THAILAND January 2020
 
CPF to launch plant-based meat substitutes across Asian markets in 2020
 
Thailand's leading agribusiness firm, Charoen Pokphand Foods Pcl (CPF), is set to introduce plant-based meat substitutes in 2020 in response to growing customer demand, said CPF’s Chief Executive Prasit Boondoungprasert. He said these new products will be sold first in Thailand this year, before being rolled out across the rest of Asia. Prasit said, “There is a global trend of 'flexitarians' - people who have vegetarian meals once or twice a week. Restaurants will also want to offer this option to their diners.”
Prasit added that introducing meat substitutes is part of the firm's strategy to expand its food business, including ready-to-eat (RTE) meals and pre-cooked meats in Thailand. CPF’s domestic business currently account for about a third of its revenue.
As a global brand, CPF has operations in 17 countries and exports to 30, and it plans to allocate Bt 20 billion (US$662.5 million) in capital expenditure this year, down from Bt 30 billion (US$993.7 million) last year. This will be used to build up existing assets and expand its feed, farm and food businesses in populous markets such as China, the Philippines and Vietnam. In 2018, its feed and farm businesses each accounted for about 40% of revenue, with the remainder in food.
In 2019, CPF acquired Canadian pork producer HyLife for US$372 million, and bought a poultry firm in Russia in 2015 for US$680 million. CPF projected its revenue to cross Bt 800 billion (US$26.5 billion) by 2023 with an annual revenue growth of 10%. In 2018, CPF recorded revenue of Bt 541.9 billion (US$17.95 billion).
 

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