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It makes and sells fish and shrimp feed to farmers, mostly in Thailand and nearby Asian countries.
Thai Union Feedmill makes the food that farmed fish and shrimp eat. If you raise tilapia in a pond or shrimp in a coastal pool, you need a steady supply of pellets that help your animals grow fast and stay healthy. That's what this company sells — aquatic feed — along with a smaller sideline of pet food for dogs and cats. It's the feed-making arm of Thai Union Group, the big Thai seafood company best known for canned tuna brands like Chicken of the Sea, though the feedmill business was spun off and listed on its own on the Stock Exchange of Thailand.
The customers are fish and shrimp farmers, and the reason they pick a feed brand is simple: feed is their biggest cost, and the wrong feed means slow growth or dead animals. Farmers watch the "feed conversion ratio" — how many kilos of feed it takes to produce a kilo of meat — because every point matters to their margins. Thai Union Feedmill sells mostly in Thailand, where it holds a leading position in shrimp feed, and exports or operates in places like Vietnam, Indonesia, and India through local plants and partnerships. The business rides the rollercoaster of aquaculture. Shrimp farming is prone to disease outbreaks that can wipe out a season, and fish farming depends on prices set by the wider seafood market. Feed costs also swing with the price of fishmeal, soybean meal, and other raw ingredients. That's why this is a steady, unglamorous business — not a rocket ship — with profits that rise and fall with farmer fortunes and ingredient prices. It pays dividends and keeps investing in capacity across Asia, betting that the world will keep eating more farmed seafood.
The easy-to-miss point is that feed is the quiet engine of the whole seafood industry. Without affordable, reliable feed, farmed shrimp and fish can't compete on price with wild-caught or with chicken and pork. Thai Union Feedmill sits at that chokepoint — small next to its parent, but essential to keeping the ponds and pools stocked and the seafood aisles full.
Saved answer · last researched 28 Oct 2026