CPRAM, a subsidiary of Charoen Pokphand Group that makes ready-to-eat foods and fresh bakeries, has announced the launch of its range of plant-based ready meals suitable for vegans, vegan-J (no garlic or coriander etc) and vegetarians (lacto vegetarian, ovo vegetarian and lacto-ovo vegetarian). Each product comes with a distinctive marking to assist consumers to make the right choice.
Many of the plant-based ready meals at the moment contain ingredients not suitable for strict vegans or vegetarians plus there are no marking to differentiate them.
The new plant-based range is called VG for Love and consists of 10 items selling at THB 39 to THB 45, reported Brand Buffet. The plan is to have the same price as the existing range of ready-to-eat meat dishes. VG for Love will be sold at selected 7-Eleven outlets, Makro and vending machines.
The targeted sales for VG for Love for 2021 is THB 120 million, rising to THB 500 million in 2022 and THB 1 billion in 2023.
CPRAM derived 96% of its revenue from 7-Eleven in 2020 with plans to reduce the dependency on 7-Eleven to 94% in 2021. Sales in 2020 reached THB 19,373 million, down from the amount of THB 19,922 achieved in 2019. The goal is to grow revenue by 10% in 2021 to reach THB 21,310 million.
The launch of VG for Love is expected to encourage for convenience store players in Southeast Asia to accelerate their plans to introduce more plant-based foods into their stores.