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June 17, 2020

Bumble Bee Foods expands plant-based offensive with new sustainability fund

US seafood processor Bumble Bee Foods has launched a sustainability fund with the aim to improve the health of the world's oceans.

By Dean Best

US seafood processor Bumble Bee Foods has launched a US$40m sustainability fund to improve the health of the world’s oceans, including an extension to its efforts to promote plant-based alternatives.

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  • 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.
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San Diego-based Bumble Bee said it has created the Accelerator Fund to focus on “further closing the gap on some of the biggest industry challenges in the sustainability space”.  

The Accelerator will seek to ensure the availability of tuna stocks, remove plastics and waste from the seas, and reduce the impact of fishing on other species. Chief executive Jan Tharp said in a statement the fund will also “pursue new ideas, partners and technologies, while also continuing to advance several current initiatives”.

Earlier this year, Bumble Bee formed a partnership with Gathered Foods Corp., a US manufacturer of seafood alternatives, including the Good Catch plant-based brand. 

Tharp continued: “Our sustainability journey started many years ago and we’re proud of our past accomplishments, but now is the time to accelerate our actions. It’s the right thing to do for our planet, for the billions of people who rely on seafood for sustenance and for the long-term success of our business.”

Bumble Bee markets its products in the US and Canada under its namesake brand, and also Brunswick and Clover Leaf. In February, the company completed the sale of its North American assets to FCF, a Taiwan-based seafood firm.

Previously owned by UK-based private-equity firm Lion Capital, Bumble Bee filed for Chapter 11 bankruptcy last year in the face of criminal fines and lawsuits related to a price-fixing case.

On the sustainability front, Bumble Bee said it aims to eliminate the plastic shrink wrap on its multipack products and will seek to make all its packaging 95% recyclable this year, increasing to 98% by 2025. 

Tharp added: “Our bold goals for the future are based on our unwavering focus to restore and protect the health of our oceans. Our past efforts are inspiring the path forward, and we’re building in flexibility and accountability along the way.”

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Free Report
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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.

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