NR Instant Produce Co, the producer and distributor of instant food and drink, vegetarian food and food from plant protein, vows to invest in 100 startups over the next 2-3 years, enhancing its global food production in the future.
Chief executive Dan Pathomvanich said the investment will allow the company to learn about food innovation and technology, as well as know-how at a global level.
Moreover, it will offer an opportunity for the company to secure new customers.
In 2019 NRF invested in 19 startups globally. This year it has invested in another 12 startups, aiming for 40 by year-end.
The company will expand its business in speciality food, focusing mainly on ethnic food, plant-based food and functional food.
“All three food categories are poised to be megatrends in the future. The popularity of ethnic food increased by an average of 10% per year because more people consume foreign cuisine that has been blended with local food as they become more health-conscious and global migration spreads,” he said.
The global ethnic food business was estimated to be worth US$140 billion in 2019.
Mr Dan said plant-based food is gradually growing in popularity as consumers seek alternative foods that are nutritious, while paying heed to the environment and food security.
This is particularly evident during the pandemic, as more consumers are choosing to eat food made from plant protein, he said.
Plant-based food was valued at $4 billion globally in 2019, with the figures expected to increase to $85 billion in 2030.
In addition to food products, the company is determined to create functional products for the convenience of consumers in every age group, including the injured and disabled.
NRF also wants to become a service provider in the fields of machinery and packaging innovations for the food, cosmetics, drugs, medical supply and chemicals segments in the Southeast Asian markets.
Globally functional food was worth $230 billion in 2019 and is expected to reach $275 billion in 2023.
In a strategic move to support its expansion plans, the company aims to list on the SET in the next five months.
NRF plans to offer 340 million shares through an initial public offering to small investors. Proceeds will be used to expand its business, invest in startups, repay loans and as working capital.
NRF reported sales worth 1.11 billion baht in 2019, slightly down from 1.12 billion in 2018.
