country that has been impacted, but on the positive
side as there was no spread, aided by the government restricting the movement of swine in 18
out of Thailand’s 77 provinces since 2019. This created an opportunity for Thai farmers to export
to neighbouring countries. However, the impact of this is not very strong because up to 95% of
local pork production is taken up by domestic consumption.
Apart from ASF, Porcine Reproductive and Respiratory Syndrome (PRRS), which is a
widespread disease affecting domestic pigs, has currently spread in some areas. Although a
PRRS vaccine is available, it is still insufficient to cover all pigs in Thailand, thus further hurting
the supply of pork and, as a consequence, contributing to the price increase in 2021. The rising
pork prices led to a retail volume sales decline in 2021, with some consumers switching to
cheaper poultry due to the economic impact of COVID-19. However, the drop in retail sales was
outweighed by positive growth in foodservice volume sales which began to recover in 2021 from
the significant decrease in demand in the previous year from both institutional and foodservice
channels due to the disruption caused by COVID-19.

Poultry suffers from factory closures due to COVID-19

Despite some consumers switching to cheaper poultry because of the rising prices of pork in
Thailand, retail volume sales of poultry witnessed a strong decline in 2021, causing an overall
retail volume decline in meat sales. The third wave of COVID-19 has been more severe,
respreading across the country, especially the 13 provinces that are listed in the dark-red zone.
This impacts all industries from both consumers’ and manufacturers’ perspectives when it
comes to poultry business. Many poultry factories were closed after there were positive COVID-
19 tests among high numbers of their labourers. For instance, Saha Farm Co Ltd had over
3,000 infected cases while a manufacturer from CPF Group found hundreds of cases. This has
primarily impacted export shipment where the companies produce for overseas markets, as well
as causing domestic sales to reduce. The breeding chickens that were missed from overseas
shipment have changed their destination to be distributed domestically, which may cause an
oversupply for a short while.

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PROSPECTS AND OPPORTUNITIES

Governmental scheme lightens the future of pork

There is a positive outlook for sales of pork in Thailand in the forecast period, with gently
accelerating retail sales growth and a steady performance expected on the foodservice side.
The Thai government is considering a restructure of the pork industry by helping small to mid-
scale farmers who have been impacted from both the COVID-19 pandemic and ASF. The 3-
phase scheme will support and upscale farmers’ efficiency with sustainable competitiveness
during a period of 10-11 years. The first phase aims to establish a fund management to
contribute a THB1 billion budget within the first 2-3 years, while the second phase aims to
upscale and improve the quality of pork during the next three years. The third phase aims to
increase farmers’ accessibility in both vaccination and insurance during the final five years of the
scheme. The implementation of such governmental programmes is expected to improve the
entire pork market, empowering farmers financially so that they can tackle problems such as
ASF and improve their product competitiveness with higher, standardised quality. The unit price
growth of pork is set to slow down over the forecast period.

Disease spreading in cows and buffaloes curves the increasing price

Poultry and pork remain the two biggest meat categories in Thailand, with beef and veal the
third biggest. This corresponds to their respective unit prices, with poultry being the most
economical for consumers. Unit prices of beef and veal have risen more slowly than the other
main meat categories and will continue to do so over the forecast period. However, unit prices
will rise on a slowly accelerating basis due to the current impact of lumpy skin disease.
Widespread lumpy skin disease in cows and buffaloes seems to be more severe as there are
over 60 provinces affected (out of the total 77 provinces in Thailand). Though the Department of
Livestock has coped with this issue by compensating the budget for impacted farmers, such a
strong effect has already killed more than 50,000 cases. As a result, the price of beef is
projected to increase due to the supply shortage that may occur in the forecast period.

Summary 1 Major Processors of Meat 2021

Company name Product type Rank

Charoen Pokphand Group Pork, Poultry, Beef 1

Betagro Group Pork, Poultry, Beef 2

FB Food Service Ltd Pork, Poultry, Beef 3

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 1 Total Sales of Meat by Category: Total Volume 2016-2021

'000 tonnes
2016 2017 2018 2019 2020 2021

Beef and Veal 194.3 201.0 206.7 217.9 228.0 234.2

Lamb, Mutton and Goat 3.1 3.1 3.1 3.1 3.2 3.3

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Pork 673.6 692.5 721.6 709.1 671.4 692.5

Poultry 1,051.1 1,084.0 1,122.5 1,168.7 1,206.3 1,148.1
Other Meat 7.0 7.0 7.0 7.1 5.4 5.0
Meat 1,929.0 1,987.6 2,060.8 2,105.8 2,114.4 2,083.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Total Sales of Meat by Category: % Total Volume Growth 2016-2021

% total volume growth

2020/21 2016-21 CAGR 2016/21 Total

Beef and Veal 2.7 3.8 20.5

Lamb, Mutton and Goat 1.7 1.4 7.1
Pork 3.1 0.6 2.8
Poultry -4.8 1.8 9.2
Other Meat -8.3 -6.8 -29.5
Meat -1.5 1.5 8.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Retail Sales of Meat by Category: Volume 2016-2021

'000 tonnes
2016 2017 2018 2019 2020 2021

Beef and Veal 126.8 130.4 132.5 138.7 157.3 155.4

Lamb, Mutton and Goat 2.0 2.0 2.0 2.0 2.2 2.2
Pork 441.2 449.1 462.7 451.5 463.4 459.6
Poultry 685.7 703.0 719.7 744.1 832.6 762.0
Other Meat 4.6 4.6 4.5 4.5 3.7 3.3
Meat 1,260.3 1,289.0 1,321.4 1,340.7 1,459.3 1,382.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Retail Sales of Meat by Category: % Volume Growth 2016-2021

% volume growth
2020/21 2016-21 CAGR 2016/21 Total

Beef and Veal -1.2 4.2 22.6

Lamb, Mutton and Goat -2.2 1.7 8.9
Pork -0.8 0.8 4.2
Poultry -8.5 2.1 11.1
Other Meat -11.9 -6.4 -28.3
Meat -5.3 1.9 9.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Retail Sales of Meat by Category: Value 2016-2021

THB million
2016 2017 2018 2019 2020 2021

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Beef and Veal 39,546.8 41,060.7 42,270.8 44,840.8 51,290.7 51,144.8

Lamb, Mutton and Goat 804.7 809.9 814.7 827.7 957.7 1,009.2
Pork 63,972.5 66,463.4 70,326.0 71,319.5 76,467.7 80,321.2
Poultry 69,257.1 72,405.4 76,289.8 81,480.7 96,030.1 89,412.1
Other Meat 1,853.8 1,857.2 1,855.3 1,861.7 1,559.1 1,378.6
Meat 175,434.9 182,596.6 191,556.6 200,330.5 226,305.3 223,265.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 Retail Sales of Meat by Category: % Value Growth 2016-2021

% current value growth

2020/21 2016-21 CAGR 2016/21 Total

Beef and Veal -0.3 5.3 29.3

Lamb, Mutton and Goat 5.4 4.6 25.4
Pork 5.0 4.7 25.6
Poultry -6.9 5.2 29.1
Other Meat -11.6 -5.8 -25.6
Meat -1.3 4.9 27.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 Retail Sales of Meat by Packaged vs Unpackaged: % Volume 2016-2021

% retail volume
2016 2017 2018 2019 2020 2021

Packaged 33.8 33.8 34.0 34.1 35.1 35.3

Unpackaged 66.2 66.2 66.0 65.9 64.9 64.7
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Forecast Sales of Meat by Category: Total Volume 2021-2026

'000 tonnes
2021 2022 2023 2024 2025 2026

Beef and Veal 234.2 241.7 250.3 259.9 270.9 282.3

Lamb, Mutton and Goat 3.3 3.4 3.4 3.5 3.6 3.7
Pork 692.5 715.9 741.3 769.8 800.4 833.6
Poultry 1,148.1 1,190.0 1,230.2 1,262.5 1,290.9 1,316.5
Other Meat 5.0 5.7 6.4 7.1 7.7 8.2
Meat 2,083.0 2,156.7 2,231.7 2,302.8 2,373.6 2,444.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 9 Forecast Sales of Meat by Category: % Total Volume Growth 2021-2026

% total volume growth

2021/22 2021-26 CAGR 2021/26 Total

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Beef and Veal 3.2 3.8 20.5

Lamb, Mutton and Goat 1.8 2.1 11.2
Pork 3.4 3.8 20.4
Poultry 3.7 2.8 14.7
Other Meat 15.3 10.5 65.0
Meat 3.5 3.3 17.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Retail Sales of Meat by Category: Volume 2021-2026

'000 tonnes
2021 2022 2023 2024 2025 2026

Beef and Veal 155.4 155.1 156.7 159.8 163.9 168.5

Lamb, Mutton and Goat 2.2 2.2 2.1 2.1 2.2 2.2
Pork 459.6 459.4 464.2 473.2 484.5 498.7
Poultry 762.0 763.6 770.2 776.0 781.3 787.6
Other Meat 3.3 3.7 4.0 4.4 4.7 4.9
Meat 1,382.5 1,383.9 1,397.3 1,415.4 1,436.6 1,461.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Retail Sales of Meat by Category: % Volume Growth 2021-2026

% volume growth
2021/22 2021-26 CAGR 2021/26 Total

Beef and Veal -0.2 1.6 8.4

Lamb, Mutton and Goat -1.5 0.0 0.1
Pork 0.0 1.6 8.5
Poultry 0.2 0.7 3.4
Other Meat 11.5 8.3 48.7
Meat 0.1 1.1 5.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 12 Forecast Retail Sales of Meat by Category: Value 2021-2026

THB million
2021 2022 2023 2024 2025 2026

Beef and Veal 51,144.8 51,145.6 51,567.3 52,342.3 53,579.6 54,987.9

Lamb, Mutton and Goat 1,009.2 1,013.7 1,020.7 1,032.5 1,050.6 1,067.2
Pork 80,321.2 82,809.9 85,539.9 88,618.4 92,002.7 95,946.1
Poultry 89,412.1 90,609.0 92,096.5 93,375.0 94,655.9 96,087.3
Other Meat 1,378.6 1,528.7 1,656.2 1,774.4 1,874.3 1,930.7
Meat 223,265.7 227,106.8 231,880.7 237,142.6 243,163.1 250,019.2
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 13 Forecast Retail Sales of Meat by Category: % Value Growth 2021-2026

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% constant value growth

2021/2022 2021-26 CAGR 2021/26 Total

Beef and Veal 0.0 1.5 7.5

Lamb, Mutton and Goat 0.4 1.1 5.8
Pork 3.1 3.6 19.5
Poultry 1.3 1.5 7.5
Other Meat 10.9 7.0 40.0
Meat 1.7 2.3 12.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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