Thai Union Feedmill Plc (TFM), a manufacturer and distributor of animal feed, aims to reach revenue of 10 billion baht by 2030 with a compound annual growth rate of 11%.
Peerasak Boonmechote, chief executive of TFM, said contributions to growth should come from all segments, but particularly shrimp and fish feed, where TFM holds a dominant market position.
To meet the differing demands of farmers, TFM plans to diversify its offerings by introducing feed for various types of freshwater fish.
With the freshwater fish market valued at more than 7 billion baht, Mr Peerasak said there are substantial growth opportunities ahead.
"We want to be a market leader in the freshwater fish feed market in the future," he said.
To drive the business forward, TFM outlined four key strategies: maintaining consistent feed quality, engaging with farmers, forming strategic partnerships, and committing to sustainability.
Some 71% of TFM's total revenue is derived from domestic and export sales, while its Indonesian subsidiary contributes 17%. The remaining 12% comes from new partners via mergers and acquisitions.
In 2024, TFM reported sales of 5.37 billion baht, a 5.6% increase over the previous year.
Domestic and export sales generated 4.7 billion baht, while the remainder was contributed by the company's operations in Indonesia. TFM's net profit surged fivefold to 535 million baht.
This year, TFM is targeting sales growth of 8-10% with a gross profit margin of 18-20%, driven by an expansion of both domestic and international markets.
"We plan to introduce new high-quality products and enhance our production capacity in Indonesia," said Mr Peerasak.
In the domestic market, TFM intends to maintain its leadership in shrimp, sea bass and frog feed, while also working to expand its market share in areas showing strong potential.
On the international front, which plays a critical role in TFM's growth and in diversifying its income streams, the company is capitalising on Thailand's high production standards to compete globally.
This includes fostering strong partnerships in each country to better cater to local market needs.
The company has expanded into countries with growing aquaculture industries such as India and Indonesia, while exporting products to seven countries, namely Vietnam, Malaysia, Sri Lanka, Brunei, the US, Ivory Coast and Singapore.
