Mitr Phol Group, who started a business by investing in sugar production in a household industry in Ratchaburi in 1946, has transformed the business continuously for the past 7 decades. Until now, it is the 6th largest sugar producer in the world, as well as the 1st ethanol producer in ASEAN with a capacity of 380 million liters per year and has 7 biomass power plants with a total capacity of 463 megawatts.
Including currently entering a new business, Plant-based Meat, which Mitr Phol Group looks at the future food consumption trend. “Plant-Based Meats” announces a partnership with MeAvatar Co., Ltd., a Thai startup to support the development of food innovations. Healthy and environmentally conscious choice Driving innovative food businesses to compete in the global arena
Woradech Chanthasartkosol Business Development Manager, Energy & New Business, Mitr Phol Sugar Company Limited He said that plant-based food consumption trend is gaining momentum among the new generation of consumers who are more health and environmentally conscious. including flexible vegetarian diet trends (Flexitarian) makes the plant-based food market in Thailand is expected to be worth up to 45 billion baht in 2024, growing an average of 10% per year, causing new players, including major food brands in Thailand, to enter the market. more The more the market has the potential and ability to grow even more.
Mitr Phol Group, a leader in sustainable development in the global food industry, joins hands with “Meet Avatar” Thai startups to expand the potential of the Food Tech Startup business as well as an opportunity to continue business operations towards sustainability in accordance with the ESG principles under the philosophy of “Join together in prosperity” in business development. Does not affect society and the environment to enable the organization to grow sustainably by bringing research, innovation and technology to maximize the use of biological resources To move towards the food industry of the future that is one of the New S-curve industries
“We intend to support Thai startups by new generations with avatar potential to grow strong. Ready to be a part of driving the food innovation business for the future of Thailand to compete in the world trade arena It is also an exchange of knowledge about complex plant protein food production technology and new knowledge for Mitr Phol who is already researching and developing products from Thai agricultural plants such as beans, tofu, and mushrooms.”
In this regard, Mitr Phol Group has a direction to support the brand, Meet Avatars, in business by aiming to strengthen its strength in 3 areas as follows:
1. Strengthening research and development forces To promote food innovations that care about health and the environment in the future
2. Enhancing the potential in the production process to prepare to support future growth base expansion
3. Connecting business networks to expand customer base As Mitr Phol Group has been in the food industry for a long time There are production bases in many countries. thus helping to create opportunities for overseas business expansion and increase international competitiveness
In addition, Thai startups have received initial funding for startups from the government based on business models that have potential for growth. as well as providing tax benefits for innovation-related businesses. and importing machinery
Wiphu Lertsurapibul, Chief Executive Officer, Meet Avatar Company Limited He said that Avatar is a Food Tech Startup that wants to develop quality Plant-based Meat for Thai people to eat Plant-based food at an affordable price, while supporting Thai farmers by using domestic raw materials as the main supply for production. as well as creating food sustainability by making the most of the use of crops and resources
“The highlight of Meat Avatar is the presentation of plant-based meat products for use in cooking that Thais and Asians like. Currently, 2 products are sold, namely minced pork and crispy pork. In the future, variety will be added with other meat substitutes. To meet more consumers’ needs, such as fish, squid, snacks, ice cream, including preparing to penetrate the Ready to eat market by collaborating with restaurant brands to bring the expertise of each side to strengthen the army to create innovative ideas for Plant-based Food to the market.”
As for the main obstacle of the plant-based market in Thailand is that most Thai people still do not know a wide range of plant-based foods. Unlike foreign countries that have been a consumer trend since 10-15 years ago, there is a new generation of consumers to turn to consume more. Including 2-3 brands coming into the market in Thailand, but they are not very popular due to the high price. In addition, the taste is developed to be as close to the real meat as possible. Including the price, which can not yet be made equivalent to real meat.
“While the market penetration of big brands in Thailand is not seen as a market share grab. Rather, it promotes the plant-based market to be more well-known. It also increases the market value as well.”
Meet Avatar has set a goal that by 2022 amid the economic crisis and epidemic It will have revenue growth of approximately 100 million baht and share in the plant-based market at 500 million baht in the next 5 years, including the launch of about 10 Pant-based food products in a variety of food categories in the second period Last year, it was 100% domestic sales and exports to test markets in Asia, which are the main target groups, such as Malaysia, Singapore, China, Japan, etc. The aim is to have 80% domestic sales and 20% exports. There will be some adjustments later.
.
