KIDO enters the billion-dollar spice market

KIDO Group (code: KDC) launched fish sauce and seasoning products under the brands Tuong An and Tuong An Unicook, officially "on shelves" at Tuong An's distribution systems from December 25. The 4 product codes include Tuong An anchovy fish sauce 40 Protein - Rich; Tuong An anchovy fish sauce 32 Protein - Harmonious; Tuong An Unicook seasoning powder with spare ribs, marrow bones and stewed meat broth; Tuong An Unicook seasoning powder with shiitake mushrooms and 3 types of vegetables. Mr. Tran Le Nguyen, Vice Chairman of the Board of Directors - General Director of KIDO Group and Chairman of the Board of Directors of Tuong An Vegetable Oil Joint Stock Company, shared that the seasoning industry is an important strategy of the group in expanding the essential food industry. To spread the image and bring new products closer to consumers, the group uses the advantage of the Tuong An brand to penetrate each region/market; logistics system, distribution channel including a system of 450,000 available points of sale of essential products; modern shopping channels, e-commerce platforms, including E2E - the leading shopping and entertainment channel, trade promotion on the TikTok platform. At the same time, as the Lunar New Year is approaching, KIDO will develop essential product sets that go together including cooking oil, seasoning powder, fish sauce, margarine, etc. to help points of sale and consumers have more choices, diversifying the product experience. In Vietnam, most dishes from the past to the present, from traditional to modern of Vietnamese people, cannot lack accompanying spices. Or in the cooking habits of Vietnamese people, spices such as cooking oil, fish sauce, soy sauce, seasoning powder, etc. have become an indispensable part of preparing dishes. According to a market research report conducted by Euromonitor International, the market size of Vietnam's condiment industry in 2022 will reach VND35,707 trillion (~USD1.5 billion). Of which, fish sauce accounts for the largest proportion with a total scale of VND15,214 trillion. Also in this report, the condiment industry is forecast to reach VND40,812 trillion by 2026. This year, the group completed the acquisition of Tho Phat International Joint Stock Company - owner of the leading Tho Phat dumpling brand. KIDO leaders said that Tho Phat is an important part in the group's strategy to expand the bakery industry. KIDO currently has 3 main product lines including cooking oil, ice cream and cakes. The group is actively diversifying its products, aiming to "fill the Vietnamese kitchen". Entering the condiment industry is a step to realize the above goal. According to My Ha - Investor Source: https://www.kdc.vn/tin-tuc/tin-tuc-su-kien/kido-buoc-chan-vao-thi-truong-gia-vi-ty-usd