March 10, 2021
Thai Union diversifies to alternative proteins and investments in cell-based protein startups
Thai Union Group Pcl has targeted a 5% annual growth to reach THB 160 billion (~US$5.2 billion; THB 10 = US$0.32) by 2025, diversifying to alternative proteins such as pork, crab meat and other seafood, as well as investments in cell-based protein startups and plant-based meat, Reuters reported.
The company will launch its own branded plant-based meat called OMG Meat in Thailand and has been selling its products to UK supermarket group Tesco and restaurant operators Minor International Pcl.
Thiraphong Chansiri, chief executive of Thai Union Group, said they expect THB 100 million (~US$3.2 million) in sales in this year and THB 1 billion (~US$32.4 million) within five years.
The company has also invested in two cell-based protein startups through its US$30 million venture fund.
Thai Union Group's revenue increased last year for the first time in three years to THB 132 billion baht (~US$4.29 billion) thanks to high demand for its products fueled by COVID-19 related lockdowns.
For this year, Thai Union Group has planned capital expenditure of up to THB 6.5 billion (US$211 million) in cold storage, supplementary foods, and protein ingredients. This is higher than its average capital expenditure of THB 4 billion (~US$129 million).