Consumers’ behavior in the contemporary world is crucial in deciding the direction of new product development in the market, particularly the healthy diet trends, which have been increasingly popular recently.
Mr. Prachak Tangkaravakoon, Chairman of the Executive Committee of TOA Group, has recognized the importance of health and food consumption trends in Thailand and has decided to expand business by having SWC or Sherwood Corporation (Thailand) Public Company Limited, which manufactures and supplies household products under TOA Group launch a new subsidiary named LottoFood (Thailand) Company Limited to conduct business related to plant-based food by appointing Mr. Sitthirat Watcharaporn as the CEO of LottoFood.
“I have noticed that the plant-based food trend has grown steadily in Thailand over the past few years,” Mr. Sitthirat mentioned about the growing popularity of plant-based food in Thailand. “This growth pattern corresponds to the consumer trends in the international market. Consequently, more plant-based items are available on the market, and Dr. Prachak Tangkaravakoon saw an opportunity to grow in this industry. This is the first time that he has decided to invest in a plant-based food business, and he has entrusted it to me to oversee and manage operations in this section of ready-to-eat plant-based meals, consisting of LottoFood Plant-Based Tonkatsu, LottoFood Plant-Based Hamburg, and LottoFood Plant-Based Sausage. The products are exceptional in terms of the great tastes, the fine selection of quality ingredients, and the manufacturing processes paying attention to detail.”
Moreover, he added, “We also have excellent commercial partnerships with DAIZ Inc. and Tanaka Ai Co., Ltd., leading Japanese food startups, acting as agents to obtain premium-grade plant-based raw ingredients. This gives us more confidence that LottoFood products are extraordinary and unique in the market, with the concept of “being delicious, healthy, and made from premium quality Japanese ingredients” responding to the lifestyle of the new generation of health-conscious consumers, and thus becoming a new choice in line with food consumption trends in the future world as well.”
In terms of Marketing objectives, Mr. Sitthirat, CEO of LottoFood, revealed that “I have set a target of 50 million baht in the first year – 2022. It is anticipated that, within three years, the number will move closer to 500 million baht as a result of the variety of plant-based food products launched into the market continuously, including both Ready-to-Eat meals and Ready-to-Cook, raw materials sent to our restaurant partners. We intend to become the number 1 of the plant-based food market in the near future, the goal we must strive for.”
Dr. Prachak Tangkaravakoon, Chairman Member of the Executive Committee of TOA Group, said, “SWC, a robust non-food and food business for the market, is the flagship of expanding new businesses with potential under TOA Group. We are open to new feasible business ideas, and we are ready to provide funding as an Angel Fund for startups to start strong under the support of the TOA Group. We believe that this will create a Growth Engine that accelerates growth for the TOA group.”
Ms. Kuanlee Pan, the Co-founder of Devers Food Co., Ltd., added that the firm has a clear position in enforcing animal welfare, and it is the channel through which customers can conveniently acquire plant-based food. We have numerous choices of over 600 SKUs, which can satisfy customers’ needs. At the same time, we surveyed Thai consumers’ needs and concerns with plant-based food and concluded that the scent and texture are important factors influencing customers’ decisions. However, LottoFood employs innovative and specific techniques to remove the unpleasant smell to the point where almost none is left. The texture will be nice, similar to meat, and low in sodium, giving consumers satisfaction.
Furthermore, with the same vision, objectives, and goals, Devers Food has decided to collaborate with LottoFood to be a channel to bring tasty plant-based food to a growing number of customers. There are also two key partners, DON DON DONKI Thailand and Vistro Bangkok, serving as distribution outlets. LottoFood product movement can be followed at www.facebook.com/LottoFoodThailand.