BANGKOK, Thailand -- Thai Union Group plans to increase its shrimp production 5% this year, narrowing its earlier expectations of 10-15% output growth.
The decreases come due to heavy rain, which has caused floods in several provinces, as well as ongoing disease issues, Thai Union’s shrimp unit managing director, Preerasak Boonmechote, told Undercurrent News during a recent visit to the firm's processing plant near Bangkok.
The firm, however, plans to increase its shrimp unit's revenue this year and to grow within Thai Union's overall turnover, particularly thanks to deeper penetration of the local Thai and other Asian markets, Boonmechote told Undercurrent.
Thai Union is targeting a 15% rise in its total revenue to THB 150 billion ($4.32bn) in 2017.
Thai Union’s shrimp production accounts for about 25% of total Thai production. The firm’s production totalled 65,000 metric tons in 2016, Boonmechote told Undercurrent.
Thai Union owns three shrimp processing plants in Thailand, which currently operate at 60-70% of their capacity, said Boonmechote.