Seafood giant Thai Union Group PCL has announced that it will collaborate with Thailand-based V Foods to develop and expand plant-based food businesses.
The two companies have signed a memorandum of understanding, which will see the utilisation of Thai Union’s manufacturing facilities to produce V Foods’ existing and new products.
Thai Union and V Foods also aim to co-develop new products and expand further into domestic and international markets.
In 2019, the John West maker announced an initial investment of US$30 million (€26.98 million) in a venture fund to support companies developing breakthrough technologies in food-tech focusing on alternative proteins, functional nutrition, and value chain technology.
'Important Innovative Product'
Thiraphong Chansiri, CEO of Thai Union, commented, "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. We look forward to working with them."
V Foods’ ‘V Farm’ is currently one of Thailand’s leading brands in the ready-to-eat sweet corn and corn milk segments.
It also offers other products, such as More Meat plant-based protein and V Farm plant-based food.
'Sustainable Food'
Apirak Kosayodhin, CEO of V Foods, said, "V Foods puts 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 on alternative proteins and ready-to-eat, plant-based food, and to drive growth in the Thai market while continuing to explore international markets."
Recently, Thai Union Group announced an investment in the Israel-based biotechnology company ViAqua Therapeutics, which develops RNA-based solutions to improve animal health in aquaculture.
