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November 5, 2021

Mitsui Co. moves to buy majority of frozen supplier Goyo Foods Industry

The Japanese conglomerate said the acquisition is part of its strategy to invest in “high value-added” food.

Japanese conglomerate Mitsui Co. has struck a deal to buy more than 87% of local frozen-food supplier Goyo Foods Industry.

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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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Mitsui has agreed to pay JPY1.4bn (US$12.3m) for an 87.04% stake in Goyo Foods Industry, which manufactures and sells frozen desserts.

In a stock-exchange filing, Mitsui said “consumer recognition of frozen sweets” in Japan was on the rise. The company also pointed to growing demand from convenience stores – which it had said had focused on chilled products – amid a “labour shortage in confectionery manufacturing” and heightened awareness of food waste.

Goyo Foods Industry could also “accelerate” its own overseas expansion using Mitsui’s distribution network and existing assets outside Japan, it added.

Keisuke Masuda, the former representative director of Goyo Foods Industry and the company’s second-largest shareholder, will retain his 12.96% stake in the business.

On the other side of the M&A ledger, Mitsui, meanwhile, has agreed to sell its US-based division, Mitsui Foods Inc., to local food importer Atalanta Corporation for an undisclosed sum.

In food, Mitsui, which also operates in sectors including mining and energy, has interests in sugar production, grain exports and poultry processing.

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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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