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September 22, 2020

Indonesia’s Garudafood eyes majority stake in Prochiz cheese firm Mulia Boga Raya

The Indonesia-based group, also present in snacks and confectionery, wants to add to its dairy business through M&A.

By Dean Best

Garudafood Putra Putri Jaya, the Indonesia-based manufacturer, has signed a memorandum of understanding to acquire a majority stake in Mulia Boga Raya.

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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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In filings with the Indonesia Stock Exchange, Garudafood said the MoU covered 55% of Mulia Boga Raya, which owns Prochiz cheese, a brand sold across south-east Asia.

Garudafood and Mulia Boga Raya, both publicly-listed, have a common shareholder. As of the end of August, Tudung Group owned just over 21.5% of Garudafood and a little more than 14.5% of Mulia Boga Raya. Tudung Group is a holding company controlled by the family of founder Darmo Putro.

In food, Garudafood markets biscuits, confectionery, savoury snacks and dairy products. The company, which dates back to 1994 but was listed in 2018, owns five factories. In 2019, the group generated sales of IDR8.49trn (US$574m), up 4.8% on a year earlier. Sales from food products grew 4.36% to IDR7.15trn. Garudafood’s group net profit rose 2.42% to IDR435.77bn.

The company exports its products to more than 20 countries, focusing on ASEAN markets.

Mulia Boga Raya, which listed in 2019, saw its net sales increase 14.2% to IDR978.8bn last year. Net profit was IDR98bn, up 45.3% on the year.

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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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