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November 4, 2020

Continental Grain invests in co-manufacturer Multifoods

Continental Grain Company, a private investor in New York, has taken a financial interest in a South American food and beverages business.

By Dean Best

Continental Grain Company, a private investor in New York, has taken a financial interest in Multifoods, a food and beverages contract manufacturer in Peru. 

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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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Continental Grain (CGC), which invests in food and agriculture businesses, did not disclose any details in terms of the size of the cash injection or any stake taken in Multifoods. Previous investments by CGC include MycoTechnology, a Colorado-based company making ingredients from mushrooms, US agri-food firm Bunge, and poultry group Wayne Farms in Georgia.

Multifoods, based in the capital Lima, manufactures products for retailers, consumer goods companies and the foodservice channel, with a range that encompass sauces, dressings, jams, fruit spreads, syrups and ready-to-drink beverages for customers predominately in the US and Canada, but also for clients in other destinations.

Michael DeBakey, the founder and CEO of Multifoods, said: “CGC brings significant operating experience and an extensive international network in the food industry. I look forward to leveraging their expertise as we expand Multifoods into new geographies and product categories.” 

Carlos Poblete, a vice president of CGC for Latin America, added: “We look forward to working with the management team to continue expanding Multifoods’ production capabilities and accelerate the company’s growth both organically and through acquisitions.”

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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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