BANGKOK, July 4 (Reuters) - Thailand’s biggest agribusiness Chareon Pokphand Food Pcl (CPF) aims to increase its annual revenues by more than 50% to 800 billion baht ($26 billion) by 2023, helped by its expansion in the food sectors in China and Vietnam, its CEO said on Thursday.
“We plan revenue growth of 10% a year,” Prasit Boonduangprasert told reporters.
Growth in the food segment will include processed and ready-to-eat food, he said, adding that the company was open to M&A opportunities if assets were cheap.
CPF, Thailand’s largest meat and animal feed producer, was also experimenting with meat alternatives, Prasit said, citing market interest in products like Beyond Meat, the California-based producer of plant-based alternatives to meat.
CPF booked revenue of $17 billion in 2018, with about a third generated from Thailand’s domestic markets and exports, and 67% from overseas.
Its food business accounted for 17% of revenue, while its farm and feed businesses generated the bulk of group revenues.
The proportion of revenue from Thailand will decline to around 25% by 2023 while its farm and feed segments will also decrease as a percentage of total revenue over time, although they will still grow, he said.
CPF has livestock, aquaculture, animal feed and restaurant businesses across 17 countries.
In April it announced the acquisition of Canadian pork producer HyLife for $372 million and is awaiting anti-trust approval, Prasit said. ($1 = 30.6400 baht) (Reporting by Chayut Setboonsarng; Editing by Susan Fenton)