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July 20, 2016

CP Foods buys Sri Lankan processor Norfolk

Thailand's Charoen Pokphand Foods has acquired an 80% stake in Sri Lanka's ready-to-eat food manufacturer Norfolk Foods for US$4m.

Thailand’s Charoen Pokphand Foods has acquired an 80% stake in Sri Lanka’s ready-to-eat food manufacturer Norfolk Foods for US$4m.

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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.
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The Thai meat giant said in a statement to the Stock Exchange of Thailand that it had also secured the right to acquire the remaining 20% of Norfolk from existing shareholders on each second, third, and fourth anniversary of the first transaction date.

The acquisition was made through CP Foods’ wholly-owned subsidiary CPF Investment Ltd from Expolanka Holdings, Habeeb Mohamed Ziauddin and Hamzathul Zareeha Ziauddin.

Norfolk, incorporated in Sri Lanka in 1994, is a manufacturer and distributor of ready-to-eat food products including samosas, processed chicken and meat stuffed with cheese and sausages under the Crescent trademark. The company has a 21% share of Sri Lanka’s ready-to-eat food products market.

CP Foods told just-food earlier this month that CPF (India) Pvt Ltd was negotiating to supply fast-food chicken chains after opening a new chicken processing plant in India’s southern state of Andhra Pradesh.

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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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