Thailand plans to become the next “food-tech Silicon Valley” to strengthen Asia’s food security.

Sep 26, 2022 — Thailand’s National Innovation Agency (NIA) is pushing for Bangkok to become the “food-tech Silicon Valley”. The agency has invested in local food technology startups as part of its “Space F” project.

The project encourages investment flows into Thailand’s food sector in light of the global food security crisis – exacerbated by climate change, inflation and the ongoing war in Ukraine.

NIA proposes using “deep technology” as a primary way to get Bangkok on the map as a food-tech capital.

The project has been running for three years and is providing financial support and advice to start-ups. What they do is move local and foreign startups to build businesses in Bangkok.

Development of food technology
The global food-technology industry It grew from US$220.32 billion in 2019 and is expected to reach US$342.52 billion by 2027 at a CAGR of 6.0%, according to Emergen research. This can be linked to global food crises, the need for innovations in food security.

According to the UN’s 2022 World Food Security and Nutrition Report, more than 800 million people, or 10% of the world’s population, are now suffering from hunger due to the Covid-19 pandemic and the economic crisis. Shortage of raw materials and decline in food security,” warns NIA Director General Dr Pun-Arj Chairatana.

S“Space-F” consultants begin with the target of classifying Bangkok as the next “Silicon Valley” of food technology. Speed ​​F creating innovations
Space F covers nine key food-tech trends: health and safety, alternative proteins, smart manufacturing, packaging solutions, novel food and ingredients, biomaterials and chemicals, restaurant technology, food safety and quality, and intelligent food services.

All of these categories need to be improved by NIA in Thailand to build economic success and food security in the country and globally.

“Space-F” provides a popular platform for entrepreneurial start-ups to bring deep technology and innovation to their business and food industry growth. He advises select startups to target Southeast Asian and international markets,” says Poon-Arge.

The NIA executive is confident that deep-tech business in food and agriculture will continue to grow at par with e-commerce and fintech across the globe. This helps food companies in Thailand enjoy strong supply chains.

“The food technology industry is expected to be worth 7.76 trillion baht ($205 trillion) by the end of 2025,” Pun-Arge says.

“As the world’s population increases rapidly, combined with climate change, reduced agricultural labor and food waste from mass consumption, global food security is now a serious issue that needs to be addressed,” he concluded.

The future of food technology
Many Asian countries have been actively leading the development of food technology in recent years. According to the Ministry of Commerce of Thailand, Thailand has one of the largest markets in the APAC (Asia-Pacific) region and reported sales of US$3.5 billion in the nutraceutical industry in 2019.

As consumers in Thailand, Singapore, South Korea and Japan become more familiar with plant-based and cell-based seafood, regulatory avenues will open up in these countries.

Asia’s total nutrient production is also increasing. Last year, Corbion expanded its production capacity of lactic acid and lactic acid derivatives, following an earlier announced expansion in Thailand planned for next year.

Edited by Sabine Waldeck.

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