Magmilk Snow Brand Company Limited has announced a partnership with Agrocorp International Pte Ltd, a Singapore based global agri commodities company. The joint venture will manufacture and market plant-based food ingredients.
Magmilk in its ‘Medium-Term Management Plan 2025’ had identified entry into the plant-based food sector as an important new business area. Agrocorp is also looking to further expand its downstream business capability in plant protein extraction following its first facility in Saskatchewan, Canada.
The partnership will seek to leverage the strengths of both companies with a joint venture company set up in Singapore and a wholly owned subsidiary in Malaysia, where a factory will be set up to manufacture plant protein and starch isolates. The venture aims to meet the growing demand for plant-based food and beverages. The companies plan to invest $21 million (about 2.8 billion yen) in the joint venture, of which Agrocorp will invest 51%, while Megmilk will invest 49%.
“We are excited to partner with Magmilk Snow Brands, one of the largest dairy companies in Japan, to advance our capabilities in the plant protein extraction business,” said Vishal Vijay, Director of Strategic Investments, Agrocorp International. “This is our second major investment in protein extraction after our first facility in Saskatchewan, Canada, and we hope to be able to meet the growing demand in Asia for plant-based food,” he added.
Agrocorp International, a global agri-commodities firm specializing in the sale of staple food products such as wheat, pulses and sugar to major food manufacturers in the Asia Pacific and Middle East regions, also recently launched its plant-based ingredients business . Headquartered in Shinjuku-ku, Tokyo, Masatoshi Sato is the current representative director and president of the Magmilk Snow brand.