Mitsubishi Corp is increasing its stake in Thai Union (TU) from 6.19% to 20% at a cost of Bt 6.6 billion (US$206.8 million) and also strengthening its collaboration with the major seafood processing company.
The Japanese company said it had signed a capital and business alliance agreement with Thailand-based TU.
TU currently holds the top global market share in the processing and sales of canned tuna made from tuna and skipjack tuna. Mitsubishi has been investing in TU since 1991. The two companies intend to deepen their collaboration, by focusing on vertical integration and sustainability, to ensure a stable supply of high-quality products.
Mitsubishi also directly supports Thai Union’s SeaChange® 2030 commitment to sourcing nearly all its tuna from Marine Stewardship Council (MSC)-certified sources, aligning with the growing demand for responsibly sourced seafood particularly in more developed markets.
Demand for seafood is expanding globally. According to Japan’s Fisheries Agency, while per capita annual consumption of fish and shellfish in Japan has been on a declining trend, it has been on the increase elsewhere, mainly in other parts of Asia including China, where consumption has grown approximately tenfold in the past 50 years.
Meanwhile, the collaboration between Mitsubishi and TU has also expanded into the pet food market, with Thai Union’s PetCare division seeing solid growth. This strategic diversification helps mitigate risk while tapping into a high-margin sector.
