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October 7, 2021

Australia’s Produce Republic rescues fruit, veg supplier In2Food

Produce Republic set up Aussie Frozen Fruit in 2019.

Australia’s Produce Republic has bought Melbourne-based fresh fruit and vegetable supplier In2Food out of receivership.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Produce Republic was founded by Sydney-based investment firm Remagen Capital in 2019 as a holding company for fruit supplier Aussie Frozen Fruit in Yarra Valley, Victoria, which was set up the same year.

The company said it acquired In2Food through a competitive bidding process run by receivers FTI Consulting, saving 400 jobs.

In2Food was set up in 2018 and sources fresh produce from local farmers sold into retail, the foodservice channel, hospitality and food manufacturers. It operates ten storage, distribution and packaging facilities across Australia.

Aussie Frozen Fruit also sources fresh fruit from local farmers and has an exclusive contract with retailer Woolworths. It is headed up by CEO Brett Jackson, who is also the managing director of Produce Republic.

“We’re excited by the potential of a recapitalised and revitalised In2Food,” Jackson said in a statement. “While the business was adversely affected by Covid-19 it has outstanding fundamentals, with established supply relationships with local growers, a diverse customer base, loyal employees and an integrated national footprint.”

 

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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