Brazilian meat company BRF has announced an investment of more than BRL 55 billion ($10.7 billion) over the next decade, in order to grow its business.
The investment forms part of the company’s 2030 Vision plan, in an attempt to expand its international presence, cement its leadership with high-added value brands and provide increased return.
The company has set a goal to more than triple its revenue, aiming to record annual revenue higher than BRL 100 billion ($19.5 billion) by 2030.
BRF’s growth strategy looks to achieve local presence in some of the world’s largest added-value consumer centres, as well as increasing share in segments such as ready meals and pet food. According to its securities filing, BRF hopes to access markets that represent two thirds of global consumption.
Over the next ten years, BRF seeks to become the leader in the Brazilian ready meals market and the high-added value pork segment, which it claims offers the potential to quintuple its size in the country.
The owner of the Sadia and Perdigão brands also plans to strengthen its position in the meat substitutes market and new sources of protein.
According to Reuters, BRF shares surged almost 9% – the biggest stock market gainer on Tuesday – after it announced expansion plans focusing on growth at home and in halal markets like Turkey and Saudi Arabia.
The organic investment will also go towards implementing a macro sustainability plan with environmental, social and corporate governance commitments.
“We intend to further establish ourselves as a global food company with high added value, with a portfolio of strong brands and increasingly practical, tasty, high-quality and reliable products whenever our clients and consumers want, wherever they want and however they want,” said BRF global CEO, Lorival Luz.
The announcement comes as BRF released its fourth quarter results. “Our intention is to operate sustainably, taking the main lead and being agents of transformation. The results we have presented so far demonstrate that we have discipline and maturity to start a new growth cycle over the next decade,” added Luz.
© FoodBev Media Ltd 2023
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