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October 28, 2021

Century Pacific Food enters pet food

The Philippines-based meat, seafood and dairy group believes pet ownership will continue to grow.

Philippines-based meat, seafood and dairy supplier Century Pacific Food is adding pet food to its portfolio.

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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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The company has launched a brand, Goodest, into its domestic market, starting with cat food.

Executive chairman Christopher Po said: “Pet food is one of the fastest growing consumer goods categories in the Philippines and around the world. With long-term trends such as rising incomes as well as demographic trends of people staying single longer or having children later, as well as people spending more time at home due to the pandemic, we see pet ownership on the rise.”

Po added: “More Filipino households are now caring for pets and treating them as family. Moreover, the penetration of pet food is still very low in the Philippines versus our more affluent ASEAN neighbours. We expect this category to continue growing going forward.”

Century Pacific Food’s origins are in tuna. The company said its move into pet food was another example of it expanding its portfolio. A year ago, the business entered the market for plant-based meat alternatives.

Po said: “We are always on the lookout for opportunities to expand our portfolio, whether organically or inorganically, but it needs to be purposeful. In the case of pet food, we think we have found an attractive opportunity where we believe we can offer compelling value to the market. We see this as a strongly synergistic and accretive business unit that can leverage our manufacturing and brand-building know-how.”

In the first half of 2021, Century Pacific Food generated revenues of PHP27bn, up 8% on a year earlier. Sales were boosted by the company’s OEM exports business.

“We are grateful for this revenue growth following the surge in sales we saw last year. We see this as a reflection of organic demand, given that pantry loading hasn’t occurred in the same magnitude as 2020,” Century Pacific Food CFO Chad Manapat said at the time.

Net income was 21% higher at PHP2.7bn.

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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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