Sealect, a brand of canned tuna under the SET-listed Thai Union Group Plc (TU), believes there is still room for Thailand's canned tuna market to grow as Thais consume a relatively small amount of tuna compared to other nationalities.
It is estimated that the average per capita tuna consumption in Thailand remains low at 120 grammes per year, compared to 1.25 kilogrammes in Europe.
Moreover, it is also estimated that only 11% of Thai households are holding tuna products, compared with 80% of South Korean households.
"The company aims to increase the annual tuna consumption of Thais to around 200 grammes per person by next year," said Natthavee Wachirataveepaat, general manager - emerging markets at TU.
The company has a strong customer base at present, especially among consumers concerned about their weight. It plans to further expand its target groups, for example by targeting families, she said.
The company has collaborated with the American children's television series Sesame Street, and launched Sealect canned tuna featuring characters from the educational show.
Sealect aims to foster awareness of the benefits of protein sourced from tuna products and aims to tap into new consumer segments through a differentiation strategy as a lifestyle brand and through customer engagement, she said.
The country's sluggish economy has had a minimal impact on the company and the overall canned tuna market as the majority of its consumers live in urban areas and have a high degree of purchasing power, she noted.
Moreover, Sealect's food service, a business section which provides raw materials to restaurants, posted 14% growth for the first nine months of this year, thanks to high demand among restaurant operators, driven by a recovery of the tourism sector.
At present, the company holds a 57.1% share of the canned tuna market in Thailand's retail market.
Ms Natthavee said the company is aiming for its revenue to reach 700 million baht this year, up 6% from last year. Tuna products generated around 400 million baht of the company's total revenue.
The overall retail canned tuna market in Thailand could be worth 703 million baht this year, up 2.6% year on year, according to market research firm Neilsen IQ.