Alternative proteins have the potential to become a sustainable and high quality substitute for meat products, which will significantly reduce the amount of greenhouse gas emissions, water, and land used in raising livestock. It is expected that by 2025, 15% of the population will not eat meat (4).

Food industry accounts for USD 116 billion (THB 3.48 trillion) or 23% of Thailand's GDP in 2017 (12). Alternative proteins have high value added which can increase income for farmers that grow the raw materials and expected to reach USD 1.21 billion (THB 36.3 billion) market size in 2021 (1).

Alternative proteins can help farmers increase income from the growing trend of health and environmentally conscious consumers. Around 65% of consumers want to have a positive impact on the environment through their everyday life, and are willing to pay more money for food products that reduce plastic and food waste (4).

Similar to other food products, the alternative proteins market is currently dominated by large businesses that have high production capacity and distribution channels (1). High production capacity meant that large businesses can sell alternative proteins at lower prices, which can outcompete and put financial strain on new players and small businesses in the market.

Alternative proteins have a relatively high price compared to traditional meat products, which can lead to inequality where alternative proteins are only affordable for high income consumers.

External risk: COVID-19 led to a decreased spending power and decreased consumption of alternative proteins (1).

Execution risk: Positive environmental impact of alternative proteins may be reduced from energy intensive production processes.

Alignment risk: Small farmers that produce raw materials for the alternative proteins may also face unfair farming contracts, as seen in other food products.

Gender inequality and/or marginalization risk: Women are more likely to use income and debt to consume for food, health and education for their families. (11) Raising awareness of sustainable consumption for women and marginal groups of consumers are important, but can be limited.

Alternative proteins provide a sustainable food source alternative to the traditional meat industry, it can also benefit upstream farmers from adding value to byproducts.

13th National Economic and Social Development Plan: Aims to promote overall economic development in Thailand. This policy supports the IOA and agricultural sector by aiming to improve the livelihood, economic and social security, and effectiveness of farmers through driving value-added agricultural supply chain, and alternative proteins are high value-added agricultural products (8).

13th National Economic and Social Development Plan: Aims to strengthen farmers' security and effectiveness by supporting the agricultural supply chain for agricultural commodities (8).

20 Years Agricultural and Co-Operative Strategy (2017-2036): Aims to increase income of farmers through good management practices, sustainable farming methods, and business administration education to help farmers become entrepreneurs (13).

This policy promotes the IOA as producing certain types of alternative proteins may require complicated food processing, and careful planning and practice, such as compiling to criterias for obtaining certain standards that are required for exports.

Farmers Registration is a program that allows farmers to register with the government system in order to create an agricultural database and to facilitate policies or farmer welfare. For insect-based alternative proteins, only certain species are officially recognized for registration (18).

This policy supports the IOA as it allows for farmers that raise insects as sources of alternative protein to be protected by social security and government welfare.

Food Innopolis is a food innovation hub focusing on R&D that offers supporting services, such as research and testing facilities, ecosystem building with academic institutions, private companies, and start-ups (20). It supports the IOA by supporting research and facilities for alternative proteins production, and other high-value added food products.

Financial incentives: Large corporates in the food industry such as CP Foods, Thai Union, and NR Instant Produce and even energy company PTT are already making investments in alternative proteins (24). Thai Union has formed a Venture Fund to invest in alternative proteins.

Fiscal incentives: Board of Investment Promotion offers 5 - 8 years or more of corporate income tax exemption, import duty exemption on machinery and raw materials, and other non-tax incentives for applicable food businesses (14).

Other incentives: Space F is Thailand's first food technology incubator and acclerator program that was founded by the National Innovation Agency (NIA), Mahidol University and Thai Union Public Company Limited. Alternative proteins is one area of focused with More Meat being one of the start-ups that entered the Batch 1.

More Meat produced plant-based protein made from mushroom, and benefited from Space F via support and extensive network in the food industry.

Co-Operatives Act (1999) allows for the formation of co-operatives to conduct social and economic activities that will provide benefits to the co-operatives (7). Investing in the IOA and alternative proteins can require high amount of capital, which be accumulated via co-operatives.

Agricultural Standards Act (2008) regulates quality and safety of agricultural products (7). This is important in promoting the IOA as alternative proteins are high value-added products that currently targets consumers with high purchasing power or consumers in foreign markets, of which will need quality and safety certifications.

Food Act (1979) and Consumer Protection Act (1979) regulates and forbids the production and sale of impure and substandard food products, and also covers online sales and transactions (7). This regulation supports the IOA from helping consumers gain confidence in the quality and safety of the products.

Overseen by the National Bureau of Agricultural Commodity and Food Standards, Guidance on the Application of the Thai Agricultural Standard establishes the requirements for different agricultural products in order to obtain the Good Agricultural Practice (GAP) Standard.

GAP Standard ensures that food are safe and are of proper quality, taking into account of the environment, and worker's health, safety, and welfare at every step of the production process (21). This standard supports the IOA by providing certification for safety and sustainability of products that can increase consumers' confidence and demand for alternative proteins.

Contract Farming Promotion and Development Act (2017) stipluates specific rules for making farming contracts with dispute resolution and mediation mechanisms that align with FAO's guidelines (22). This regulation promotes the IOA by ensuring fair contracts for farmers, who can be exploited by unfair contracts from supplyinh raw materials that sold to alternative protein producers.

Farmers, alternative proteins producers (i.e. Meat Avatar, More Meat, Krop, MJ Plant Based, Mantra, Sesamilk Foods, Swees, Let’s Plant Meat), food retailers, agricultural input producers (i.e. Plantae). Corporate venture capitalists (i.e. InnoSpace).

Ministry of Agriculture and Cooperatives, Bank for Agriculture and Agricultural Cooperatives, Board of Investments, Ministry of Higher Education, Science, Research and Innovation, Food Innopolis

Good Food Institute, Asian Development Bank (ADB), International Finance Corporation (IFC)

United Nations Development Programme (UNDP),

NIA Deep Tech Incubation Program