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.
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.
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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.
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By GlobalDataSpeaking 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.
