- News
Caribbean food specialist Grace Foods, owned by Jamaican corporation GraceKennedy, has taken a 49% stake in a Florida-based peer.
Leonie Barrie January 17, 2019
Caribbean food specialist Grace Foods, owned by Jamaican corporation GraceKennedy, has taken a 49% stake in Florida-based Majesty Foods, a deal which it intends to useto accelerate its plans to become a major player in the US-Hispanic food category.
Free Report
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.
Thank you.
You will receive an email shortly. Please check your inbox to download the Report.
Go deeper with GlobalData
Premium Insights
The gold standard of business intelligence.
Find out more
Related Company Profiles
By GlobalData
A new joint-venture company has been established for the combined operation.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free sample
Your download email will arrive shortly
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Grace Foods, which makes products including jerk seasonings and hot sauces, and ownsbrands such as Grace, Encona and Dunns River, plans to outsource its current 23,000 sq ft cold storage and food processing facility in Florida to Majesty.
Financial details of the deal werenot disclosed.
Majesty Foods manufactures patty and empanada products, marketed under its own brands Patty King and Latin Delights, as well as under third-party brands.
See Also:
- China-EU trade spat, This funding boost, Lactalis dairy closure – Just Food’s week in data
- US meat company Carl Buddig suffers data security breach
It currently manufactures Grace brand patties in the US for Grace Foods.
The company has extensive co-packing relationships with US companies and its products are sold through multiple retailers in the country including Whole Foods and Publix. Majesty Foods also sells to foodservices distributors including Sysco, Cheney Brothers and Jetro/Restaurant Depot.
Don Wehby, GraceKennedy’s group CEO, said: “The consolidation of these two entities will create a stronger and better capitalised business through various synergies, allowing Majesty Foods to provide an enhanced service offering to all its customers.
“We have been aggressively pursuing opportunities for mergers and acquisitions as a part of our long-term strategy. This joint venture is a step in the right direction for our foods division as we strive to leverage our leading position in the USA-Caribbean market to become one of the top players in the USA-Hispanic market through our La Fe brand.”
The principals of Majesty Foods, Gary Tie-Shue and Colin Chang, will continue to lead the manufacturing operation.
“We are very excited to be partnering with Grace Foods and look forward to embracing the challenge of transforming our business into the leading manufacturer of Hispanic and Caribbean food products in the USA,” said Tie-Shue.
Free Report
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.
Thank you.
You will receive an email shortly. Please check your inbox to download the Report.
By GlobalData
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Sign up
