Thai Union Group PCL
TU:TB TH0450010Y08
Key Information
HQ:
Thailand
Market Cap:
$2.18bn
Primary Markets:
Asia, Europe & Russia, North America
Company Information
Company Summary
Thai Union is a global seafood leader, which has 10 different brands, it has 12 production facilities in 10 countries across North America, Europe, Africa and Asia. The company has a range of products including shelf-stable, chilled and frozen foods. Its subsidiaries in Europe manufacture and distribute ambient and chilled seafood products to countries in Europe, the United States and Australia under their trademarks. Its subsidiaries in Asia manufacture and distribute seafood in Vietnam and China.Revenue
Total revenue:
$4.4bn
Revenue by Geography
Revenue by Protein
Revenue by Product Type
Disclosures
CDP ScoresLast Reviewed: 11/10/2023
CDP Climate | CDP Forests | CDP Water |
---|---|---|
Yes | No | No |
Science Based Target initiativeLast Reviewed: 03/10/2023
Target classification | Status | Date |
---|---|---|
1.5°C | Targets Set | 2022 |
Coller FAIRR Protein Producer Index
Analysis Overview
Greenhouse Gas Emissions Deforestation & Biodiversity Water Use & Scarcity Waste & Pollution Antibiotics Animal Welfare Working Conditions Food Safety Sustainability Governance Alternative Proteins
Analysis Breakdown
Risk Score
41/100
Medium Risk
Greenhouse Gas Emissions
63/100
Scope 1, 2 & 3 Target
100/100
Type of Target
The company aims for a 42% reduction in Scope 1, 2 and 3 emissions by 2030. In addition, it aims for a long-term target to reduce absolute Scope 1 and 2 GHG emissions by 90% and Scope 3 emissions by 90% by 2050 compared to the 2021 base year. Scope 3 emissions comprise 88.2% of the company's total emissions, which is derived via manual calculations, so it is required to set a Scope 3 target. Further, as part of this emission target, it commits to reducing Scope 3 GHG emissions by 42% by 2030 and 90% by 2050.
0/0
Strength of Target - SBT
The company has SBTi-aligned targets to achieve net zero by 2050, and the target disclosed is aligned with the 1.5C scenario.
5/5
Innovation on GHG Emission Reduction
20/100
Innovation to Reduce Agriculture Emissions
The company provides a high-level discussion on the importance of working with its suppliers to reduce emissions, including in agriculture. The activities undertaken could be improved.
1/1
Feed Farming Innovation
The company discloses that it supports suppliers with emission reduction initiatives like sustainably sourcing feed for shrimp aquaculture. However, it does not disclose how it engages in innovative projects to reduce or mitigate emissions from feed farming.
0/2
Animal Farming Innovation
The company does not engage in innovative projects to reduce or mitigate emissions from animal farming
0/2
Quality of GHG Inventory
80/100
Quality and scope of GHG inventory Completeness
The company reports Scope 1 and 2 emissions as 294,721 tCO2e and 180,703 tCO2e, respectively. The Scope 3 emissions are 3,555,070 tCO2e in 2022.
1.5/1.5
Feed & Animal Farming Emissions
The company sources tuna and shrimp in various regions and reports that 70% of its Scope 3 emissions account for purchased goods and services.
1/2
Transparency of GHG Inventory
The company has submitted a response to CDP Climate Change 2022. However, it has not been scored, and reports are not publicly available. The reported data on emissions has been audited by LRQA.
1.5/1.5
Emissions Performance
70/100
Overall Emission Performance
The company reports a decrease in its total emissions (Scope 1, 2 and 3) from 4,583,292 tCO2e in FY2021 to 4,030,494 tCO2e in FY2022 by 12.06%. The GHG inventory is complete. It states that reducing GHG emissions between reporting periods partially results from changing methodology. It reports the decline in Scope 3 - purchased goods and services - from 3,020,096 tCO2e in FY2021 to 2,455,661 tCO2e in FY2022. Since the company does not provide a breakdown of what constitutes purchased goods and services, whether these emissions include those arising from feed, enteric fermentation, or manure management is still being determined. Therefore, more than a comparison is needed.
3.5/5
Climate-related Scenario Analysis
45/100
Climate-related Scenarios Analysis Conducted
Based on an RCP 8.5 scenario, the company has conducted a climate-related scenario analysis. 2030 and 2040 have been chosen as the future scenario timeframes. It discusses the different transition and physical risks that have been identified. It also mentions that it is working toward a more context-specific analysis to track physical climate risks at the country level.
1/1
Disclosure of Analysis Results on Material Risks
The company discloses that the extreme heat and drought could result in a shortage of raw materials. However, it does not explicitly mention feed. Excessive heat could lead to insufficient raw materials for seafood and non-seafood products. Rising water temperatures could negatively affect shrimp aquaculture, increasing pond salinity and posing risks of pathogens and disease outbreaks. It plans to conduct more thorough assessments to address these risks. It states that identifying and implementing renewable energy sourcing can help reduce the cost of traditional fuels. To mitigate this risk, it discusses that implementing renewable energy sourcing may increase CAPEX in the short term but will likely save OPEX in the long term. It discloses incorporating the Transition to Low-Carbon Organization Pillar into its climate strategy to address carbon tax and reputational risk. It states that it will develop internal carbon pricing to mitigate this risk.
1.25/3
Disclosure of Financial Material Events & Alignment of CAPEX
The company does not disclose its commitment to align capital expenditures with its GHG targets.
0/1
Deforestation & Biodiversity
25/100
Deforestation/Conversion-free Target - Soy for Animal Feed
53/100
Risk Assessment to Identify High-risk Locations
The company sources soy alongside other ingredients for its feed, with soy representing 2% or more of the total feed ingredients of animals farmed/sourced. It discloses that it has targeted Thailand-based feed mills to source at least 50% of soymeal and other soy-derived ingredients from sources certified to ProTerra, RTRS, SSAP, organic, or to different standards. Thai Union aims to ensure that 100% of soy will be approved, providing zero deforestation and conversion across its entire supply chain by 2030. However, the company does not disclose that 100% of soy sourced is currently from areas with no risk of deforestation.
0/0.5
Strength of Deforestation Commitment
The company committed to 100% certified soy across the entire supply chain by 2030.
0.9/2
Regional & Operational Coverage of Commitment
The commitment applies to all sourcing regions at risk of deforestation and covers the entire supply chain.
1.25/1.25
Transparency - Progress Against Commitment
The company discloses that currently 31% of its soy is certified by RTRS, ProTerra, US SSAP, or equivalent international standards. It has not responded to the CDP Forest Questionnaire 2022.
0.5/1.25
Engagement, Monitoring & Traceability - Soy for Animal Feed
5/100
Supplier Engagement
The company states in its raw material sourcing guidelines that it expects its suppliers to source RTRS soy, where possible.
0.25/1.25
Compliance monitoring & Traceability
The company does not disclose the level of traceability it currently has of its soy supply chain.
0/3.25
Feed Innovation
The company does not discuss innovations and/or practices to move towards sustainable feed sources.
0/0.5
Aquaculture Certification (ASC, BAP, GlobalGAP, SSP)
80/100
Proportion of Farms Certified
The company states that it to works with its shrimp suppliers to raise farm standards towards international certifications such as BAP and ASC, as well as other customer-specific certification programmes. The company also discloses the number of certified farms is 110, but does not disclose the total number of farms, so total proportion is unclear.
4/5
Feed Ingredients & Conversion Ratios
3/100
Feed Disclosure
The company states the percentage of feed consisting of wild catch and the percentage consisting of other ingredients, but does not provide a breakdown of the other ingredients present. The company discloses that it expects its suppliers to adopt agricultural international and industry standards where possible including Round Table for Responsible Soy (RTRS) certification for soy products. Moreover, it states that wild-caught marine products should be certified by standards such as Marine Stewardship Council (MSC) or IFFO Global Standard for Responsible Supply (IFFO RS). However, these do not appear to be absolute requirements for suppliers.
0.13/2
Performance of Feed Metrics
The company does not disclose that marine and soy ingredients are 100% certified or that it does not source these ingredients. It did not disclose a quantitative decrease in FCR by species, or a decrease in FFDRm/FFDRo. The company does not discloses the absolute volumes of fishmeal/fish oil sourced including a breakdown of sourcing from whole fish vs sourcing from by products. Further, it did not disclose the protein conversion efficiency with calculation methodology and workings.
0/3
Feed Innovation
5/100
Strategy
The company collaborated with Algama to develop algae-based ingredients and also announced an investment of CAD $10 million in Mara Renewables Corporation (Mara), which is a leading producer of sustainably grown algae-based bio-products. In regard to marine ingredients, the company states its ambition to reduce waste in the production process while optimising the use of resources. It has also started using food scraps for feeding animals. However, the company does not explicitly disclose its view on the use of seafood trimmings in aquafeed and whether it plans to incorporate the same into feed formulations in the future.
0.25/2.75
Performance
The company discloses an investment of CAD $10 million in Mara Renewables Corporation (Mara) to help in the expansion of micro-algal products. However, no information was found relating to research and development in the company towards the development of novel ingredients. Additionally, the company does not have any quantitative target in place for the inclusion of alternative ingredients in it is feed basket.
0/2.25
Sea Lice Management - Salmon (Fish at Sea Only)
0/100
Sea Lice Disclosure & Management
The company does not disclose information about sea lice management.
0/2
Cleaner Fish
The company does not discuss non-medicinal/non-chemical approaches taken to prevent sea lice infestation. It does not disclose investment into cleaner fish husbandry or disclose the mortalities of cleaner fish used.
0/3
Ecosystem Impacts
29/100
Escapes
The company reports shrimp escape information and discusses two types of shrimp escapement prevention for its ASC-certified farms.
0.7/3.25
Reducing Biodiversity Impacts
The company commits to implementing best practices to protect endangered, threatened and protected (ETP) species by 2030. It is also committed to having 100% observer coverage on tuna vessels through direct work with its suppliers and service providers. The company completed the bycatch audit with SFP's partners Birdlife International and Whale and Dolphin Conservation in the current reporting period. High-priority areas were identified, and Fishery Improvement Projects (FIPs) were developed for tuna fleets. It also mentions that this work will be continued next year. The company has no time-bound target to end human-wildlife contact in its operations.
0.75/1.25
Algal Blooms
The company does not disclose a management plan in the event of algal blooms.
0/0.5
Water Use & Scarcity
32/100
Water Use & Scarcity in Facilities
56/100
Monitoring Water Consumption & Withdrawals
Thai Union has assessed water-related risks using the WRI Aqueduct tool. Through this assessment, the company has determined that 3% of its manufacturing facilities are in water-stress areas and disclosed that water will be withdrawn from regions stressed in 2022. However, the location of the sites is not disclosed. As such, the company does not only operate in areas of low water stress. It reports its water consumption in 2022. Thai Union also discusses its water reuse and recycling strategies.
0.55/0.75
Target to Reduce Water Consumption & Withdrawals
The company has set a reduction target for total net freshwater consumption in water-stressed areas but does not set a time-bound reduction target for areas not exposed to water stress risk.
0/1
Disclosure & Performance of Water Risks in Facilities
The company discloses water withdrawal volumes from various sources and reports the volume of water withdrawals and consumption from water-stressed areas in 2022. This data is audited by a third party - LRQA. Thai Union reports that water withdrawals and water consumption decreased in 2022.
2.25/3.25
Water Use & Scarcity in Feed Farming
31/100
Supplier Engagement in Water Use in Feed Farming
The company states in its Agricultural Raw Material Sourcing Guidelines that it prioritises local sources of raw materials to reduce costs, emissions and water consumption. It says it will undertake a site-level impact assessment and develop plans to deal with the climate risks it is exposed to, especially for water scarcity. The company also provides education and supplier audits to improve its suppliers' water use management.
1.25/2.5
Disclosure of Water Risks in Feed Farming
The company does not disclose feed water intensity, or the proportion of feed sourced from water stresses areas. Further, the company does not provide evidence that it is investing in sustainable feed production from a water use perspective.
0/1.5
Water Use & Scarcity in Animal Farming
9/100
Supplier Engagement in Water Use in Animal Farming
The company does not disclose the proportion of animal protein commodities produced and/or sourced in water-stressed areas. However, it mentions that 69 of its critical Tier 1 suppliers are located in areas where "Untreated Connected Wastewater" is present. It says it has been working with these suppliers as part of its Sustainable Supply Chain Management. This includes education and supplier audits about water.
0.45/3
Disclosure of Water Risks in Animal Farming
The company has not established partnerships with third parties to input into sourcing/farming strategy, including water use.
0/2
Waste & Pollution
29/100
Wastewater at Facilities
63/100
Disclosure & Targets for Wastewater Quality & Volume Discharged
The company reports that it had zero environmental violations in FY2022. The company has assessed water-related risks for manufacturing faty and critical Tier 1 suppliers. The risk assessment covers physical risk quality. The company discovered that all 69 essential Tier 1 suppliers are located where "Untreated Connected Wastewater" is present, indicating water quality risks. The company discloses that 3% of its manufacturing facilities are located in areas of overall water stress, considering both water quality and scarcity risks. However, the company does not disclose locations. Thai Union aims to eliminate 100% of its water discharge by 2030.
1/1.5
Transparency on Water Pollution Risks
The company reports the volume of wastewater discharged in 2022. This has been audited by LRQA.
1.25/2
Performance on Wastewater Quality & Volume Discharged
The company, in partnership with the Clinton Climate Initiative (CCI), started a biogas project at its Indian Ocean Tuna (IOT) Seychelles facility, where biogas from the treated fish sludge and water will be used to generate clean electricity to run factory processes, reducing consumption of diesel-based electricity from the grid. It discloses that wastewater discharge has been reduced in 2022.
0.9/1.5
Nutrient Management in Feed Farming
5/100
Supplier Engagement in Nutrient Pollution Risks
The company states it may require suppliers to have processes to meet its goals and policies relating to waste and effluent management. However, the company does not disclose its policy on nutrient management during the feed farming process. It expects suppliers to ensure soil and groundwater quality parameters are within applicable legal limits. However, whether the company requires its feed suppliers to have a nutrient management plan is unclear.
0/4
Innovation to Improve Nutrient Management in Feed Farming
In its Responsible Sourcing Guidelines, the company mentions that it aims to minimise the use of agrochemicals and prohibits the use of pesticides listed as hazardous substances. The company also expects its agricultural ingredient suppliers to prohibit using pesticides listed as dangerous substances.
0.25/1
Nutrient Management in Aquaculture
18/100
Disclosure of Pollution Risks in Animal Farming Operations
The company discloses that it has conducted a risk assessment using Aqueduct Water Risk Atlas 3.0, developed by the World Resources Institute. The company has included in this risk assessment its Tier 1 suppliers and mentions that it has been working with them on this topic as part of its Sustainable Supply Chain Management, which includes education and supplier audits concerning water. The company has found that 69 of its critical Tier 1 suppliers are located where "Untreated Connected Wastewater" is present. The company discloses that no sludge is discharged to public waterways in its ASC-certified farms but does not guarantee the same for uncertified farms. Similarly, the company discloses nitrogen effluent load per ton of shrimp produced for its ASC-certified farms but not for uncertified farms.
0.68/3.75
Performance on Pollution Management
The company discloses that water from all permanently aerated shrimp ponds is treated before it is discharged. However, the company does not disclose having a community engagement plan dealing specifically with nutrient management and environmental impacts of its operations.
0.2/1.25
Antibiotics
33/100
Policy on Antibiotics Use
60/100
Policy on Antibiotics Use
The company commits to responsible antibiotic use, prohibiting its application for growth promotion across its supply chain. It further restricts the use of critically important antibiotics throughout all aquaculture stages, encompassing operations and the supply chain. However, it does not disclose specific measures to reduce overall antibiotic usage.
3/5
Disclosure of Quantity of Antibiotics Used
7/100
Disclosure of Quantity of Antibiotics Used
The company must record antibiotic data for aquaculture stewardship council certification, but it does not publicly disclose this information.
0.34/5
Animal Welfare
12/100
Aquatic Animal Welfare
5/100
Welfare Policy
The company endorses the Five Freedoms for Animals across its operations. However, it neither details actions to ensure the implementation of these freedoms nor clarifies how these standards are applied to aquaculture operations. The company's policy covering animal welfare has not been updated since 2015.
0.25/2.5
Reporting on Animal Welfare Metrics
The company does not disclose sufficient information to ascertain if it assures a stocking density of lower than 17kg/m3 for salmon at all times.
0/2
Reporting on Measures to Improve Welfare
The company does not disclose information in relation to the eye-stalk ablation of shrimps.
0/0.5
Disease Management - All Fish
0/100
Mortality Rates
The company does not disclose mortality, disease incidence, management or prevention information.
0/3.5
Disease Outbreak
The company does not disclose the incident-based mortality.
0/1.5
Disease Management - Shrimp Aquaculture
30/100
Mortality
The company discloses the mortality rate for the ASC-certified shrimp farms but does not provide any further information related to disease management in shrimp farming.
0.5/2
Disease Outbreak & Biosecurity
The company mentions that in 2022, farms had to contain consistent disease outbreaks, which forced the company to delay cultivation and harvesting. However, the company does not disclose the total number of disease outbreaks. Additionally, the company uses water filtration and pond liners in its ASC-certified farms.
1/3
Working Conditions
75/100
Human Rights
85/100
Strength of Policy
The company commits in writing to respect human rights as expressed in the International Bill of Human Rights and the principles set out in the International Labour Organization's Declaration on Fundamental Principles and Rights at Work.
1/1
Due Diligence Process
The company conducted human rights risk assessments in FY2022, which included a combination of risk assessment methods, such as vessel audits, social audits of factories, welfare committee consultations, desk-based research and supply chain mapping. Furthermore, it ranks each region where it operates into high, medium and low priority categories based on its assessments across labour trafficking, forced labour, child labour, and labour rights violations. In addition, the company monitors and reviews respect for human rights in its operations through internal audits and audits from third parties, such as ETI and SMETA. These audits assess the company's facilities against labour laws, business ethics, the company code of conduct and its Ethical Migrant Recruitment Policy. Based on the audit results, the facility management team must submit a time-bound remedial action plan to address non-compliance issues. In the company's supply chain, annual self-assessment questionnaires are conducted. This is used to identify high-risk and medium-risk suppliers which will undergo independent third-party audits. The company states that suppliers will undergo course-correcting measures if necessary, and the company may terminate its relationship with suppliers. The company also collaborates with various NGOs and labour unions to mitigate risk to improve human rights due diligence activities and training. In addition, the company has established various capacity-building programs for its suppliers to reduce risk in its supply chain.
3/3
Evidence of Remediation
The company categorises the human rights risks identified as high, medium and low priority for its operations and its Tier 1 supply chain. However, it does not provide details on each of the risks found.
0.25/1
Fair Working Conditions
74/100
Policy for Direct Operations
The company commits in writing to prohibit child labour, forced labour, discrimination and inhumane treatment, promotes fair wages and extends these commitments to its supply chain. To ensure its employees receive a fair salary, the company has conducted living wage assessments for 94%. The company also states that it has partially assessed its supply chain's living wage. The company also discloses that its operations are subject to external verifications and audits by third-party certification bodies, which include the Ethical Trade Initiative (ETI) Base Code, Business Social Compliance Initiative (BSCI) and the Supplier Ethical Data Exchange (SEDEX). The company does not disclose information on sick leave within its publicly disclosed documents.
2.17/3
Monitoring & Discosure
The company monitors suppliers' progress and compliance with the Code of Conduct through labour risk assessments and social audits. The company works with suppliers to resolve non-compliance, except for significant labour violations.
The company discloses that it has an anonymous grievance mechanism open to employees and suppliers. However, whether the reporting mechanism is designed in consultation with stakeholders is unclear. The company discloses that there were 20 breaches over the reporting period. However, whether these breaches were identified through the company's grievance mechanisms is unclear.
1.5/2
Safety & Turnover Data
70/100
Committee representation of workers
The company states that it is committed to the health and safety of its employees and has an ISO 45001 certification for health and safety. However, it does not disclose whether it has health and safety committees composed of worker representatives.
0.5/2
Disclosure of safety and turnover data
The company reports a reduction in the lost time injury frequency rate (LTIFR) per million hours worked from 1.96 in FY2021 to 1.67 in FY2022 for employees. It also reports a reduction in LTIFR for contractors from 1.96 in 2021 to 0.95 in 2022. In addition, the company disclosed that employee fatalities have remained consistent at zero for FY2021 and FY2022. The company reports its total turnover rate as 20.18% in 2021 and disaggregates this by seniority level.
3/3
Freedom of Association
70/100
Strength of Policies
The company provides a public commitment to respect employees' right to freedom of association and collective bargaining. Further, the company discloses that 83.68% of its employees are unionised. However, the company does not disclose measures taken to support these rights. The company's supplier code of conduct also requires suppliers to respect employees' right to collective bargaining.
2/3
Disclosure of Collective Bargaining Metrics
The company discloses that independent trade unions or collective bargaining agreements represent 83.68% of its employees. In FY2022, the company had 12,557 full-time employees and 36,073 contractual employees.
1.5/2
Food Safety
43/100
Food Safety System
55/100
Certifications
The company has food safety certifications, including BRC, a GFSI-recognised programme. Further, the company states that its salmon facility is GlobalGAP certified. The amount of farmed salmon sourced from GlobalGAP-certified farms is disclosed as 58% of procurement spend. However, the percentage of facilities in its operations having GFSI certification is not reported. It states that supplier approval relies on GFSI food safety certification, assessment questionnaires, and onsite audits. However, it does not disclose the portion of suppliers that are GFSI-certified.
1.75/3.5
Performance
The company discloses that internal audits are carried out at least once a year and provides comprehensive details on the supplier audit procedure. However, corrective action rates are not disclosed. It prioritises reliable traceability in its seafood business, ensuring customers and consumers know where and how tuna was caught. With MSC Chain of Custody certification, it has a robust management system for tracking tuna. Further, it integrates the GDST standard into its systems, collecting Key Data Elements for Critical Tracking Events. It states that with further benchmarking and monitoring work, the process will be further extended to complete each product’s traceability against the GDST as standard operational practice. In the reporting year, it released a statement on its 24-month pilot project with Sea Warden and Wholechain, using satellite technology on shrimp farming operations to advance seafood traceability and sustainability. It reports that the technology will improve access and efficiency for sharing farm-level data with certification bodies, retailers, and consumers.
1/1.5
Product Recalls & Market Bans
30/100
Product Recall Systems
The company discloses information about a recall procedure that its suppliers are expected to have. However, there is no information regarding a recall system within its owned operations. Further, it does not disclose the number of recall incidents in the reporting period; none were found on the media screen.
0.5/3
Performance
The company did not disclose any information on market bans in the reporting period, and none were detected in the media screen.
1/2
Sustainability Governance
57/100
Assessment of a Company's Sustainability Governance
57/100
Board Sustainability
The company's sustainable development committee, led by the CEO and the group's director of sustainability, oversees sustainable strategy and risk management. In addition, the company discusses conducting a materiality assessment to prioritise key issues, which include human rights, responsible sourcing, environmental protection, workplace safety, traceability, food safety, transparency, governance, supply chain resilience, communities, climate change, ocean plastic, innovation, antibiotic use and human capital development. Further, it states that the material issues have been reviewed and approved by the board. The company reports holding board-level expertise in innovation but not in sustainability or food safety.
1.75/2
Incentives & Policy Engagement
The company discloses that executives receive bonuses as part of their annual salary. However, it does not mention if this remuneration is linked to sustainability performance.
The company collaborates with partners, governments and NGOs to improve industry practices and advocate for meaningful change. Key partnerships include SeaBOS (Seafood Business for Ocean Stewardship), the Nature Conservancy, Sustainable Fisheries Partnership (SFP) and the Global Ghost Gear Initiative, addressing water transparency, biodiversity, climate change and marine plastics. Also, the company's CEO, Thiraphong Chansiri, is appointed Chair of the Board of Directors of SeaBOS. The partnership aims to improve on-the-water transparency in global tuna supply chains and submit short-term and long-term climate change targets to the Science Based Targets initiative. However, the company does not disclose a comprehensive list of industry association memberships or discuss aligning its policy-engagement strategy to restrict global temperature rise to 1.5°C.
0.6/2.5
Innovation & Benchmarking
In 2022, the company announced a USD 10 million investment in Mara Renewables Corporation, a leading producer of sustainably grown algae-based bio-products. Also, it has established SPACE-F, a dedicated food-tech startup incubator and accelerator programme in Thailand. Furthermore, it is expanding its Thai Union Ingredients business, which produces branded marine ingredients and invests in alternative protein products. In addition, the company's innovation department, the Global Innovation Centre, partners with several research institutions and universities to exchange knowledge and drive innovation. The company also discloses it benchmarks itself against peers in sustainability and innovation using the Dow Jones Sustainability Indices.
0.5/0.5
Alternative Proteins
55/100
Diversification of Products to Alternative Protein Sources
55/100
Existing product portfolio
The demand for plant-based food products has grown rapidly, with consumers demanding health-friendly options and environmental benefits. The company has focused internal efforts on plant-based proteins, such as alternative seafood and meats while exploring emerging areas (insect proteins, lab-grown meats, etc.) through collaboration and/ or startup investments. | In early 2023, the company issued a press release announcing its revenue for FY2022. It discloses revenue across four core business units: Ambient Seafood, Frozen and Chilled Seafood, PetCare, Value Added and Others. However, the company does not explicitly disclose the revenue/sales linked to alternative protein sources. Further, it does not disclose a timebound target to diversify protein sources.
0.25/2.5
Investing for future growth
In 2021, the company launched plant-based ambient tuna flakes, alternative shrimp pieces and whole shrimp, with successful outcomes. In the same year, it also launched a plant-based brand, "OMG Meat", offering a range of frozen plant-based protein products with zero cholesterol and high protein content. The brand offers products across three frozen product segments: seafood, ready-meals and other alternatives. Products include dim sum, crab dumplings, crab meat shumai, crab cake, hoi jor, shrimp wonton, red-pork bun, fish nuggets and chicken nuggets. In 2023, it launched John West Vegan Fish-Free Tuna in the Netherlands. Further, it invested CAD 10 million in Mara Renewables Corporation, a global producer of sustainably grown algae-based bio-products. The investment is part of Mara's $39.5 million growth round, aiming to expand micro-algal products and innovate. The company is assessed as partially meeting this criterion as the R&D project is not internal and does not increase its production capacity. The plant-based oil provides a non-GMO vegan option for DHA-rich omega-3 fatty acids in human nutrition. Also, it partnered with ISH Food Company to invest in sustainable seafood and offer affordable alternative protein options. Additionally, it discloses its joint venture investment in Algama, which offers large-scale industrialisation of plant-based products and expertise ranging from the selection of algae to the formulation of ingredients.
2.5/2.5
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Workstream Information
2023 Risk Score:
41/100
Level:
Medium Risk
Ranking:
20/60
Main Protein:
Aquaculture
Assessed Proteins:
Aquaculture
Company Feedback Given:
No
Last Updated:
31 October 2023
2023 Resources
2023/24 Index Report Summary (Mandarin) 报告总结摘要(中文) Launch of the Coller FAIRR Protein Producer Index 2023/24 2023/24 Company Dialogue Questions 2023/24 Full Report Coller FAIRR Protein Producer Index