Thai Union Feedmill (TFM) , a Thai producer and distributor of aquafeed, has set a 2030 revenue target of USD 303 million, aiming for a CAGR of 11%, driven by growth across all segments.
With the revenue target, the company unveiled its vision as a leader in the aquafeed industry , advancing its strategy to drive economic growth by accelerating the development of the aquafeed industry to meet global market demand.
TFM is focusing on four key strategies to enhance performance and expand its market presence to become a leading aquafeed company in Asia. For 2025, it targets 8-10% sales growth while maintaining a gross profit margin of 18-20%.
Long-term competitiveness
CEO Peerasak Boonmechote explained that Thailand’s shrimp industry remains a cornerstone of the country’s agricultural sector. Despite current challenges, there are still opportunities for Thai farmers.
Peerasak Boonmechote explaining TFM’s goals and plans.
To ensure Thailand’s long-term competitiveness in the global market, it is essential to strengthen collaboration across the value chain, from farmers and cold storage operators to the private and public sectors.
Clear data will help align production with market demand, shifting from short-term thinking to a holistic, long-term planning approach to stabilize the industry.
The goal is to increase shrimp production to 400,000 tons per year, in line with government policy through the Department of Fisheries and the Ministry of Agriculture and Cooperatives.
TFM also aims to elevate farm standards to meet global aquafeed standards set by the Aquaculture Stewardship Council (ASC), with a strong emphasis on sustainability to enhance competitiveness and meet global market needs.
Driving sustainable growth
TFM’s key objective is not only to strengthen its core domestic business but also to expand into new, high-potential markets to drive sustainable growth.
This includes partnerships with strong allies such as Avanti Feeds in India (a market leader with nearly 50% market share) and Thai Union Karisma Lestari (TFM’s subsidiary in Indonesia), which aims to be among the top five in the market by 2026.
The company also plans to expand exports to Vietnam through a robust partner network.
TFM’s strength lies in its comprehensive customer service, both pre- and post-sales, adhering to international standards, which enhances its global competitiveness.
Four strategic pillars
Mr Peerasak outlined TFM’s four strategic pillars for becoming a leading aquafeed company in Asia:
First, consistent feed quality. Ensuring consistent product quality so customers receive the best products to compete in the market.
Second, farmer engagement. Building strong relationships with farmers to co-develop production systems and grow together.
Third, strategic partnerships. Expanding strategic collaborations domestically and internationally to broaden the customer base and access new markets.
Fourth, sustainability. Committing to sustainable business practices, supporting efficient resource use, environmental protection, and positive social impact.
These strategies support the goal of reaching USD 303 million in revenue by 2030 through growth in all product segments, especially shrimp and fish feed, where TFM is already a market leader, and expansion into freshwater fish feed to meet diverse farmer needs.
2025 targets and plans
In 2024, TFM reported sales revenue of USD 163 million, a 5.6% increase, with a gross profit margin of 18.7% and net profit growing fivefold to USD 16.21 million.
By 2025, the company targets 8-10% sales growth and a gross profit margin of 18-20%, driven by both domestic and international growth.
TFM plans to launch high-quality new products and expand production capacity in Indonesia. It is also exploring strategic partnerships abroad to enter new markets and strengthen its export base.
Domestically, TFM will maintain its leadership in shrimp, seabass, and frog feed, aiming to expand market share in untapped areas by ensuring product quality, developing customer-centric products, and building strong farmer relationships through services and technical knowledge.
The company also plans to enter the USD 212 million freshwater fish feed market, aiming to become a future leader.
3 new brands
Recently, TFM launched three new niche-market brands:
First, Khun Suek. Tilapia feed promoting fast growth and market-preferred shape.
Second, Kob Thong. Feed for large frogs, catering to commercial frog farmers.
Third, Profeed Pla Kod Kang. Feed for the increasingly popular Pla Kod Kang catfish, especially in eastern Thailand.
International markets
International markets are a key growth driver for TFM, helping diversify revenue.
Starting with exports to Sri Lanka, TFM has expanded to aquaculture-growing countries like India and Indonesia.
Leveraging Thailand’s high production standards and strong local partners, TFM is well-positioned to tailor products to each market’s needs.