Amid a sustained strong health trend, the alternative milk market in Thailand has become a lucrative battleground filled with new players. Data from Kasikorn Research Center indicates the plant-based milk market will reach 4.2 billion baht by 2026, growing at an average of 5-10% annually.
This growth outpaces cow's milk, with almond milk holding the largest market share at 50%, followed by oat milk, which is emerging rapidly. Although the numbers don't seem as dramatic as during the early post-COVID period, the "market structure" is undergoing notable changes.
Historically dominated by soy milk, consumers now seek new options with lower calories and more premium flavors, making almond, oat, and pistachio milks the rising stars rapidly capturing market share.
The reason this market has become fiercely competitive is that plant-based milks are classified as premium beverages. Consumers are willing to pay 1.5 to 2 times more than regular cow's milk. Positioning products as "Lifestyle Brands" rather than mere commodities attracts investors who see better profit opportunities than typical consumer goods.
Alternative milks are not only sold on supermarket shelves but have become standard ingredients in cafes and coffee shops worldwide. As coffee culture grows, cafes seek alternative milk options to serve lactose-intolerant and vegan customers. Having alternative milk brands in their portfolio expands business opportunities in the thriving coffee supply chain.
The market is now entering a "Mass Adoption" phase, meaning alternative milk is no longer a novelty for urban consumers. Competition has shifted from "building awareness" to "price and taste wars," requiring brands to lower prices and aggressively compete for purchasing power and consumer loyalty.
Similarly, pioneering brand "137 Degrees" under Simple Foods is not resting on past success. Recently, it revealed a strategy to expand its customer base through the "Wholly Nuts" brand, which emphasizes accessibility and affordability at just over 20 baht, targeting the mass market that previously consumed inexpensive soy milk to switch to almond milk. The brand also leverages new marketing featuring Billkin Putthipong to appeal nationwide to young consumers.
Arisa Aramwattananon, Managing Director of Simple Foods Company Limited, stated that although Wholly Nuts has been in the market only a few years, this year marks a full-scale market push as a sub-brand positioned differently from the premium 137 Degrees. It focuses on "Daily Use" with easy-to-drink, affordable products. Currently, it offers two main products: almond milk and pistachio milk, in 180 ml packs priced at 23 baht for portability and 1-liter packs at 99 baht — prices highly competitive in today's plant-based milk market.
Originally targeting mainly young professionals aged about 25 and up, after rebranding and proactive marketing, the customer base has significantly expanded to include children, parents, and the elderly. The company sees this brand as a "gateway" to educate consumers to increase alternative milk consumption.
"The alternative milk market in Thailand and worldwide continues to grow at double-digit rates, driven by consumers focusing more on health, such as reducing sugar, avoiding lactose, and the rise of flexitarians. This keeps the market in a growth phase with significant long-term potential,"
Arisa added. She said the company adopts a positive view of increased competition, seeing more players as a sign of market growth. It maintains a strategy of "not competing on price" but instead focuses on differentiating value through product quality and health benefits that consumers recognize. Their strengths lie in pioneering the market, specialized expertise in plant-based milk, and clear premium positioning through high-quality whole nuts and production standards, fostering long-term brand trust.
Currently, the company offers five main product lines: almond, pistachio, macadamia, walnut, and high-protein milk. Almond milk remains the main revenue source. Revenue is split evenly between domestic and international markets, exporting to over 40 countries across five continents.
"Although affected somewhat by shipping issues in the Middle East causing delays, the company continues to manage resources and uphold sustainability standards strictly with partners,"
said Thanaphum Aramwattananon, Chief Operating Officer. He added that the company aims for continuous growth this year by focusing on market expansion and production efficiency, confident that the alternative milk market has great growth potential over the next 5-10 years. The company plans to maintain its number one leadership while expanding internationally, developing clearly beneficial products, and continuously upgrading production standards.
A key upcoming highlight is a special collaboration project with Billkin Putthipong, launching limited-edition packaging featuring trendy youth slang like "Jueng" or "Don" printed on cartons. Fans and consumers can arrange the cartons to form new meanings, creating a gamified and collectible experience to boost sales through retail channels such as 7-Eleven, which reaches all consumer segments.
The company's 2025 revenue was about 800 million baht, with a target to grow another 10% in 2026 despite current economic challenges.
However, a major challenge this year is significantly rising costs—from oil prices affecting transportation, raw materials, and packaging—fluctuating daily due to war and geopolitical tensions. The company manages risk by securing purchase contracts up to six months in advance.
To meet growing demand, the company invested 100 million baht to expand its factory in Nakhon Pathom province, aiming to increase production capacity from about 1 million liters to 3.6 million liters per month by year-end.
This illustrates that amid global economic volatility prompting consumers to tighten spending and scrutinize purchases, health products with clear "value for money" will remain resilient.
The conclusion of today's alternative milk market battle is not just price competition but brand-building strategies using appealing presenters, new innovations, and securing B2B market footholds. These will be key for this Thai brand's sustainable growth in the global milk market.
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