Matco Foods

What Matco Foods does

Matco Foods Limited is a Pakistan-based, publicly-listed (PSX: MFL) food processing and export company founded in 1964, operating as the largest basmati rice exporter from Pakistan with over 50 years of industry experience. The company runs five processing plants across Karachi, Sadhoke, and Faisalabad, producing a diversified portfolio spanning premium basmati rice (varieties 1121, 1509, Super Basmati, D98), long grain rice, organic rice, rice syrups, maltodextrin, dextrose monohydrate, rice protein, rice flour, and corn starch in food/pharma/textile grades. Its flagship consumer brand Falak is available in 65+ countries, holding 40% market share in Pakistan's branded rice category (Kantar 2022-2023).

The company operates a dual business model combining branded consumer products (Falak recipe mixes, spices, salts, condiments) with B2B ingredient supply to 150+ corporate customers across food, pharmaceutical, infant nutrition, and industrial sectors. Go-to-market relies on enterprise field sales, international distribution networks in 60+ countries, regular trade fair participation (Gulfood, SIAL, Anuga, Biofach, THAIFEX, Fancy Food Show), and an emerging direct-to-consumer e-commerce presence in the USA. Manufacturing technology leverages Satake Japan equipment (since 1980, with Pakistan's first fully-automated rice plant commissioned in 1990), Beijing Meckey Engineering rice glucose processing, and in-house R&D for custom formulations.

Matco generates revenue through bulk ingredient sales (rice syrups, maltodextrin, dextrose, corn starch, rice protein), branded rice exports, private labelling solutions serving 55+ countries, and consumer packaged foods. The company completed its IPO on the Pakistan Stock Exchange in January 2018, received IFC (World Bank Group) equity investment in 2012, secured PKR 750 million Bank Alfalah financing in 2025 for corn starch expansion, and maintains Ghori family control with a professional board. Vertical integration spans farmer engagement programs (Kissan Dost with 600+ farmers, Grassroots Farming Initiative with 2,500 farmers), processing, and global distribution.

Name

Matco Foods

Legal name

Matco Foods Limited

Website

https://matcofoods.com

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Matco Foods Limited is a Pakistan-based, PSX-listed food processing company and the country's largest basmati rice exporter, operating five plants and serving 150+ corporate B2B customers and 65+ consumer markets with rice, syrups, starches, and specialty ingredients under the Falak brand.

Ownership category

akta.pro rank

Product category

Rice & Food Ingredients Manufacturing

NAICS

Rice Milling (311212), Grain and Oilseed Milling (3112), Food Manufacturing (311)

SIC

Grain Mill Products (2040), Food And Kindred Products (2000)

akta.pro primary industry

Rice & Grain Processing (milling, polishing, parboiling, blending) (AFAKABAE)

akta.pro secondary industry

Gluten-Free & Specialty Grain-Based Foods Manufacturing (GF pasta/cereals, ancient grains) (AFAKABAK)

Keywords

• Basmati rice export
• Rice syrup ingredients
• Corn starch manufacturing
• Maltodextrin dextrose production
• Private label rice

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Basmati Rice Export: Export of premium basmati rice including 1121, 1509, Super Basmati, and D98 varieties in white, brown, steam, and parboiled forms. Flagship brand Falak available in 65+ countries. Private labelling solutions offered for bulk requirements.
2. Long Grain Rice: Export and supply of non-basmati long grain rice including Irri-6, Irri-9, and PK-386 varieties for bulk consumption markets and foodservice operations.
3. Rice Syrups and Sweeteners: Production and supply of brown rice syrup, organic rice syrup, tapioca syrup, infant rice syrup, infant tapioca syrup, high maltose syrup, and low sugar syrup. Available in organic and conventional grades for food, pharmaceutical, nutrition, and infant food industries.
4. Maltodextrin and Syrup Solids: Supply of rice maltodextrin, tapioca maltodextrin, infant safe maltodextrin, rice syrup solids, tapioca syrup solids, and infant syrup solids for bakery, cereals, snacks, infant nutrition, and functional foods.
5. Dextrose Monohydrate: Production of organic and conventional dextrose monohydrate from rice and tapioca for bakery, snacks, dairy, frozen desserts, dressings, sauces, and personal care applications.
6. Corn Starch Products: Manufacturing of food grade, pharma grade, and industrial/textile grade corn starch, plus corn gluten meal for animal feed. Products derived from Yellow Dent Corn, White Corn, and Waxy Corn.
7. Consumer Packaged Foods: Falak branded consumer foods including recipe mixes, spices, salts, desserts, chili crunch, and seasonings available in retail markets.
8. Rice Protein: Rice protein for feed applications with 50%-70% protein content in organic and conventional varieties for pet food, equine nutrition, and livestock feed.
9. Rice Flour: Supply of organic, white, brown, and parboiled rice flour for baking, Asian cuisine, gluten-free products, coating systems, pharmaceuticals, and pet food.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Matco Foods is Pakistan's largest basmati rice exporter, manufacturing and supplying premium basmati and long-grain rice, organic rice, rice syrups, maltodextrin, dextrose monohydrate, rice protein, corn starch (food/pharma/textile grades), rice flour, and pink salt to global food, pharmaceutical, nutrition, and textile manufacturers. The company also sells branded consumer food products including rice, recipe mixes, spices, salts, and condiments under its flagship Falak brand to retail consumers in 65+ countries, and offers private labelling and bulk supply solutions.

Product overview

Matco Foods is a Pakistan-based food processing and export company operating as a single unified business rather than a platform architecture. The company offers a diversified portfolio of food products organized around several core categories: (1) Consumer packed foods under the Falak flagship brand including basmati rice, recipe mixes, spices, seasonings, salts, desserts, and condiments available in over 65 countries; (2) Industrial ingredients including rice syrups (brown rice syrup, tapioca syrup, infant formulas), maltodextrin, syrup solids, rice protein, and dextrose monohydrate serving food, pharmaceutical, and nutrition industries; (3) Corn starch products ranging from food grade to pharmaceutical and textile grades; (4) Private labelling and bulk solutions for over 150 corporate customers across 55+ countries. The company operates 5 processing plants and exports to 60+ countries worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Falak: Flagship brand offering premium basmati rice, recipe mixes, spices, salts, and dessert products available in more than 65 countries worldwide
• Falak Extreme Rice
• Amber
• Bahar
• Falak Masalas
• Falak Seasonings
• MAT-PHARM
• MAT-TEX
• MAT-CORN FIBER
• MAT-FEED
• MAT-GOLD MEAL

Products and services

• 1121 Basmati Rice Premium basmati rice known for extra-long grain length, natural aroma, and excellent elongation after cooking. Available in white, brown, steam, and parboiled varieties for food manufacturers, distributors, and retail consumers.
• 1509 Basmati Rice Premium basmati rice variety known for long grain length, pleasant aroma, and excellent cooking performance, offering a balanced combination of grain length, taste, and yield for B2B buyers and consumers.
• Super Basmati Rice Traditional and highly aromatic basmati rice variety with distinctive fragrance, medium-to-long grain length, and rich taste, widely consumed for authentic South Asian cuisine by food service operators and retailers.
• D98 Basmati Rice Premium basmati rice variety with uniform grain structure, pleasant aroma, and reliable cooking performance, suitable for domestic consumption and export-oriented markets.
• Irri-6 Long Grain Rice Widely traded long-grain non-basmati rice variety known for affordability, high yield, and consistent quality, used in bulk consumption markets and foodservice operations.
• Irri-9 Long Grain Rice Popular long-grain non-basmati variety appreciated for slightly improved grain appearance and cooking quality, balancing cost efficiency and grain quality for bulk buyers.
• PK-386 Long Grain Rice Well-known long-grain non-basmati rice variety valued for grain length, firmness, and adaptability, suitable for regular meals and large-scale foodservice operations.
• Organic Rice Rice cultivated using certified organic farming practices without synthetic pesticides or chemical fertilizers. Available in white and brown basmati and long grain varieties for health-conscious consumers and organic food brands.
• Rice Syrups Liquid nutritive sweeteners including brown rice syrup, organic rice syrup, high maltose syrup, and low sugar syrup. Also known as glucose syrup or liquid glucose, used in food, pharmaceutical, and nutrition industries as alternative sweeteners.
• Tapioca Syrup High-quality liquid sweetener produced through starch hydrolysis using tapioca, known for clean taste, excellent clarity, and smooth texture for food manufacturers.
• Infant Rice Syrup and Infant Tapioca Syrup Mild, easily digestible liquid sweeteners derived from rice and tapioca for infant and toddler food formulations. Neutral taste, hypoallergenic, and excellent stability for baby food manufacturers.
• Rice Maltodextrin Fine, white, free-flowing powder produced from rice starch with neutral taste, excellent absorption, and flavor-carrying properties for bakery, cereals, snacks, infant nutrition, and functional foods.
• Tapioca Maltodextrin High-quality carbohydrate powder from tapioca starch offering excellent solubility, neutral taste, and smooth mouthfeel for food and beverage manufacturers.
• Infant Safe Maltodextrin Fine, free-flowing carbohydrate powder for infant and toddler food formulations. Produced under strict quality controls for easy digestibility, meeting infant nutrition regulatory standards.
• Rice Syrup Solids Fine, free-flowing powders from dried rice syrup providing neutral to mildly sweet taste with excellent absorption properties for bakery, cereals, snacks, and infant nutrition applications.
• Tapioca Syrup Solids Fine powder produced from tapioca starch, dried to offer excellent solubility and clean taste for dry food formulations across multiple industries.
• Infant Syrup Solids Fine, free-flowing powders for infant and toddler food formulations with gentle sweetness and easy digestibility for baby food manufacturers.
• Rice Flour Versatile ingredient from finely milled rice available in organic, white, brown, and parboiled varieties, used in gluten-free baking applications, Asian cuisine, coating systems, pharmaceuticals, and pet food.
• Food Grade Corn Starch Refined fine white powder derived from high-quality corn, used for thickening, texture, and consistency in food products across food manufacturers.
• Pharmaceutical Grade Corn Starch Highly refined excipient for pharmaceutical industry designed for reliable performance in solid dosage formulations. Part of the MAT-PHARM range for pharma manufacturers.
• Textile Grade Corn Starch Specially engineered industrial starch for the textile sector as part of MAT-TEX range, enhancing yarn strength, weaving efficiency, and finishing performance for textile manufacturers.
• Corn Gluten Meal High-protein feed ingredient from corn wet milling process used in animal nutrition for livestock and poultry. Available as MAT-FEED (27% Gluten) and MAT-GOLD MEAL (60% Gluten).
• Rice Protein Concentrated protein fraction derived from whole rice grain. Plant-based protein suitable for feed applications with protein content ranging from 50% to 70% in organic and conventional varieties for pet food, equine nutrition, and livestock feed.
• Dextrose Monohydrate Sweet, white to off-white fine powder from rice and tapioca, used as functional sweetener and multi-purpose ingredient in food, nutrition, bakery, snacks, dairy, frozen desserts, dressings, sauces, personal care, and industrial applications.
• Pink Salt Naturally occurring pink rock salt with distinctive color from trace mineral content, available in fine and coarse varieties sourced from Himalayan rock salt deposits for retail and food service.
• Falak Consumer Brand Products Flagship consumer brand offering premium basmati rice, recipe mixes (Biryani Range, Curry Range, BBQ Range), spices, seasonings, salts, desserts, condiments, and chili crunch for retail consumers in 65+ countries.
• Amber Brand Basmati Rice Basmati rice brand positioned for everyday consumption and premium market segments, including Amber Gold, Amber XXL Sella, Amber XXL Basmati, Amber Brown, and Amber Daily Rice variants.
• Bahar Brand Basmati Rice Premium and specialty basmati rice brand focusing on long grain length, consistency, and traditional basmati preparations, including Bahar Extra Long Grain, Bahar Sella, Bahar Premium, and Bahar Brown variants.
• Private Labelling and Bulk Solutions Customized packaging and private labelling solutions for basmati rice, organic rice, rice syrup, and corn flour customers across over 55 countries. Serves more than 150 corporate customers with consistent quality and scalable bulk supply.

Quantifiable outcome

• 91.25% SRP Standard score achieved for sustainable rice cultivation by producer group members
• +3 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Jubilee General InsuranceminorOthers · 1 January 2025Matco Foods signed MoU with Jubilee General Insurance to strengthen health, safety, and financial security of employees through a comprehensive insurance partnership.
• BykeaminorOthers · 1 January 2025Matco Foods partnered with Bykea to provide safe and reliable transportation for female staff, removing mobility barriers and supporting women's professional growth.
• AbhiminorOthers · 1 January 2025Matco Foods partnered with Abhi (YC S21) to introduce Earned Wage Access (EWA), enabling employees to access part of their salary anytime for financial flexibility and control.
• NOWPDP (Network of Organizations working for Persons with Disabilities Pakistan)minorStrategic or Co-development Partner · 1 January 2021Matco partnered with NOWPDP and The Shamil Initiative to create jobs for persons with disabilities through 'Khayal Rakhna' campaign producing recyclable fabric bags for frontline healthcare workers.
• Barentz Pakistan (Private) LimitedcoreStrategic or Co-development Partner · 1 January 2019Matco Foods and Barentz International formed a joint venture Barentz Pakistan (Private) Limited in 2019 to provide a 'one-stop-solution' service for standard and specialty ingredients for the Food, Nutrition and Pharmaceutical industries. Barentz participated in IFTECH 2025 showcasing its specialty ingredients portfolio.
• Beijing Meckey Engineering Co.coreTechnology or Integration · 1 January 2018Matco Foods signed agreement with Beijing Meckey Engineering Co. in 2018 for supply of 20,000 tons per year Rice Glucose manufacturing plant. This expansion increased total production capacity to 30,000 tons of Rice Glucose and 3,000 tons of Rice Protein respectively per year.
• OxfamcoreStrategic or Co-development Partner · 1 January 2017Matco Foods and Oxfam signed a pilot project Grassroots Farming Initiative in 10 villages in Punjab targeting 1,500 farmers, predominantly females, to improve their socio-economic wellbeing and rice production practices. Phase 2 extended till 2021 targeting 2,500 farmers in 25 villages.
• Satake Corporation of JapancoreTechnology or IntegrationMatco has been operating as agent of Satake Japan since 1980. In 1990, Matco commissioned Pakistan's first fully-automated, modern rice processing plant supplied by Satake Corporation of Japan.
• Sustainable Rice Platform (SRP)coreStrategic or Co-development PartnerMatco Foods is a member of the Sustainable Rice Platform (SRP), ensuring sustainability and efficiency at all levels of production, connecting all stakeholders, improving livelihood of farmers, and protecting the environment.
• Ghori TrustminorOthersGhori Trust was sponsored and formed by Matco in 2000 to support community service initiatives in education and health in Pakistan. Registered as Non-Profit Organization with FBR.

Scale indicators19 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Guard Rice Pvt Ltd: Pakistani basmati and long-grain rice exporter serving Middle East, Africa, Europe and the Americas. Directly competes with Matco on basmati volumes, private-label programmes, and SRP/organic certifications for the same global B2B rice buyer base.
• LT Foods (Daawat / Royal): India-headquartered basmati rice major with branded Daawat and Royal labels plus organic and food-service lines. Closest international analog to Matco's Falak in product breadth, private label capability, and global distribution in 60+ countries.
• KRBL Limited (India Gate): India's largest basmati miller and exporter under the India Gate brand. Comparable to Matco in integrated milling-exports model, branded retail play, and value-added rice derivatives such as rice flour and syrups.
• Tilda Rice: UK-based premium basmati and specialty rice brand sourcing from Pakistan and India. Directly comparable to Falak on premium retail SKUs, brown/steamed variants, and private-label supply to European grocers.
• Amira Nature Foods: India/EM-focused basmati and specialty rice exporter with branded retail and B2B programmes. Comparable to Matco's basmati-export plus branded retail model across Middle East, Africa, Europe and North America.

Regional players

• Sun Rice (Ricegrowers): Australia's leading rice company with branded, food-service and ingredient (rice flour, rice bran) products across Asia Pacific. Comparable business model to Matco's branded-plus-ingredient split, though focused on Australian medium-grain rather than basmati.

Broad incumbents

• Shan Foods (Pakistan): Pakistan's largest spice and recipe-mix brand with adjacent rice and condiment lines. Comparable to Matco's Falak consumer business in domestic B2C channels, supermarket merchandising, and rice-adjacent categories.
• National Foods (Pakistan): Pakistani packaged-foods major covering spices, mixes, rice, and condiments. Operates as a broader incumbent in the same local retail channels where Matco's Falak and Amber brands compete for shelf space.
• Ingredion: Global ingredient company producing maltodextrin, dextrose, syrups and starches including rice-derived variants. Comparable to Matco's Matco Corn Products and DMH plant in the food/pharma ingredient end-markets.
• Roquette: French global starch and polyol manufacturer producing maltodextrin, dextrose and syrups from corn, rice and tapioca. Directly competes with Matco in pharmaceutical- and infant-grade carbohydrates and specialty rice-based ingredients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/FalakRiceChannel
• Facebookfacebook.com/FalakRice
• LinkedInlinkedin.com/company/matco-foods
• Instagraminstagram.com/matcofoods

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matco Foods