PUCHONG: The Arnott’s Group (TAG), an Australian multinational food manufacturer and producer of Prego and Kimball, has partnered with 7-Eleven Malaysia Sdn Bhd to introduce Prego Instant Pasta Bowl.
The new offering marks TAG’s entry into the ready-to-eat meals market here and it aims to capture more than 60% share of the instant pasta meals segment in Malaysia by 2026.
Its CEO, George Zoghbi, said the partnership demonstrates TAG’s dedication to growth in Malaysia for the long term and plans to collaborate with other entities to expand its availability.
“Consumers want a product that tastes great, has nutritional value and is convenient for on-the-go consumption. This product hits all three areas, which is why we’re optimistic about its prospects. Pasta is not new to us, and we’ve now added the convenient factor with Prego Instant Pasta Bowl,“ he told reporters after the launch yesterday.
He said pasta-based products are experiencing the fastest growth in the market, which is why they are now reflected in its offerings.
“Our Prego brand is no stranger to the pasta business. We are the largest in this market as well as for our pasta sauces. For pasta sauce we have 92% market share in Malaysia. So we are the leader in pasta sauce. And even in dry pasta we are the leader,” he said.
TAG’s managing director of Asia, May Lim, said the aim to capture more than 60% of the local instant pasta meals market share by 2026 is in line with the success of its Prego Quick Cook pasta, which captured more than 62% of market share within two years of its introduction.
Revenue in the ready-to-eat meals market in Malaysia is expected to amount to US$2.15 billion (RM10.1 billion) in 2024, with a 6.83% compund annual growth rate (CAGR) from 2024 to 2028.
Kuala Lumpur is TAG’s Asia hub. Its Asian business currently contributes a turnover of more than RM1 billion which equates to a quarter of TAG’s total annual turnover. Annual revenue is estimated to reach RM2.5 billion in 10 years’ time.
Meanwhile, revenue in the ready-to-eat meals market across Asia is expected to amount to US$360 billion (RM1.72 trillion) in 2024, with CAGR of 6.89% from 2024 to 2028.
Currently, TAG is exporting ready-to-eat meals to Singapore with plans for other countries in the future.
“We’re going to be a participant in a very large and growing segment in the Asian market when it comes to meals on the go. And we like that opportunity,” Zoghbi said.
Targeted at young working adults, university students, and busy mothers, Prego Instant Pasta Bowl can be served in five minutes. It will be available across all channels nationwide in June.
