The canned tuna market is expected to boom after the Asean Economic Community takes effect in 2015, as Asean consumers will welcome greater alternatives, said managing director of T Holdings, a unit of Thai Union Frozen Products, Wichai Lamsangchan.
In a Bangkok Post article, he said the firm will launch big marketing campaigns this year to stimulate local and regional consumption.
Thailand's canned fish market is worth THB 6.3 billion (€157.6 million/$200.4 million), with around THB 600 million (€15 million/$19.1 million) to THB 700 million (€17.5 million/$22.3 million) contributed by canned tuna. T Holding’s Sealect brand is the market leader in this segment with a 45 percent share, according to the company.
It believes overall sales this year will top THB 1 billion (€25 million/$31.8 million), with Sealect capturing half the market value as the company embarks on more aggressive marketing plans, which include THB 200 million (€5 million/$6.4 million) for rebranding. It plans to double its sales to THB 4 billion (€100.1 million/$127.2 million) within five years.
The company also exports canned tuna to Indonesia and has ambitious plans for regional leadership, said Lamsangchan. It has started marketing campaigns in Indochina countries like Vietnam and Cambodia last year and plans to launch a new recipe in Asean, Wichai added.
Sealect tuna will have a different logo and packaging to create a premium look. It re-launched the new look early this month, with TV commercials slated for the end of the month, followed by cooking shows and a roadshow.
T Holding will also relaunch its canned sardines and Fisho fish snacks. It aims to lead the fish-snack market in five years from being among the top three today.
Sales of T Holding were THB 2 billion (€50 million/$63.6 million) last year, and it is expected to expand by 15 to 20 percent this year. Some 60 percent was from the Sealect brand, 30 percent from Fisho, and the rest from pet food.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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