January 18, 2021
Thailand-based Mitr Phol Group, the biggest sugar producer in Asia, has invested in plant-based meat startup Meat Avatar Co as it seeks to diversify into the plant-based meat market, Bangkok Post reported.
Both companies project revenues to hit ฿100 million (US$3 million) by end-2022, according to Voradate Chantasatkoso, manager for energy and new business development at Mitr Phol Group.
Phol Group's exact investment was not disclosed.
Voradate said Mitr Phol estimates Thailand's plant-based food market to reach ฿45 billion (US$1.4 billion) by 2024, growing 10% annually.
Wiphu Loetsuraphibun, chief executive of Meat Avatar, said the company developed plant-based crispy and minced pork. Ten additional products are set to be launched throughout 2022.
Loetsuraphibun added that Meat Avatar will be focusing on the local market before expanding to Southeast Asia, with Phol Group's investment expected to boost production capacity.
- Bangkok Post