Thai Preserved Food Factory Co, the producer of Wai Wai instant noodles, is set to expand into functional and premium foods, hoping to ensure sustainable revenue streams in the coming years.
According to deputy managing director Veera Napapruekchart, the company plans to diversify its portfolio to functional food and personal food next year, cashing in on emerging trends such as low-cholesterol and low-sugar foods, gluten-free products and items tailored to the elderly.
Another avenue is plant-based products, said Mr Veera.
Yossarun Thamkongka, marketing director for the company, attributed the focus on premium products to the difficulty in raising the price of instant noodles, which are on the state's price control list.
More importantly, the company's production costs have significantly increased, he said.
To cope with such challenges, Mr Yossarun said the company recently launched riceberry vermicelli as a health-conscious alternative.
Last week, the company officially introduced dehydrated high-fibre rice vermicelli to the modern trade market, aiming to boost its consumption among Thai households.
Currently, most rice vermicelli is sold via business-to-business channels.
"We would like Thai consumers to incorporate our new dehydrated rice vermicelli with high fibre into a variety of meals," he said, underscoring the company's goal to achieve sales of 100 million baht from the new Wai Wai dehydrated rice vermicelli next year.
"Our focus is shifting towards future foods and more premium offerings while maintaining a commitment to affordability."
According to Mr Veera, his company plans to allocate a huge budget to build a new factory on a 53-rai plot in Ratchaburi province in 3-5 years.
Currently, the company operates two factories in Nakhon Pathom and Samut Sakhon with total production capacity of 700 million pieces per year.
Of the total, 600 million are instant noodle packages and the remaining 100 million pieces are cup noodles.