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April 13, 2021updated 11 May 2021 7:15pm

Target zeroes in on food firms with new accelerator

By Andy Coyne

Target, the US retailer, has launched an accelerator programme aimed at “disruptive” food and beverage manufacturers.

Free Report
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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
Enter your details here to receive your free Report.

The Minneapolis-based grocer – a top ten US retailer by size – said its Target Takeoff Food and Beverage 2021 programme is “perfect for mature retail companies looking to scale and learn what it takes to get their products into Target retail stores”.

It will take place from 19 July until 20 August and applications need to be in by 10 May.

Target, which has close to 2,000 stores, said: “Part accelerator, part boot camp, Target Takeoff Food and Beverage is a five-week, consumer product start-up accelerator that is designed to help you build the knowledge and connections to take your brand to the next level. You’ll learn the ins and outs of mass retail while working with a team of mentors and Target leaders to better position your brand.”

Participants will be selected based on team, assortment, innovation pipeline, traction and potential growth at Target stores.

During the programme, the chosen companies will work virtually with mentors, collaborate with other entrepreneurs and participate in skill-building sessions, culminating in the opportunity to pitch to Target category buyers.

A US$3,000 stipend will be provided to cover expenses such as samples and equipment.

Read just-food's guide - Hatching new ideas - Big Food's incubator and accelerator programmes

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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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