Editor's Note: We appreciate your patience - the issues with the Food Institute website have been resolved. Please see an updated version of today's report below.
|
|
The food industry is one of many accelerating the use of special purpose acquisition companies. But with SPACs positioned to quadruple this year, are these companies poised to become the next Internet bubble or subprime mortgage crisis? Maybe. Food Institute Focus
Conagra Brands has gained the equivalent of an estimated 4.5 years’ worth of incremental new buyers since the onset of the pandemic last March, according to CEO Sean Connolly. With COVID-19 keeping more younger consumers at home, many have gravitated toward Conagra’s portfolio of frozen food, snacks and cooking staples, reported Meat + Poultry. Full Story
The continuing problem with corporate and independent accelerators is two-fold: the screening process and the mentors available to each cohort. An additional problem is that the motivations for mentor and brand participation don’t appear correctly aligned. Contributed Article by Dr. James Richardson
|
|
Kroger Co. says personal data, including Social Security numbers of some of its pharmacy and clinic customers, may have been stolen in the hack of a third-party vendor’s file-transfer service. The company believes less than 1 percent of its customers were affected – specifically some using its Health and Money Services – as well as some current and former employees, reported Portland Press Herald. Full Story
McDonald’s hopes lower prices will give it an edge in the chicken-sandwich wars. McDonald’s new Crispy Chicken Sandwich will slightly undercut its main rivals, with a price as low as $3,49 at some locations – and that strategy could help boost same-store sales by as much as 4%, reported CNBC. Full Story
Meanwhile, Taco Bell will test a crispy chicken sandwich taco starting March 11. The test, to be conducted in the Nashville and Charlotte markets, will feature all-white-meat crispy chicken marinated in jalapeno buttermilk, seasoned with Mexican spices and rolled in a crunchy tortilla chip coating, reported Forbes. Full Story
|
|
The gluten-free products market is expected to reach $7.5 billion by 2027, up from $4.3 billion in 2019, according to research from Valuates Reports. Major factors driving growth are the rising prevalence of celiac disease and a growing shift towards healthier diets. Full Story
Fast food chains are ramping up efforts to sell clothing during the pandemic. Clothing sales are a low-cost way for restaurants to keep their brand top of mind for consumers, which is one reason why fast-food chains like McDonald’s and Chipotle are leveraging influencers to create new merchandise, reported CNN Business. Full Story
Texas Roadhouse plans to franchise its fast-casual concept Jaggers. There are currently just three Jaggers locations in the U.S., but its parent company has plans to open several more in 2022, reported Restaurant Business. Full Story
Some restaurants and startups are trying to offer cheaper alternatives to third-party delivery apps. However, whether these emerging options can grab market share or turn profits remains to be seen, reported The Wall Street Journal. Full Story
Frozen food sales increased 21% in 2020 to $65.1 billion, according to the American Frozen Food Institute. The group said unit sales increased 13.3% year-over-year, with nearly all categories experiencing double-digit sales increases. Full Story
Chick-fil-A drive-thrus have become a growing problem for nearby businesses. The chain is facing four lawsuits linked to traffic issues and is considering updated designs to address the problem, reported Business Insider. Full Story
Foxtrot, the contemporary convenience store chain known for its 60-minute delivery guarantee of organic wine, hard seltzer, and locally made ice cream, has raised $42 million in Series B funding, reported Bloomberg. Full Story
Sprint Mart acquired 31 MinitMan convenience stores in Alabama from The Spencer Cos. The deal boosted Sprint Mart’s network to over 100 company-operated stores and includes dealer locations, unmanned cardlock facilities, and fuel assets, reported Convenience Store News. Full Story
Trident Seafoods’ Aleutian Falcon floating processor ship caught fire last Wednesday and was declared a total loss. The 233-foot vessel was docked at the Port of Tacoma, Washington, reported 670 KDLG-AM. Full Story
Store News: Slim Chickens is looking to expand in Baldwin County, AL, reported AL.com. Full Story
Executives on the Move: The Middleby Corp. made numerous senior management promotions, including naming James Pool chief technology and operations officer and Steve Spittle chief commercial officer. Full Story … Nutrisystem named Stephen Mikulak president. Full Story … Subway appointed Steve Rafferty SVP of development. Full Story
|
|
China urged the U.S. to lift restrictions on trade and people-to-people contacts. China also called on the Biden administration to cease what it sees as unwarranted interference in Taiwan, Hong Kong, Xinjian, and Tibet, reported CBS News. Full Story
Meanwhile, some of China’s largest private companies have joined state efforts to help growers boost production, improve food quality and lower prices. For e-commerce giants like Alibaba and Pinduoduo, it’s one way of strengthening their hold on an online grocery market that’s expected to be worth more than $120 billion by 2023, reported Yahoo Finance. Full Story
With a global shortage of seasonal fruit pickers, farmers are increasingly using AI flying drones to pick fruit. The shortage has been worsened by the pandemic and its subsequent travel restrictions, reported World Economic Forum. Full Story
Molson Coors has locked out employees at its Toronto brewery, after a union rejected what the company called its “best and final offer,” after 17 weeks of contract negotiations. A company spokesperson said Molson Coors has implemented a contingency plan to ensure the Toronto brewery will remain open, reported CBC. Full Story
Aldi was ranked the No. 1 UK grocery chain in an annual Which? survey, reported Independent. Full Story
BevCanna completed its acquisition of Naturo Group. The deal positions BevCanna to be the only fully licensed, in-house, white-label beverage manufacturing company of conventional and cannabis-based CPG products. Full Story
The union representing Ontario Beer Store workers is calling on the Alcohol and Gaming Commission of Ontario to reject the proposal by 7-Eleven to sell alcohol for on-site consumption at 61 of its Ontario convenience stores. Full Story
|
|
England's salt reduction program will have led to nearly 200,000 fewer adults developing heart disease, according to research by Queen Mary University of London. However, researchers warn that delays in the program are jeopardizing health gains, reported MedicalXPress. Full Story
|
|
The U.S. Department of Agriculture on Feb. 18 forecast the value of U.S. agricultural exports in fiscal year 2021 at a record $157 billion, up $5 billion from its November projection. USDA said the hike was driven by higher oilseed and grain export forecasts, reported Meat + Poultry. Full Story
AH Company International Distribution is recalling over 30,000 lbs. of pork pate imported from an ineligible establishment and distributed without FSIS import reinspection. Full Story
El Abuelito has recalled Queso Fresco products due to potential listeria contamination. The cheese products were sold under multiple brand names in seven states. Full Story
Giant Eagle, Inc. has voluntarily recalled Market District Gourmet Chocolate Covered Pretzels due to an undeclared pecan allergen. The pretzels were sold in Ohio and Pennsylvania. Full Story
|
|
The U.S. could plant 92 million acres of corn, 90 million acres of soybeans, and 45 million acres of wheat in 2021, according to data presented at USDA's Outlook Forum. Additionally, the agency said total red meat and poultry production increased to a record 106.5 billion-lbs. in 2020 despite pandemic challenges, and projected totals would increase 1% to 107.6 billion-lbs. in 2021, reported Forbes. Full Story
Meanwhile, U.S. cattle and calves on feed for the slaughter market totaled 12.1 million head Feb. 1, up 1% from Feb. 1, 2020, according to USDA. The total represented the highest Feb. 1 inventory since the reporting series began in 1996. Full Report
The number of farms in the U.S. for 2020 was estimated at about 2 million, down 4,400 farms from 2019, according to USDA. The number of farms in all sales classes declined. Full Report
Mango producers in Mexico, Peru, and Guatemala exported about 2.5 million boxes the week ending Feb. 13, according to the National Mango Board. Overall, mango volumes from the countries are expected to increase 37% through April 24. Full Story
|
|
Atalanta Corporation
Founded in 1945, Atalanta Corporation is the largest privately held food importer in the United States. Atalanta's sales annually exceed $500 million to food service distributors, retailers and manufacturers. Atalanta is a global food importer specializing in meats, cheeses, groceries, and frozen seafood. Our product range has the versatility to meet the requirements of every market, from commodity to specialty. As a fraction of Gellert Global Group, Atalanta is proud to be one of the largest and most established food importers in the U.S.
|
|
|
|
|
|
|
