Thai Union unveils Strategy 2030 to achieve US$7billion revenue and double earnings in six years
BANGKOK (Thailand) – November 11, 2024 – Thai Union Group PCL, announced Strategy 2030, its ambitious roadmap to achieve significant growth. This includes boosting net sales growth to US$7.0 billion by 2030 from US$3.9 billion in 2024, and increasing earnings before interest, taxes, depreciation, and amortization (EBITDA) by 100 percent from approximately US$400 million to US$700-US$800 million within the next six years. Strategy 2030 is pivotal to the Company’s vision of becoming the world’s leading marine health and nutrition company.
“The world today faces unprecedented shifts, from geopolitical pressures and rising inflation to rapidly evolving consumer demands. In the face of these challenges, Thai Union is seizing the opportunity to turn the tides and achieve greater success. With a bold vision to become the world’s leading marine health and nutrition company grounded by our purpose of Healthy Living, Healthy Oceans, we’re setting our sights on achieving US$7.0 billion revenue and doubling EBITDA by 2030,” said Thiraphong Chansiri, President and Chief Executive Officer at Thai Union Group.
Thai Union’s Strategy 2030 is built on three strategic pillars, targeting focused business categories to drive growth in revenue, gross margins, and EBITDA. These pillars – leveraging both organic and non-organic growth to deliver sustained, long-term growth – are:
- Revitalizing the core: Focuses on primary business categories such as branded ambient, chilled and feed, to continue to generate the cash flow needed for Thai Union to expand into new growth areas.
- Driving the next wave of growth: Focuses on faster growing business categories such as pet care, frozen, culinary, and ingredients that Thai Union believes will continue to drive profitable growth through 2030 and beyond.
- Exploring new frontiers: Focuses on exploring new ideas and technologies such as aquaculture ecosystems and alternative proteins, to fuel Thai Union’s growth in the future.
“Strategy 2030 is more than just a roadmap. It’s our catalyst for sustained, long-term growth. Built on three strategic pillars, Strategy 2030 sets forth ambitious goals for Thai Union to achieve over the next six years, leveraging both organic and inorganic growth opportunities. For our strategy to generate true value, we have identified critical enablers we must execute in order to lay strong foundations for continued success. Equally crucial are the two transformation programs we are announcing today, which outline clear plans to support Strategy 2030 and turn our ambitions into reality,” said Paul Herholz, Chief Strategy & Transformation Officer at Thai Union Group.
To achieve Strategy 2030, Thai Union has outlined six critical enablers, which include aligning the organization and driving talent initiatives, driving cost focus, optimizing the manufacturing network and driving strategic procurement, stepping up on digital capabilities, leveraging innovation, and commercializing sustainability.
Two key transformation initiatives sit under the Strategy 2030 umbrella: Project Sonar and Project Tailwind, which will work in tandem to support the broader goals of Strategy 2030, ensuring that all efforts contribute to a cohesive and unified plan for the future.
Project Sonar is a Group transformation program which provides a solid foundation for long-term growth by addressing the critical enablers for Strategy 2030, while Project Tailwind focuses on accelerating growth in the PetCare category.
With Project Sonar, Thai Union targets to achieve approximately US$75 million in annual savings from 2026 onwards, approximately 40 percent of which will be reinvested to further strengthen and grow the business. Project Sonar will aim to create a robust operating model aligned with Strategy 2030, building new capabilities in procurement and operations for optimum efficiency and scale, as well as stepping up digital capabilities to further support business growth and gear up for a full digital transformation.
A category-specific transformation plan in the fast-growing PetCare category, Project Tailwind aims to achieve an uplift of approximately US$50 million in annualized operating profit (OP) for the PetCare business from 2027 onwards. This will be achieved by establishing insights-driven commercial practices, while building capabilities and boosting productivity in procurement and manufacturing. While Project Tailwind will focus on driving accelerated organic growth, i-Tail Corporation will aim for further growth through mergers and acquisitions, with a goal of tripling revenue to US$1.5 billion by 2030.
Thai Union already initiated steady progress to deliver on Strategy 2030 and achieve its targets. Both transformation projects are already launched, marked by key initiatives such as a newly established Innovation Hub in the Netherlands, increased marketing investments to boost the continued leadership of the Group’s market-leading ambient brands globally, an optimization of manufacturing operations, and expansion of the Group’s digital team and capabilities globally.
About Thai Union
Thai Union Group PCL is the world's seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for 47 years.
Today, Thai Union is regarded as one of the world's leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 136.2 billion (US$ 3,912 billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.
The Company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, Hawesta, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ®BONE, UniQ®DHA and ZEAvita.
With a commitment to “Healthy Living, Healthy Oceans,” Thai Union is proud to be a member of the United Nations Global Compact, a founding participating company of the International Seafood Sustainability Foundation (ISSF), and current Chair of Seafood Business for Ocean Stewardship (SeaBOS).
Thai Union's ongoing leadership in sustainability has been taken to the next level with the announcement of SeaChange® 2030, the Company’s expanded sustainability strategy with more ambitious goals for people and planet. Through SeaChange®, the Company was recognized and listed on the Dow Jones Sustainability Indices (DJSI) for the 10th consecutive year in 2023, ranked number one on the Seafood Stewardship Index (SSI) for the third consecutive time, listed in the S&P Global Sustainability Yearbook 2024, achieved a B rating from global environmental disclosure non-profit CDP, and was also named to the FTSE4Good Emerging Index for the ninth straight year in 2024. Find out more about the Group’s sustainability strategy at seachangesustainability.org