10 October 2023
10 October 2023
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The decision will impact 107 employees.
Greto's owner is seeking further funding as it hopes to set up a franchise network.
The deal builds on VFC Foods’ purchase of The Meatless Farm Co.’s brand and inventory in June.
The Porteña site has also been cleared to produce ingredients for infant-formula products.
Established in 2018, Michigan-based Junkless Foods sells its granola bars through retailers including Walmart and Meijer, as well as via Amazon.
The El Niño weather event also caused rises in the cereal price index.
François-Philippe Champagne said he has yielded unspecified discounts, price freezes and price-matching offers.
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The global healthy snacks market will be valued at $74.6 billion in 2023 and is expected to grow at a CAGR of 6% by 2030, per GlobalData. Increasing awareness of health and wellness among consumers is the major contributor to the growing demand while a rise in vegan and plant-based diets and rising disposable income, and middle-class expansion are also expected to drive market growth. However, this growth is affected by the challenges posed by high cost of ingredients.
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