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November 3, 2020

Thai Union sets up new Singapore subsidiary to tap into food-tech

Seafood giant Thai Union Group has announced it has established a new subsidiary in South-east Asia to tap into regional developments in food-tech.

By Leonie Barrie

Seafood giant Thai Union Group has announced it has established a new subsidiary in Singapore to tap into its potential as a regional centre of excellence for food-tech.

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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
Enter your details here to receive your free Report.

The company said in a filing with the Stock Exchange of Thailand that Thai Union South East Asia has been formed to “establish a presence in Singapore, which is becoming the ‘food-tech start-up hub’ in South-east Asia”.

It added: “Having a presence in Singapore would help Thai Union to facilitate the building of relationships and facilitating collaboration with the ventures, and in the food-tech eco-system more broadly.”

Thai Union added the regional subsidiary will specialise in business strategy and investment consulting, and has been established using its own working capital.

In another nod to innovation, last month Thai Union Group, which owns the John West tuna brand, revealed it had formed a joint venture through one of its subsidiaries for “nutritious food and beverage products”.

Its ingredients unit will hold 49% of the venture – Food and Beverage United Company – while BevTech Company will own the remainder.

Related Companies

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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