Thai Union Group Addresses Trends Affecting Business Amid Changing Market Environments
At an event in Thailand, Thai Union Group, which produces brands such as Chicken of the Sea and John West, has sought to address five major trends affecting FMCG businesses amid changing market environments.
The group highlighted currency fluctuations, emerging disruptive technologies, global growth engine slowdown, geopolitical risk and global free-trade risk as key aspects affecting the industry at present.
Thiraphong Chansiri, the group’s chief executive, said, “Change is certain, however, it also presents opportunities. More importantly, we need to build our ability to deal with these uncertainties.”
Safety And Purity
Chansiri and other Thai Union executives shared these visions toward global food trends at the Thailand Food Innovation Forum 2018, held from 21 to 22 May.
The company said that customers are more concerned about food safety and purity, and manufacturers need to focus on addressing consumer needs with transparency in ingredients, processes, and supply chain.
At the two-day event, Thai Union presented its Yellowfin Tuna Slices, one of the new, innovative products developed by Thai Union’s Global Innovation Incubator, which won the 2018 Seafood Excellence Award in March.
Thai Union Group recently reported a 5.5% year-on-year decline in 2018 first-quarter sales, to THB 29.7 billion (€0.7 billion), due to extremely challenging market conditions.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.