Singapore – IMCD N.V., a leading distributor of speciality chemicals and food ingredients, announced that it acquired the food distribution business of Matrix Ingredients Pte. Ltd., and Matrix Ingredients Sdn. Bhd., in Singapore and Malaysia, respectively.
Established in 2002, Matrix Ingredients, a leading solution provider, offers ingredients, technical services and formulation advice in the savoury and processed meat segments. In addition, to servicing both these segments, Matrix Ingredients’ experts work with suppliers and customers on establishing solutions for plant-based meat alternatives, aiming to meet the increased demand for plant-based protein products. Global (animal) protein market is set to grow by 45% in the next two decades, while 60% of this growth will be in South East Asia.
Low Boon Weng, Business Group Director IMCD Food & Nutrition APAC, comments: “An increasing disposable income, a growing demand for convenience as well as the increased need for high quality and safe processed foods are all contributing factors to propelling the growth of the processed savoury and meat markets in the South East Asia region.”
Haiko Zuidhoff, Vice President, IMCD APAC, adds: “With Matrix Ingredients’ leadership position in the Singapore and Malaysian market, IMCD establishes a solid position in the fast-growing savoury and processed meat segment. Together we are well positioned to deliver accelerated growth in the APAC region to our suppliers.”
Moy Teo, owner of Matrix Ingredients, also comments: “By joining IMCD, we look forward to expanding our business in the meat processing segment by combining each other’s network and expertise. It’s an excellent opportunity and we look forward to achieving further growth together.”
Both companies will expand their offering to customers with the set-up of a dedicated savoury and processed meat laboratory and the appointment of additional master-butchers in South East Asia for technical and formulatory advice.