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July 17, 2019

Guinea food group Sonoco gets IFC backing

Société Nouvelle de Commerce, a food group based in Guinea in west Africa, is to get a loan from the International Finance Corporation to invest in production.

By Dean Best

Société Nouvelle de Commerce, a food group based in Guinea in west Africa, is to get a loan from the International Finance Corporation to invest in production.

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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.
by GlobalData
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The company, also known as Sonoco, will use the US$25m loan to help fund the building of grain silos in Conakry, Guinea’s capital. It will also “ramp up” production of wheat flour and bouillon cubes, a statement released by the IFC said today (17 July).

“This investment from IFC is an important step in realising the potential of Guinea’s food-processing sector. Sonoco will provide affordable, high-quality food products to Guineans, while creating new job opportunities for them,” Aboul Karim Diallo, Sonoco’s deputy general manager, said in the release.

The IFC – a sister organisation of the World Bank – said the project is “designed to spur the development of food processing in Guinea” and help “diversify the country’s economy away from the dominant mining sector”.

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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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