One of Japan’s leading dairy producer, Megmilk Snow Brand Company Ltd. has recently announced a joint-venture (JV) with Singapore-based Agrocorp International Pte Ltd to manufacture and market plant-based food ingredients. Both partners will invest a combined US$21 million in the JV with 49:51 stake respectively.
Agrocorp has been looking to further expand its downstream business in plant protein extraction, following its first facility in Saskatchewan, Canada. The partnership will seek to leverage the strengths of both companies, with the joint venture company established in Singapore and a wholly owned subsidiary in Malaysia, where a factory will be set up to manufacture plant protein and starch isolates.
Vishal Vijay, Director of Strategic Investments at Agrocorp International has voiced his optimism in partnering with a leading Japanese dairy player, to expand its plant-based capacity to better service the growing demand in Asia for plant-based food.
Agrocorp is a global agri-commodity firm specialising in the sale of staple food products such as wheat, pulses and sugar to leading food manufacturers in the Asia Pacific region. It has also recently launched its plant-based ingredients business.
