July 10, 2018

Thai Union cites major trends in food business

Seafood giant Thai Union Group PCL's CEO sees five major trends affecting food business amid changing market environments.

Thiraphong Chansiri named these as currency fluctuations; emerging disruptive technologies; global growth engine slowdown; geopolitical risk; and global free trade at risk.

"We need to build our ability to deal with these uncertainties", Thiraphong said at the recent Thailand Food Innovation Forum 2018.

He pointed out that change is certain but that this also presents opportunities.

Dr. Tunyawat Kasemsuwan, Thai Union's group director for global innovation, also noted that consumers are more concerned today about food safety and purity, and that manufacturers need to focus on addressing consumer needs with transparency in ingredients, processes and supply chain.

Moreover, he said, food byproducts are an excellent source of ingredients for nutraceuticals, and possess many components that are excellent for human health.

At the two-day event, Thai Union presented its award-winning Yellowfin Tuna Slices to visitors, one of the new innovative products developed by Thai Union's Global Innovation Incubator.