Frugl (ASX:FGL) grow into Asia
Cashed up and expanding its reach into Asia, Frugl has now signed a project agreement for development of its Integrated Retail Grocery Marketplace with 1004 Gourmet, a prominent retailer in the United Arab Emirates.
Frugl will design and build an integrated retail grocery web store and mobile app under the agreement, look to expand its relationship with 1004 Gourmet and thereby its reach into international markets.
Its new partner holds both an expanding retail presence across and service to a huge wholesale market through a dedicated hotel, restaurant, and catering division, which Frugl see as a premier destination for business and consumer facing Asian grocery commodities.
The UAE retailer is excited about the potential of expansion fast across both and extend its reach to reinforce its well-established market presence, a dynamic growth phase which Frugl very much intend to be a part of.
Health tech market
The food tech market is expected to keep growing significantly and reach a $US342.52 billion by 2027 at a compound annual growth rate of 9.3 per cent.
Changing consumer preferences, increased demand for convenience and efficiency in food-related services, advancements in digital technologies, and the need for sustainable and innovative solutions in the food industry are all driving growth – already accelerated by COVID-19.
Restrictions and lockdown measures during the pandemic led to increased reliance on delivery services, online grocery shopping, and soaring grocery costs will no doubt put greater focus on price comparison technology.
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