Sweet Meet to expand its Palm Oil business to B2C market

by asiafoodbeverages
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Sweet Meet (Thailand), the producer of Ploen vegetable cooking oil for business clients (B2B), is now looking to expand into palm oil for end-consumers (B2C) in 2023.

Eakkapat Temeeyavej, Chief Executive of Temeeyavej Group and Sweet Meet Co, said that after 5 years of selling Ploen cooking oil in the business-to-business (B2B) market, the company is scheduled to sell it to consumers (B2C) in the 2nd half of 2023. He said, “Although we are a new player in this market, with our connections and business partner, pricing and quality, we are confident we can compete in the market.”

Sweet Meet started producing and distributing its own Ploen vegetable oil for the B2B channel in 2018, and stopped selling and distributing other companies’ brands. Ekkapat stressed that there is a huge opportunity for vegetable cooking oil given its big market value and continuous demand, as vegetable oil is the main ingredient for food, baking and others.

He said that the market for vegetable oil in Thailand has continued to grow over the last few years, despite the pandemic, to reach Bt 30 billion (US$910 million) in 2021. Sweet Meet expects its sales to reach Bt 1.2 billion (US$36.4 million) in 2022, up 60% from 2021. Roughly 80% of its products were sold in the domestic market and the rest for exports. It aims to achieve sales of Bt 3 billion (US$90.9 million) in 2023 with higher contributions from exports particularly to Europe (40%).

The company operates its own plant-based oil refinery in Chon Buri province which can churn out 7.2 million bottles of mainly 1-litre packaging size per month.

It established a wholly-owned subsidiary, Sweet Meet Europe BV, in the Netherlands in June 2022 to market and distribute Ploen products in Europe in 2023. It aims to achieve up to Bt 300 million (US$9.1 million) in sales of Ploen products in European countries such as the France, Germany, Italy, Netherlands and Switzerland, alongside a doubling of sales in Southeast Asian countries such as Cambodia, Laos, Myanmar and Vietnam to Bt 480 million (US$14.55 million) in 2023.

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