Thai Union Feedmill
Thai Union Feedmill (SET: TFM) is a listed Thai aquafeed specialist spun out from parent Thai Union Group in 2022 via separate IPO. Produces shrimp, fish feed formulations for Thai, regional aquaculture farmers. Scale, technical-feed R&D, parent-group distribution advantages. Competes with CPF internal aquafeed, Grobest (regional private), smaller Thai feedmills.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 3-4B
FY2024
Ticker
SET: TFM
Listed 2022
Parent
Thai Union Group (majority stake)
Ongoing
Feed lines
Shrimp, fish, seabass aquafeed
FY2024
What this company actually does
TFM produces shrimp, fish aquafeed for Thai, regional farmers. Listed specialist post-2022 spin-out from Thai Union. Technical-feed R&D, parent-group distribution.[]
Competitive set: CPF aquafeed (captive integration advantage), Grobest Thailand (regional private). TFM differentiates on listed structure, R&D, ASC-certified feed formulations.[, , ]
Watchpoints
Shrimp cycle, feed volume
Farmer demand, production cycle.
Thai Union parent dynamics
Majority stake, group relationship.
Regional expansion
ASEAN, India, China markets.
Certification, R&D
BAP/ASC-certified, probiotic feed.
What TFM actually does
Core product
Shrimp aquafeed formulation
TFM's shrimp feed — covering starter, grower, finisher life-stages — accounts for the majority of revenue. FY2024 shrimp feed sales grew ~14% as Thai shrimp farmers recovered from disease-cycle lows.
Growing segment
Fish and seabass feed
Fish feed, seabass feed are the growth line. FY2024 fish feed grew ~18%, seabass ~29%, reflecting expansion beyond shrimp into premium aquaculture species.
Parent advantage
Thai Union Group integration
Thai Union's raw-material supply chain (fishmeal, fish oil), global customer relationships, and ASC certification infrastructure provide TFM with input-cost and quality advantages over standalone feedmills.
Thai aquafeed competitive landscape
Thai Union Feedmill (TFM)
Structure
Listed (SET: TFM)
Feed focus
Shrimp, fish, seabass
Competitive advantage
Parent Thai Union supply chain, ASC-certified R&D
Structure
Captive (CPF listed)
Feed focus
Shrimp, fish, poultry
Competitive advantage
Vertical farm-to-plate integration
Structure
Private (regional)
Feed focus
Shrimp, fish (ASEAN wide)
Competitive advantage
Regional scale, Taiwan parent technical platform
Thai Roong Ruang Feedmill
Structure
Private
Feed focus
Shrimp, tilapia
Competitive advantage
Domestic distribution depth
| Entity | Structure | Feed focus | Competitive advantage |
|---|---|---|---|
| Thai Union Feedmill (TFM) | Listed (SET: TFM) | Shrimp, fish, seabass | Parent Thai Union supply chain, ASC-certified R&D |
| CPF aquafeed division | Captive (CPF listed) | Shrimp, fish, poultry | Vertical farm-to-plate integration |
| Grobest Thailand | Private (regional) | Shrimp, fish (ASEAN wide) | Regional scale, Taiwan parent technical platform |
| Thai Roong Ruang Feedmill | Private | Shrimp, tilapia | Domestic distribution depth |
Related Market profiles
Peers, parents, partners, agencies, and other Aquaculture actors.
Parent
Thai Union Group
Parent Thai Union Group retains majority stake post-2022 IPO.
Open Market profile →
Competitor
Charoen Pokphand Foods
CPF aquafeed division competitor (captive-advantaged).
Open Market profile →
Sector peer
BIOTEC (NSTDA)
Thai government biotechnology research centre under NSTDA; SPF shrimp broodstock, disease R&D backbone.
Open Market profile →
Sector peer
Department of Fisheries of Thailand (DOF)
Thai fisheries regulatory and development authority under MOAC; administers IUU-fishing controls and aquaculture licensing for a sector generating $5.51B+ annual farm-gate value.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Thai Union Feedmill (SET: TFM) FY2024 Form 56-1
CP Foods (SET: CPF) — Aquaculture Segment
Grobest Thailand — Regional Aquafeed Major
Publisher
Grobest Group (Singapore / Thailand operations)
Grade
Supporting
As of
2025-12-31
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Thai Union Feedmill (SET: TFM) FY2024 Form 56-1 | Thai Union Feedmill PCL | Primary | 2025-03-31 |
| CP Foods (SET: CPF) — Aquaculture Segment | Charoen Pokphand Foods PCL | Primary | 2025-03-31 |
| Grobest Thailand — Regional Aquafeed Major | Grobest Group (Singapore / Thailand operations) | Supporting | 2025-12-31 |
Reports featuring this profile
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