Canada’s French Creek Seafood to get Chinese buyer

Canada-based seafood exporter French Creek Seafood has agreed to a takeover bid from China’s Shanghai Kaichuang International Marine Resources Co.

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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

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Shanghai Kaichuang, listed on the Shanghai Stock Exchange, said it had struck a deal to buy French Creek Seafood through its subsidiary Shanghai Kaichuang Ocean Fisheries Co.

Under the terms of a two-stage deal, the Chinese group is to buy 70% of French Creek Seafood for CAD7.7m. The acquisition of the remaining 30% will be completed within five years, a stock-exchange filing from Shanghai Kaichuang read.

According to French Creek Seafood’s website, the family-owned business was set up in 1991. The company ships seafood, such as tuna, prawns and halibut to the US, Europe and Asia.

Shanghai Kaichuang has been looking to cast its net internationally and downstream in recent years. In 2016, the company agreed a deal to buy Spanish seafood processor Conservas Albo for around EUR61m (then US$69.3m).

Free Report

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

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