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July 22, 2020

Rice producer Forbidden Foods to go public in Australia

Forbidden Foods, a producer of organic rice, plans to go public as it prepares to launch into another category.

By Dean Best

Forbidden Foods, a producer of organic rice, plans to raise AUD6m (US$4.2m) through a public share offering in its home market of Australia.

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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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Based in the Melbourne suburb of Box Hill South, Forbidden Foods plans to list on the Australian Securities Exchange on 31 August. It has priced its shares at 20 Australian cents each, with the offering due to close on 26 August, according to a notice provided to the ASX.

The business was founded by Marcus Brown and Jarrod Milani, and offers rice varieties to the retail and foodservice channels including red, green, brown and white, along with black rice, which is considered a so-called superfood. It has recently launched gluten-free brown rice flakes, and also manufactures savoury snacks and flour mixes.

Forbidden Foods was founded in 2010 and features three brands, Forbidden, Sensory Mill and Funch, according to the prospectus, which noted 30 million shares will be sold, giving the company a market capitalisation of AUD15m based on the offer price. BW Equities Pty is the lead manager for the IPO.

In 2016, the company opened a distribution centre in New Zealand and also exports to Ireland, Singapore and the US.

The company plans to use the funds to launch products and to increase its market presence at home and abroad, with a plan to introduce “Australian-made baby food products, suitable for both domestic distribution and distribution into Asia” through its Funch brand. 

Last year, Forbidden Foods generated revenue of AUD3.4m, which is projected to grow to AUD4.1m in fiscal 2020. Around 90% of its revenue is generated in Australia, and the rest from overseas.

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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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