Thailand’s Charoen Pokphand Foods (CPF) plans to roll out plant-based meat substitutes in 2020, in an effort to cater to modern consumer appetites, a top executive from the firm told Reuters.
CPF Chief Executive Prasit Boondoungprasert said the plant-based products would be introduced first to Thailand before being launched throughout Asia.
“There is a global trend of ‘flexitarians’ – people who have vegetarian meals once or twice a week,” Boondoungprasert told Reuters, adding that foodservice channels will be eager to reach this demographic by incorporating plant-based options on their menus.
Expanding into the plant-based meat substitute sector is a part of CPF’s overall food business strategy, said Boondoungprasert, along with broadening the company’s reach with ready-to-eat meals and pre-cooked meats.
In 2020, CFP estimates its capital expenditure to be THB 20 billion (USD 662.5 million, EUR 595.6 million), down from 2019’s THB 30 billion (USD 989.1 million, EUR 889.2 million), according to Reuters. The company will allocate its capital toward building up existing assets and expanding its feed, farming, and food businesses in several key markets, including China, the Philippines, and Vietnam, Boondoungprasert said.
“The plan is to have revenue contribution of a third from each business group of feed, farm, and food,” he told Reuters, noting that this could change depending on merger and acquisition opportunities.
CFP is on target for 10 percent annual revenue growth and reaching THB 800 billion (USD 26.3 billion, EUR 23.7 billion) by 2023, Boondoungprasert said.
