Leading Italian dairy and milk group Granarolo has acquired a 60 per cent stake in organic food and vegetable producer Conbio.
The deal enables Granarolo to further increase its strength in the vegetable products market, which grew 240 per cent over the past five years, going from €130 million in 2010 to €318 million in 2015. The market is expected to continue to grow, reaching as much as €600 million by 2020.
Last year, Granarolo launched the “100% Vegetale” range, which achieved a turnover of over €14 million.
Conbio is the fourth largest Italian company in the vegetable-based food market for refrigerated goods, with turnover of almost €12 million in 2015.
The company is a leader in Italy in R&D, with products like spreading creams, burgers, seitan, tofu and tempeh based foods, “ragù” (bolognese sauce), soups and ready-made dishes, all entirely vegetable-based and organic.
Source: European Supermarket Magazine
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