Fonterra unveils healthy first quarter profit
Fonterra has unveiled a net profit of $263 million for the first quarter of its 2024-25 financial year.
The new Anchor Easy Bakery cream was revealed at the China International Import Expo (CIIE) in Shanghai this month.
Foodservice is a high-value channel for Fonterra - including top selling products such as cream cheese, UHT cream and mozzarella - and is a key part of the co-op's strategy.
Teh-han Chow, Fonterra Greater China chief executive officer, says innovative products like the Anchor Easy Bakery cream is key to maintaining and growing the co-op's market share in China.
"We have a strong Foodservice business in China and tapping into new markets with products like this is key to maintaining our leadership position in this competitive market and expanding our footpring into new cities," says Chow.
Made with 100% New Zealand dairy, the Anchor Easy Bakery cream is designed for the mid-tier market in China, which is the fastest growing segment of the UHT cream market.
Demand for UHT cream continues to increase in China, driven largely by a growing middle class, urbanisation and increased awareness of the nutritional values of dairy.
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"The Anchor Easy Bakery cream aims to attract new customers who want a full dairy bakery cream with good functionality at a competitive price. Together with our Anchor Whipping Cream, this new product will consolidate our leadership position in the UHT market," says Chow.
Aside from the new UHT cream, Fonterra showcased several other innovative and sustainably produced dairy product at its booth at CIIE this year.
"CIIE is a great platform for Fonterra to showcase our high-quality dairy products and demonstrate our strategic focuses on sustainability, nutrition healdh and locally driven innovation," adds Chow.
Fonterra has six application centres in China, allowing it to work closely with customers and technical experts to co-create new product applications using the co-op's dairy products.
Fonterra's booth this year also showcases the co-op's progress in sustainability with innovations such as the Carbon Footprinter, a tool created to help customers calculate the emissions profile of products which in turn helps them manage their carbon footprint.
