Masan develops branded meat division

Masan-develops-branded-meat-division.jpg

Vietnamese food business Masan Group has announced plans to rename its Nutri-Science subsidiary to Masan MEATLife as part of the development of a branded meat division.

Over the past four years, Mason MEATLife has been shifted from a agri-commodity business into a branded packaged pork meat business.

Danny Le, chairman of Masan MEATLife, said: “When we established what was then named Masan Nutri-Science in 2015, our end mission was to always provide a better meat life for 100 million Vietnamese consumers. I believe this is where Masan will have the most societal impact in the upcoming years.

“Pork meat is the largest food and beverage category in Vietnam with a market size over US$10bn, 2.5x of dairy. Yet it is the most unstandardized, fragmented and unsafe category. With the successful launch of MEATDeli, our innovative chilled meat brand, we aim to revolutionize Vietnamese consumers’ meat life by fulfilling their big unmet need for delicious, safe and affordable meat products. This is indeed a challenging mission, but I believe we have all the ingredients to achieve our 2022 goal: improving at least 10 million consumers meat life. Our consumers will reward us when we make good on this promise, making us one of the largest and fastest growing consumer company in the region.”

Masan introduced its officially certified chilled meat product in December 2018 utilising European processing technology and standards under the MEATDeli brand. This brand is expected to deliver VND500 billion to VND1 trillion in revenues in FY2019, and expected to widen its coverage to 500 points of sales in both Northern and Southern Vietnam. Management expects branded meat to contribute between 50-70% of MEATLife revenues by 2022 as consumers continually convert from unbranded meat products to branded, safe, traceable, hygienic and affordable meat products.

Pham Trung Lam, chief executive officer of Masan MEATLife, added: “The success of our transformation from an animal feed company to a branded meat consumer company would not be possible without the 3,000 entrepreneurs of Masan MEATLife, who all share a passion to improving the meat life of every Vietnamese family each and every day. In a few years, the team at Masan was able to build the largest local animal feed business with constant product innovation, brand-building and superior route-to-market, the key components of a successful FMCG organization. We believe this FMCG DNA and our start-up spirit will be the reason we will achieve our grand vision.”

Masan aims to list MEATLife on the Unlisted Public Company Market (UPCoM) on the Hanoi Stock Exchange in order to “increase its strategic flexibility and better communicate its track record to the public”. In addition to promoting greater transparency for shareholders, the UPCoM listing will also be a strategic step towards MML’s ultimate goal of doing an international style IPO on the HOSE in 2022-2023.