Seafood giant Thai Union is hoping to earn USD 5.2 billion (EUR 4.4 billion) in revenue by 2025 by focusing more on alternative proteins and food supplements, Reuters reported.
The target will be achievable based on an estimated annual growth of 5 percent in the next five years.
Thai Union Chief Executive Thiraphong Chansiri said in a news briefing that the company will not pursue scale, but will place more emphasis on the quality of its business.
Part of that will involve an expansion of the company’s core business into what the seafood giant calls “healthy products driven by innovation.” As part of that effort, the company has set up a venture fund of USD 30 million (EUR 25.2 million), and has also invested in two cell-based protein startups. The company also plans to launch OMG Meat, Thai Union’s own brand of plant-based meat, this month as part of those efforts.
Earlier this month, the company established Thai Union Lifescience, a subsidiary operating in the production and distribution of supplement, healthcare products, and other wellness and biotechnology products.
In January, Thai Union Ingredients, a subsidiary of Thai Union, and Inter Pharma Public Company Limited, also formed a joint venture on health supplements.
This was announced after Thai Union Ingredients launched a new product – a fine, off-white powder with a neutral taste and smell made from tuna bone earlier this year.
In October 2020, Thai Union announced a tie-up with BevTech Company Limited to invest into a new joint venture called Food and Beverage United Company Limited. Their collaboration would focus on product development, production, and distribution of “nutritious food and beverage products under brand or trademark of Food and Beverage United Co. Ltd,” the partners said.
Last year, Thai Union’s sales value rose for the first time in three years, reaching THB 132.4 billion (USD 4.4 billion, EUR 3.6 billion), up 4.9 percent from 2019.
The company’s net profit reached THB 6.25 billion (USD 208 million, EUR 17.2 million) last year, an increase of 64 percent from 2019.
