Analyzing the beef meat demand in Thailand from 2014 to 2023, there has been a noticeable downward trend. As of 2023, the demand for beef stood at 90 thousand metric tons, representing a year-on-year decrease of 4.26%. Over the last two years, the compound annual growth rate (CAGR) has been -3.22%. Notably, in 2015 there was a significant drop of 25.62%, followed by a series of fluctuations over the subsequent years. By 2019, the demand slightly stabilized but continued on a declining trend.
Looking ahead, forecasted data from 2024 to 2028 suggests the demand will further contract, with a forecasted 5-year CAGR of -3.79% and an overall decline of 17.58% by 2028. This persistent downward trajectory indicates that the market may be experiencing shifts in consumer preferences, possibly due to economic factors, changes in dietary habits, or increased competition from alternative protein sources.
Future trends to watch for include:
- Potential shifts in consumer preferences towards plant-based proteins.
- Impact of economic conditions on consumer purchasing power.
- Changes in agricultural policies and their effect on beef production.
- Health and environmental concerns influencing dietary choices.
