COVID-19 dairy boost: Yili looks to product diversification after monumental profits leap in first half of 2021
China dairy giant Yili is looking to focus on the diversification of its product portfolio to ensure sustained growth after seeing a 42.48% jump in H1 2021 net profits, with the firm seemingly enjoying a boost due to COVID-19 health trends.
Yili recently unveiled its H1 FY2021 financial results, where it saw 18.89% year-on-year growth in total revenue to hit CNY56.5bn (US$8.78bn), and a very significant 42.48% yoy growth in total net profits to hit CNY5.3bn (US$823mn).
The firm’s Assistant President Dr Yun Zhanyou told FoodNavigator-Asia that the achievement of such financial success even at a time of instability has been due to two main factors – the growth of the dairy industry itself, ironically as a result of the COVID-19 pandemic, as well as Yili’s proactive product upgrading and innovations.
“The flourishing growth of the dairy industry helped to boost sales volumes - the COVID-19 pandemic stimulated greater milk consumption in the Chinese market as consumers paid more attention to their nutrition, health and immunity. This provided China’s dairy market with more room for development,” said Dr Yun.
Eat Just in the Middle East: Firm unveils plant-based egg and cultivated meat growth strategy – Exclusive CEO interview
The CEO of Eat Just has revealed how the firm is gearing up to expand its plant-based egg and cultivated meat business in the Middle East, in an exclusive interview following its recent announcement to establish a hub in Qatar.
Located in the Umm Alhoul Free Zone, the hub will comprise of a large-scale facility for Eat Just’s GOOD Meat, its cultivated meat division, and potentially a protein processing facility for JUST Egg, the company’s plant-based egg division.
According to Josh Tetrick, co-founder and CEO, the firm is committed to manufacturing and distributing both meat and egg products in the Middle East region.
The company has sold the plant-based equivalent of 160 million eggs worldwide, and is looking to increase brand awareness and presence in this region.
Probably not the best situation: Carlsberg Malaysia ‘conservative and cautious’ about 2021 outlook due to ongoing COVID-19 concerns
Carlsberg Malaysia has posted a highly cautious outlook for the rest of 2021 despite successfully growing its net profits in the first half of the year, citing ongoing COVID-19 restrictions in Malaysia and impacts from its enforced brewery closure.
In the company’s H12021 financial results announcement, Carlsberg Malaysia said it had posted flat revenue (+0.5%) in the first six months of the year (January to June 2021) to hit RM881.2mn (US$208.5mn), but managed to grow net profits by 23.9% to RM103.6mn (US$12.5mn).
However, according to Carlsberg Brewery Malaysia Bhd (Carlsberg Malaysia) Managing Director Stefano Clini, the rise in profits is due to having come from a very low base in the previous year.
“MCO 1.0 in 2020 saw the suspension of brewing and distribution for seven weeks with on-trade sales significantly impacted, [and in this year we also] accelerated the growth with new product launches before the abrupt disruption in June (when Malaysia implemented the Full Movement Control Order (FMCO)”, said Clini.
Not plant, not meat, all fungi: Nature’s Fynd looks to conquer meat and dairy alternative markets in Asia
US-based alternative protein firm Nature’s Fynd has its eye on both the alternative meat and alternative dairy markets in Asia, and is confident it can tackle both of these simultaneously with its highly versatile fungi protein.
Nature’s Fynd recently raised US$350mn in funds and is already planning to build its first Asian facility in Singapore by 2023, highlighting its ambitions to break into the Asian market within the next few years.
“Singapore is a key market for us as we enter Asia and we are finding that it is an ideal base from both an operational and business development standpoint,” Nature’s Fynd Chief Marketing Officer Karuna Rawal told FoodNavigator-Asia.
“A key step for us [to enter the Asian market will of course be] to secure regulatory approvals - We expect to receive regulatory approval first in Singapore followed by additional key markets in Asia.”
Stripping off the status appeal: Provenance driving growth of Aussie independent wine sector – Naked Wines
Online wine platform Naked Wines Australia says provenance is overtaking brand status as the key consumer concern and driving the independent wines sector to new heights, with the firm recording a 44% sales jump.
Naked Wines specialises in connecting independent winemakers directly with consumers via an online platform based on a subscription model.
According to Marketing and Sales Director Paul Connell, today Australians are far more interested in the provenance of the wines they are receiving as opposed to the branding, status and knowledge.
“Wine quality is still of utmost importance, but there is now much more emphasis on the story behind the wine and its provenance, not the status and brand of the maker, and the importance of wine knowledge is decreasing,” Connell told FoodNavigator-Asia.