Hong Kong-based Vitasoy Group and Philippines-headquartered food and beverage group Universal Robina Corp. have set up a venture to market plant-based drinks.

The companies have earmarked the Philippines for their venture, although Vitasoy CEO Roberto Guidetti said they recognised the need to research the market before launching their products.

"Whilst confident that the long-term consumer trends are very favourable, we consider the Philippines a very developed, competitive and diversified market which will require diligent study and learning to ensure that the joint venture portfolio offering will best serve the needs and desires of the Filipino community," Guidetti said.

Vitasoy's portfolio includes dairy-free beverages, as well as tofu, marketed under its namesake brand.

Universal Robina Corp. sells a range of food and drink products in the Philippines, operating in sectors including bakery and snacks.

Lance Gokongwei, URC's president and CEO, said, "We see a perfect fit in this joint venture, as both URC and Vitasoy are companies that strive to promote both consumer well-being and sustainable nutrition."