Japanese Dairy Giant and Agrocorp to Open Pea Protein Plant in Malaysia

June 2023

It has been announced that Japanese dairy giant Megmilk Snow Brand is partnering with Singaporean global agrifood supplier Agrocorp International to produce and distribute plant-based ingredients to accelerate the shift toward sustainable food production in Malaysia and other locations in Asia.

The two parties have established a joint venture (JV) to launch a factory in Malaysia producing pea protein and starch isolates for Asia’s plant-based food manufacturing sector. It has been revealed that Agrocorp will contribute for 51% and Megmilk for 49% of the required USD 21 million investment.

This partnership aims at capitalizing on the strengths of both companies as they intend to meet the rising plant-based food and beverage demand in Asia. Tellingly, the Good Food Institute’s latest State of the Industry Report plant-based food investments in the region increased by 30% to USD 372 million.

Japan has witnessed a boom for plant-based soybean F&B production. Megmilks’ Medium-Term Management Plan 2025 identified plant-based foods as an important growth area, while Agrocorp expanded into plant protein ingredients with the launch of its first facility in Canada. Agrocorp also launched its plant-based brand HerbYvore in Singapore, debuting with a vegan paneer made with pea protein processed at the company’s Canadian factory.

(Sources: Vegconomist; Green Queen)

Our Services

Orissa International provides consulting services to companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 distributors, resellers, and system integrators, built through advising and guiding more than 5,000 companies with their market expansion into Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines over the last 25 years.