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June 29, 2021

Thai Union makes further plant-based inroads with V Foods deal

The agreement will see Thai Union manufacturing V Foods products and the companies working together on new meat-free lines.

Thailand-based seafood heavyweight Thai Union Group has signed a memorandum of understanding (MoU) with local business V Foods to develop and expand its plant-based food offering.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Under the terms of the deal, the companies will use Thai Union’s manufacturing facilities to make V Foods’ existing products and any new lines it develops.

The companies also intend to co-develop new product initiatives and to expand further into domestic and international markets.

Thai Union, the owner of brands including Chicken of the Sea and John West, has increasingly turned its attention to food industry innovation this year.

In January, it backed US cell-seafood firm BlueNalu in a funding round.

And in March it launched the OMG Meat plant-based protein range in its domestic market.

Speaking after the MoU with V Foods was signed, Thai Union’s CEO Thiraphong Chansiri said: “At Thai Union, 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,

“We are pleased to start our journey with V Foods, whose vision on innovation and food is a great fit for our core values.”

Apirak Kosayodhin, CEO at V Foods, said: “We are excited about the opportunity to collaborate with Thai Union on alternative proteins and ready-to-eat, plant-based food, and to drive growth in the Thai market while continuing to explore international markets.”

V Foods is the owner of the V Farm ready-to-eat sweetcorn and corn milk brand and the More Meat plant-based range.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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