US-based Fortune International, an importer, processor and distributor of seafood and meat products, has acquired local peer Neesvig’s for an undisclosed sum.

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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.

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Illinois-headquartered Fortune said the deal strengthens its presence in Wisconsin, Minnesota and Iowa and provides it with a USDA meat processing facility.

Neesvig’s, based in Windsor, Wisconsin, also operates Empire Fish, a retail store and a “state-of-the-art” fulfilment operation in its home state.

Fortune said the deal will allow it to better service the upper Midwest region with expanded distribution capabilities, and the rest of the nation through the fulfilment operation, which specialises in direct-to-consumer, e-commerce business.

Sean O’Scannlain, Fortune’s president and CEO, said: “We are excited to strengthen our meat programme with our own processing facility and continue to grow the fulfilment operation with additional locations.”

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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

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

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