NR Instant Produce aims to invest in over 100 startups in 2-3 years

Thailand-based NR Instant Produce Co (NR), the manufacturer of instant food and beverages, vegetarian food and plant-based protein food, has disclosed its plan to invest in more than 100 startups over the next 2-3 years, enhancing its global food production in the future.
NR Chief Executive Dan Pathomvanich said the investment will allow the company to accumulate new knowledge on food innovation and technology, while expanding its customer base.
In 2019 alone, NR had invested in 19 startups globally. So far in 2020, it has already invested in another 12 startups with the goal of reaching 40 by year-end.
The company is seeking to expand its business in speciality food focusing mainly on ethnic food, plant-based food and functional food. Dan said, “All the 3 food categories are poised to be megatrends in the future. The popularity of ethnic food increased by an average of 10% per year because more people consume foreign cuisine that has been blended with local food as they become more health-conscious while global migration spreads.” The global ethnic food business was estimated to be worth US$140 billion in 2019.
In addition, Dan said that the plant-based food category is gradually growing in popularity as consumers seek alternative foods that are nutritious while they become more conscious on environment and food security. With the ongoing pandemic, more consumers are choosing to eat food made from plant protein. Plant-based food was valued at US$4 billion globally in 2019, with the figures expected to rise rapidly to US$85 billion in 2030.
The company is also determined to create functional products for the convenience of consumers in every age group, including the injured and disabled.
NR also wants to become a service provider in the fields of machinery and packaging innovations for the food, cosmetics, drugs, medical supply and chemicals segments in the Southeast Asian markets.
Functional food category was worth US$230 billion in 2019 and is expected to reach US$275 billion in 2023.
As part of its expansion plan, NR aims to raise capital by listing on SET by the end of this year.
NR reported sales of Bt 1.1 billion (US$34.5 million) in 2019.