Bangkok-headquartered Thai Union Group, a major producer of frozen shrimp and shelf-stable tuna products, and V Foods (Thailand) Co., Ltd. have signed a memorandum of understanding to develop and expand their plant-based food businesses.
Under the MoU, the two companies will collaborate in exploring the utilization of Thai Union’s manufacturing facilities to make both V Foods’ existing products and new items that it will develop. They also intend to co-develop product initiatives and to expand further into domestic and international markets where each has expertise.
“Innovation is crucial in developing and growing our business, and alternative proteins are an important innovative product that we aim to deliver to meet the needs of consumers,” said Thai Union CEO Thiraphong Chansiri. “We are pleased to start our journey with V Foods, whose vision on innovation and food is a great fit for our core values. We look forward to working with them.”
V Foods CEO Apirak Kosayodhin remarked: “We put innovation at the heart of its business, starting from research and development to quality sourcing from the farmer network, in order to offer quality food to consumers who are more focused on their well-being, are environmentally-conscious and therefore looking at sustainable food. We are excited about the opportunity to collaborate with Thai Union, and to drive growth in the Thai market while continuing to explore international markets.”
V Foods’ ‘V Farm’ is currently Thailand’s leading brand in ready-to-eat sweet corn and corn milk, with a number one market share. It also offers other products including More Meat plant-based protein and V Farm plant-based food.
Thai Union Group, with more than 40 years as an innovator in the value added seafood sector, employs more than 44,000 people globally and rang up sales exceeding THB 132.4 billion (US$ 4.2 billion) last year.
