Aiming to double earnings and lead in marine health and nutrition, Thai Union’s transformative plan targets substantial growth by 2030.
Aiming to redefine its role as a global leader in marine health and nutrition, Thai Union Group has launched its ambitious “Strategy 2030” roadmap, targeting USD 7 billion in revenue and a doubling of earnings within six years. Unveiled in Novembe 2024, at the Anantara Siam Bangkok Hotel under the theme “Turning the Tides,” this bold plan highlights Thai Union’s commitment to sustained, long-term growth and industry leadership.
Thiraphong Chansiri, President and Chief Executive Officer at Thai Union Group, shared the company’s determined vision to navigate global challenges such as geopolitical tensions and changing consumer preferences. “With a bold vision to become the world’s leading marine health and nutrition company, grounded in our purpose of Healthy Living, Healthy Oceans, we are targeting USD 7 billion (approximately THB 245 billion) in revenue and doubling EBITDA by 2030.”
Currently generating USD 3.9 billion in net sales, Thai Union aims to push this figure to USD 7 billion by 2030 while growing EBITDA from approximately USD 400 million (around THB 14 billion) to between USD 700-800 million (THB 24.5-28 billion), driven by both organic expansion as well as inorganic (mergers and acquisitions) levers.
THREE STRATEGIC PILLARS DRIVING GROWTH AND INNOVATION
Paul Herholz, Chief Strategy & Transformation Officer, emphasised the three pillars of Strategy 2030 as crucial to achieving sustained, long-term growth. These pillars open pathways for expansion in existing businesses, new ventures, and mergers and acquisitions, reflecting Thai Union’s commitment to growth, sustainability and market leadership.
1. Revitalising the Core: The first pillar focuses on strengthening Thai Union’s core business areas, such as branded and OEM ambient, chilled, and feed products. By consolidating and enhancing these key revenue streams, the company aims to generate the cash flow necessary for future expansion into emerging sectors.
2. Driving the Next Wave of Growth: Thai Union has identified specific growth sectors to drive long-term profitability, including pet care, value-added frozen products, culinary, and ingredients. By investing in these high-growth areas, Thai Union anticipates creating sustainable revenue streams that will fuel success well beyond 2030.
3. Exploring New Frontiers: This final pillar encourages Thai Union to venture into innovative areas such as aquaculture ecosystems and alternative proteins. By tapping into these emerging markets, the company positions itself at the forefront of industry transformation, keeping pace with and being ready to address, evolving consumer preferences.
To support Strategy 2030, Thai Union has also identified critical enablers, the backbone of Thai Union’s strategy, equipping the company with the necessary capabilities and mindsets to achieve its ambitious objectives.
PROJECT SONAR AND PROJECT TAILWIND: CATALYSTS FOR TRANSFORMATION
Under Strategy 2030, Thai Union Group has introduced two transformation projects—Project Sonar and Project Tailwind. Project Sonar is a comprehensive Group-wide programme aimed at establishing a solid foundation for long-term growth, while Project Tailwind focuses on driving growth within the pet care space. Working in tandem, these projects will enable Strategy 2030’s goals and ensure a cohesive approach across the company.
Through Project Sonar, Thai Union targets annual cost reductions of USD 75 million (approximately THB 2.625 billion) beginning in 2026, with approximately 40% of these savings reinvested into business growth and capability building. Project Sonar focuses on creating a robust operating model, enhancing procurement capabilities, and maximising operational efficiency. It also aims to elevate the company’s digital capabilities, laying the groundwork for a comprehensive digital transformation.
Meanwhile, Project Tailwind serves as a growth accelerator for the rapidly expanding pet food sector. It aims to boost operating profit by approximately USD 50 million (about THB 1.75 billion) annually from 2027. With a focus on deep market expertise, customer needs, and improvements in procurement and production efficiency, Project Tailwind will strengthen existing capabilities while Thai Union’s subsidiary, i-Tail Corporation Public Company Limited (ITC), plans to expand through mergers and acquisitions, with the goal of tripling revenue to approximately USD 1.5 billion (THB 52 billion) by 2030.
Roy Chan, Chairman of the Executive Committee at i-Tail Corporation, highlighted the strategic importance of the PetCare business in Thai Union’s growth trajectory. “Project Tailwind is a key driver for accelerating growth in this vital segment, strengthening competitiveness through commercial and operational excellence,” he explained.
GLOBAL EFFICIENCY AND INNOVATION AT THE CORE
Thai Union’s Chief Financial Officer, Ludovic Garnier, outlined the company’s ongoing transformation efforts aimed at achieving cost efficiencies in its supply chain. Recently, Thai Union has leveraged its global network across Asia, the U.S., and Europe to streamline operations, including intercontinental tuna exports. By sourcing products regionally, the company has – moved from traditional to digital systems, enabling real-time data sharing and enhancing safety. Thai Union has also unified IT systems across finance, human resources, and other departments to improve integration.
“Innovation remains at the core of Thai Union’s values,” he added.
Garnier highlighted the recent establishment of a new Innovation Hub in the Netherlands, along with increased marketing for Thai Union’s leading ambient brands and the expansion of its global digital team.
These initiatives underscore Thai Union’s commitment to achieving Strategy 2030 and realising its vision for the future.
With a strong Q4 forecast, Mr. Garnier anticipates sales growth of 3-4% and gross profit of 18-19%, supported by an ongoing recovery in demand and cost-optimisation measures that are expected to drive profits and meet the year’s financial targets.
A VISION FOR TRANSFORMATION
Mr. Thiraphong concluded by affirming the transformative nature of Strategy 2030. “This strategy will continue fostering a culture of innovation and make us a destination for top talent. The transformed Thai Union will be simpler, faster, and more agile, centred around growth platforms. By leveraging the ‘One-Thai Union’ approach, we will achieve economies of scale, create long-term shareholder value, and drive growth.”
With a clear vision for the future, Thai Union’s Strategy 2030 positions the company for substantial growth and leadership in the global marine health and nutrition industry, driven by innovation, sustainability, robust execution and an unwavering commitment.
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