Seafood giant Thai Union Group PCL has launched a new roadmap aimed at helping it achieve significant growth. Strategy 2030 includes increasing net sales growth to US$7 billion by 2030 from $3.9 billion in 2024, and increasing earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 100% from approximately $400 million to $700-800 million within the next six years.
Outlining Strategy 2030, Thai Union President and CEO Thiraphong Chansiri said: “The world today faces unprecedented shifts, from geopolitical pressures and rising inflation to rapidly evolving consumer demands. In the face of these challenges, Thai Union is seizing the opportunity to turn the tides and achieve greater success. With a bold vision to become the world’s leading marine health and nutrition company grounded by our purpose of Healthy Living, Healthy Oceans, we’re setting our sights on achieving $7 billion revenue and doubling EBITDA by 2030.”
According to Thai Union, the programme is built on three strategic pillars, targeting focused business categories to drive growth in revenue, gross margins and EBITDA:
- Revitalising the core: Focuses on primary business categories such as branded ambient, chilled and feed, to continue to generate the cash flow needed for Thai Union to expand into new growth areas
- Driving the next wave of growth: Focuses on faster growing business categories such as pet care, frozen, culinary and ingredients that Thai Union believes will continue to drive profitable growth through 2030 and beyond
- Exploring new frontiers: Focuses on exploring new ideas and technologies such as aquaculture ecosystems and alternative proteins, to fuel Thai Union’s growth in the future
“Strategy 2030 is more than just a roadmap. It’s our catalyst for sustained, long-term growth,” Thai Union Chief Strategy & Transformation Officer Paul Herholz said. “For our strategy to generate true value, we have identified critical enablers we must execute in order to lay strong foundations for continued success. Equally crucial are the two transformation programmes we are announcing today, which outline clear plans to support Strategy 2030 and turn our ambitions into reality.”
The six enablers include aligning the organisation and driving talent initiatives, driving cost focus, optimising the manufacturing network and driving strategic procurement, stepping up on digital capabilities, leveraging innovation, and commercialising sustainability. The two key transformation initiatives sitting under the Strategy 2030 umbrella are Project Sonar and Project Tailwind.
Project Sonar is a group transformation programme which provides a solid foundation for long-term growth by addressing the critical enablers for Strategy 2030, while Project Tailwind focuses on accelerating growth in the PetCare category.
With Project Sonar, Thai Union targets achieving approximately $75 million in annual savings from 2026 onwards, approximately 40% of which will be reinvested to further strengthen and grow the business. Project Sonar will aim to create a robust operating model aligned with Strategy 2030, building new capabilities in procurement and operations for optimum efficiency and scale, as well as stepping up digital capabilities to further support business growth and gear up for a full digital transformation.
Project Tailwind aims to achieve an uplift of approximately $50 million in annualised operating profit for the PetCare business from 2027 onwards. This will be achieved by establishing insights-driven commercial practices, while building capabilities and boosting productivity in procurement and manufacturing. While Project Tailwind will focus on driving accelerated organic growth, i-Tail Corporation will aim for further growth through mergers and acquisitions, with a goal of tripling revenue to $1.5 billion by 2030.
