Universal Robina Corp. (URC) has partnered with Hong Kong-based Vitasoy Group to develop plant-based drinks in the country.
The joint venture “will explore the potential of plant-based sustainable beverages in the Philippines,” URC said in a statement.
“We see a perfect fit in this joint venture” said Lance Gokongwei, URC president.
“Vitasoy is an innovative company, a reliable employer and a responsible corporate citizen providing food and beverage that are compatible with a healthy lifestyle,” Gokongwei added.
Established in 1940, Vitasoy produces soy milk, coconut milk and almond milk as well as tofu.It also offers a variety of teas, juices, distilled water and other beverages under the Vita brand.
Vitasoy currently has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and sells to more than 40 markets globally. It has a market capitalization exceeding $2 billion as of end-January.
“Total revenue of the Vitasoy Group has a five-year CAGR (compound annual growth rate) of 11 percent having increased from HK$3.7 billion ($478 million) in FY2011/12 to HK$5.6 billion ($714 million) in FY2015/16,” URC said.
“Over that period, revenue of Hong Kong operation grew at a CAGR of six percent while other overseas operations grew at a CAGR of 14 percent in total,” it added.
Roberto Guidetti, Vitasoy Group chief executive officer, said the Philippines’ long-term consumer trends are very favorable to the joint venture.
“We consider the Philippines a very developed, competitive and diversified market which will require diligent study and learning to ensure that the joint venture portfolio offering will best serve the needs and desires of the Filipino community,”said Guidetti.