TFM Unveils 2026 Vision to Position Thailand as a Premium Shrimp Production Hub, Targeting THB 10 Billion in Revenue by 2030

Thai Union Feedmill Public Company Limited (TFM) has unveiled its 2026 vision, “TFM Accelerates Growth: From Market Recovery to Global Expansion,” outlining its strategy to advance into the global aquafeed industry as the shrimp sector enters a new era of “Efficiency – Low Carbon – Premium Market”. The Company positions Thailand as a core value‑creation base and aims to become one of the top three aquafeed players in Indonesia, while also investing in Ecuador, a major global shrimp hub, to capture long‑term international growth opportunities. TFM targets THB 10 billion in revenue by 2030, reinforcing its leadership in Thailand’s shrimp‑feed market and its status as Asia’s first aquafeed plant to receive ASC Feed Certification, supporting access to premium markets in the United States and Europe.

Mr. Peerasak Boonmeechote, Chief Executive Officer of Thai Union Feedmill Public Company Limited (TFM), said that Thailand’s shrimp industry is entering a critical turning point in global competition, shifting from price‑driven rivalry toward competition based on efficiency, quality, and sustainability. This transition is occurring amid rising raw‑material costs, new environmental trade regulations, and increasingly stringent expectations regarding carbon footprints. At the same time, the global premium seafood market, particularly in the United States and Europe, is creating new opportunities for shrimp producers and exporters that meet sustainability standards across the entire value chain. This includes responsible broodstock sourcing, sustainable aquaculture systems, production processes, traceability, and the delivery of high‑quality products to consumers.

These factors underscore the urgent need for Thailand’s shrimp industry to pivot from price competition toward value creation through improved farming efficiency, reduced cost per unit, and production systems aligned with the demands of the modern global market. The industry continues to face pressure from low‑cost producing countries, resulting in a decline in Thailand’s shrimp export volume from over 211,000 tons in 2016 to approximately 129,000 tons in 2025, while export value fell from THB 69,514 million to around THB 40,889 million.

“TFM’s long‑term game plan is to grow alongside farmers through research and development, the selection of high‑quality raw materials to advance product innovation, as well as comprehensive farmer support in technical knowledge, market opportunities, and ‘Lower Carbon Aquaculture’ practices. These efforts aim to enhance farming efficiency, reduce costs, and elevate Thailand’s aquaculture industry to the global premium market,” Mr. Peerasak said.

Thailand’s shrimp‑feed market currently stands at approximately 400,000 tons per year, with TFM holding around 25% market share, a figure that continues to rise. This reflects the company’s strong product quality, advanced feed‑formula development, and close collaboration with farmers. Meanwhile, the Company’s fish‑feed business, including feed for seabass, Nile Tilapia, and frogs, remains another core segment, accounting for around 30% of total revenue. TFM continues to be the market leader in seabass and frog feed in Thailand.

For the global market outlook, the shrimp industry continues to demonstrate strong growth potential, driven by steadily rising consumption. In 2025, the world’s leading shrimp‑producing and exporting countries, namely, Ecuador, India, Vietnam, Indonesia, and Thailand, recorded a combined export volume of approximately 3 million tons per year, with a total export value exceeding USD 20 billion (based on data from each country’s international trade and fisheries agencies). This reflects significant opportunities for the aquafeed market and is a key reason why TFM is accelerating its global expansion under the strategy “Win in Thailand – Expand in Indonesia – Next Wave of Growth.” The company aims to maintain its strong position in Thailand, grow its presence in Indonesia, and capture new growth in emerging global markets.

TFM has announced an investment plan to expand into Ecuador, with a total investment budget of up to USD 55 million for the construction of a new plant and installation of machinery, expected to be completed by 2028. The project is anticipated to increase the Company’s production capacity by approximately 80%, supporting long‑term growth in the global aquafeed market. The company is currently in the process of establishing a joint‑venture subsidiary with its local partner in Ecuador.

In the first quarter of 2026, TFM reported sales revenue of THB 1,325 million, an increase of 7.6% from the same period last year, and a net profit of THB 148 million, up 11.9%, despite pressure from a more than 31% rise in fishmeal costs. The Company maintained a gross profit margin of 20.0% and a net profit margin of 11.1%, reflecting effective cost management and a shift in its product mix toward higher‑value items.

The shrimp‑feed business remained the Company’s primary growth engine, accounting for 66.4% of total revenue and delivering a gross margin of 21.9%. By region, Thailand continued to be the main revenue contributor, representing 90.4% of total revenue and growing 13.9% year‑on‑year, driven by the recovery of the shrimp‑feed market and expanding domestic market share. Revenue from Indonesia accounted for approximately 7.8%, with the remainder coming from Sri Lanka and other markets.

For 2026, the Company targets 8–10% revenue growth from last year’s total of THB 6,035 million, while maintaining a gross margin of 18–20%. TFM has allocated an investment budget of around THB 680 million for the year to support the construction of its new plant in Ecuador and to enhance operational efficiency across its core businesses.

“TFM believes that sustainable business growth must advance alongside farmers, partners, and the industry as a whole. Our goal is to strengthen and future‑proof Thailand’s aquaculture sector on the global stage while driving our revenue toward THB 10 billion by 2030, as planned,” Mr. Peerasak concluded.

TFM also benefits from strong sustainability capabilities under the SeaChange® 2030 strategy as part of the Thai Union Group, creating synergies across the entire value chain, from raw‑material sourcing and production to distribution. This enhances raw‑material security and cost‑management efficiency amid ongoing volatility in global fishmeal prices. The Company aims to reduce greenhouse‑gas emissions by 50% by 2030 and advance toward Net Zero by 2050 through improved production efficiency, energy‑loss reduction, and heat‑recovery systems to cut fossil‑fuel use in boilers and electricity. TFM is also increasing the share of renewable energy, particularly solar power, in its production processes.