Economic Research ServiceEconomic InformationBulletinNumber 281February 2025Organic Situation Report.
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February 2025Sustainable Value Chains:Tech and Finance for ASEANs SmallholdersContentsExecutive Summary 11.Introduction:Why Smallholders are Critical for Sustainability 22.Invest in Technology to Build Capacity and Networks for Smallholders 43.Use Technology to Connect Smallholders to Supply Chains and Markets 74.Leverage Blended Finance to Accelerate Transformation for Smallholders 95.Conclusion 12References 13About the Special ReportThis Special Report is based on a workshop organised by the Singapore Institute of International Affairs(SIIA)at the institutes 11th Singapore Dialogue on Sustainable World Resources(SWR),on the theme of“Reinventing Sustainable Financing for Smallholders and Future Generations”.The report was directed by Simon Tay,Chairman,SIIA and Associate Professor,Faculty of Law,National University of Singapore.The authors are Aaron Choo and Pranav Harish,who are respectively Senior Assistant Director(Special Projects and Sustainability)and Research Intern(Policy Programmes).All views expressed in the report are those of the authors,unless otherwise credited.The authors would like to thank the following for their assistance and insights(in alphabetical order):Agridence,Bumitama Gunajaya Agro,Coordinating Ministry for Economic Affairs of the Republic of Indonesia,District Government of Siak,French Agricultural Research Centre for International Development(CIRAD),Global Environment Centre(GEC),Koltiva,Landscape Indonesia,PM Haze,Prabowo-Gibran Expert Council,Proforest Indonesia,Thailand Environment Institute(TEI),Sustainable Districts Association(LTKL),World Resources Institute(WRI)Indonesia.Established in 1962,the SIIA is a non-profit and independent think tank committed to fostering in-depth dialogues around politics,economic policy,and sustainability in ASEAN and the wider region.The SIIA has been working on sustainability issues since 1997,when we organised Singapores first haze dialogue in partnership with the Singapore Environment Council.Following the severe transboundary haze in 2013,the SIIA established the Singapore Dialogue on Sustainable World Resources(SWR)in 2014 which has since become a leading platform for discussion about key sustainability challenges in the region.Executive SummaryAs the demand for agricultural commodities increases,countries in the Association of Southeast Asian Nations(ASEAN)must ensure that efforts to boost agricultural output do not also result in the conversion of more natural forests and peatlands into plantations,or the use of unsustainable practices such as disposing of agricultural waste via burning.Engagement with smallholder farmers is needed to improve both productivity and sustainable land management in the region.While such farmers manage small plots of land,their numbers add up.Small producers account for over 80 per cent of the regions output in several commodity industries such as rubber,cocoa,and coffee.In the near term,technology and digital platforms can help build capacity among farmers and ensure they have market access.In the long term,with the rise of a better connected and tech-savvy generation of“Smallholders 4.0”,markets and supply chains should ideally recognise areas where smallholders have a comparative advantage and can create value,such as in low-carbon agriculture.Multi-stakeholder collaboration between governments,the private sector,and non-governmental organisations(NGOs)is necessary to support the regions smallholders.This collaboration should include stakeholders in Singapore.While Singapore is not a major agricultural producer,it is home to agribusinesses,traders,fast moving consumer goods(FMCG)companies,financial institutions,and technology firms that can play a role in building inclusive and sustainable supply chains connecting farmers to consumers.RecommendationsThis report is based on a workshop organised by the Singapore Institute of International Affairs(SIIA)at the institutes 11th Singapore Dialogue on Sustainable World Resources(SWR),on the theme of“Reinventing Sustainable Financing for Smallholders and Future Generations”.It builds on an earlier working paper by the SIIA on“Financing Indonesias Independent Smallholders”.Invest in Technology to Build Capacity and Networks for Smallholders:Digital platforms should be used to give smallholder farmers access to training and information,helping them make better operational decisions.These platforms must be developed in cooperation with farmers to ensure that they meet real-world needs on the ground.Use Technology to Connect Smallholders to Supply Chains and Markets:Governments,businesses,and NGOs should work together to include smallholders in traceability and due diligence platforms so that they are able to access high-value supply chains and export markets.This is especially important as markets like the European Union(EU)are introducing stricter sustainable trade regulations affecting the sale of agricultural commodities.In the long term,smallholder engagement platforms should also identify areas where smallholder farmers have a comparative advantage or can add value,such as in low-carbon cultivation.Leverage Blended Finance to Accelerate Transformation for Smallholders:Financing from private sector,philanthropic,public,and multilateral sources must be combined to support smallholder engagement projects.Investors should make use of the ASEAN Investment Framework for Haze-Free Sustainable Land Management(AIF-HFSLM),which provides a breakdown of project types that support the goal of sustainable forestry and agriculture,including smallholder and community projects,and identifies the kind of funding most suitable for each area.11.Introduction:Why Smallholders are Critical for SustainabilityThe agricultural commodities industry is an important part of ASEANs economy,meeting the needs of both the regions own consumers as well as global markets.ASEAN must ensure that demand can be met without causing environmental degradation.Ideally,the productivity of existing agricultural areas must be strengthened so that output can increase without requiring the conversion of natural ecosystems into plantations,which would result in carbon emissions and a loss of biodiversity.To achieve a balance between development and sustainability,governments,companies,and NGOs must work together with smallholder farmers.Individual smallholder farmers manage small plots of land,much smaller than company plantations,but these plots add up.For example,in Indonesia,smallholders account for around 40 per cent of oil palm cultivation by land area,1 84 per cent of rubber cultivation,96 per cent of coffee cultivation,and 98 per cent of cocoa cultivation.2To achieve a balance between development and sustainability,governments,companies,and NGOs must work together with farmersSmallholders face a range of challenges affecting their output and limiting their ability to engage with sustainable supply chains.Independent smallholders,who are not directly associated with larger businesses,face even greater difficulties.Without support,there is a risk that some farmers may engage in unsustainable practices either due to lack of knowledge,or due to economic constraints.The specific challenges faced by smallholder farmers vary across the ten ASEAN member countries,but in general smallholders must deal with the following issues:Low Yields and Tight Margins:Many smallholders produce lower yields and lower-quality crops compared to large commercial plantations.Smallholders also face tight margins in their operations.These challenges may drive some farmers towards unsustainable practices.Lack of Capacity:The lower yields of smallholder farmers are in part due to a lack of high-quality seeds,inputs,and tools,but also due to a lack of agricultural knowledge and availability of data.Difficulty in Meeting Standards and Regulations:Smallholders face difficulty in meeting the traceability and due diligence requirements of sustainability standards,certifications,and import-export regulations.This means that smallholders may be effectively excluded from major supply chains.Limited Access to Finance:Smallholder farmers have difficulty accessing commercial financing that could allow them to build capacity and invest in sustainability standards and certifications.Challenges Faced by Smallholder Farmers in ASEAN2This report provides an overview of the emerging opportunities for governments,companies,and NGOs to engage with smallholder farmers and improve sustainable land management in ASEAN,with a focus on digital technology,capacity building,multi-stakeholder networks,and the financing needed to accelerate and scale transformation efforts among the regions smallholders.Examples of smallholder engagement from Indonesia are cited in this report,given Indonesias status as the largest agricultural producer in the region.Initiatives in Malaysia,Thailand,and at the ASEAN regional level are also discussed where appropriate,to illustrate other efforts in and across ASEAN.32.Invest in Technology to Build Capacity and Networks for SmallholdersDigital platforms offer opportunities to address several of the challenges faced by smallholder farmers,equipping farmers with the resources to improve their productivity and sustainability,as well as providing incentives to transform their operations.Digital platforms offer opportunities to address several of the challenges faced by smallholder farmersA long-standing obstacle to the adoption of digital tools among smallholders has been poor internet connectivity in rural areas.Technology is addressing this issue,particularly with the advent of better and more reliable satellite internet services.In principle,current internet technology is up to the task of reaching all of ASEAN.The challenge lies in funding that connectivity and bringing costs down.Similarly,the current generation of digital platforms,mobile applications,and phone services have proven that they are able to address the problems faced by smallholder farmers.Investment is needed to scale up the provision of such services and accelerate their adoption.Capacity building is also required to enhance digital literacy among smallholders so they can make use of these services.Transparency and Accountability:By sharing information on their production practices,land use,yields,and other records,smallholders will be able to better engage with buyers of their products,financial institutions,and government agencies.Prices and Data:With the ability to access market data,smallholders can ensure they receive a fair price when selling products to middlemen and mills.Weather data and other agricultural information can also help them make better operational decisions.Standards and Certifications:By participating in government,industry,and NGO-led digital traceability platforms,smallholders can more easily meet industry standards and gain sustainability certifications.Supply Chains and Markets:Sustainability certifications allow smallholders to be part of higher-value supply chains.Being part of traceability and due diligence systems also helps smallholders participate in international supply chains.How Digital Technology Can Help Smallholder FarmersFinance:Smallholders with transparent digital records will be seen as lower risk by financial institutions,improving their access to loans and insurance products.Mobile banking systems can serve farmers even in rural areas.Inputs:Once registered in government systems,smallholders can better tap on public funding and material support,for instance gaining access to better planting material such as seeds that have been tested to ensure they are the proper varieties.4Technology should be coupled with the creation of multi-stakeholder networks to connect smallholders to the green economyThe use of technology should be coupled with the creation of multi-stakeholder networks to bring opportunities to connect smallholders to the green economy.In line with the popular discourse on Industry 4.0,policymakers and experts see potential in the emerging generation of“Smallholders 4.0”,where digitally literate farmers can be better connected with the buyers of their products.Sources:World Resources Institute(2021)3,Koltiva(2024)4,Agridence(2021)5,PM Haze(2023)6Blueprint for Digital Climate-Informed Advisory Services(DCAS):Created by the World Resources Institute(WRI)and the Global Commission on Adaptation,the blueprint suggests that integrating climate data into the decision-making of smallholders could boost productivity and incomes by 25 to 30 per cent.Koltiva:An Indonesian-based company,Koltiva has a range of software platforms and boots-on-the-ground services for palm oil,cocoa,and seaweed smallholders,covering over 1 million producers in 66 countries.Their solutions include KoltiTrace,a traceability ecosystem for web and mobile that connects farmers,buyers,and brands,KoltiSkills,which offers professional services to farmers like risk assessment and training,and KoltiHub,a business centre service that provides micro-loans,insurance,and market facilitation to rural communities.Agridence:Agridence is a Singapore-based company that has developed several compliance and traceability solutions for the rubber,cocoa,and palm oil industries.In the rubber industry,Agridence Rubbers mobile app allows farmers to track their transactions and traceability,and the Agridence RubberGrow platform gives smallholders access to training videos,a helpline,and crop insurance.PM Haze Peatland Restoration Programme:Singaporean volunteer group PM Haze,a partner of the SIIA,has four village projects in Indonesias Riau and West Kalimantan provinces in partnership with local NGOs.The programme builds the communitys capacity to rehabilitate degraded peatlands while supporting alternative peat-friendly livelihoods.Services and Capacity Building for Smallholders:Global and Regional Examples5Source:LTKL(2024)7LTKL is an association of Indonesian district governments that promotes sustainable economic development LTKL has nine district members across six provinces,and is endorsed by the wider Association of Indonesian District Governments(APKASI).Sustainable District Association(Lingkar Temu Kabupaten Lestari,LTKL)298young people connected to green jobs243joint programmes produced by multi-stakeholder partnership centres91sustainable SMEs assisted through incubation programmes56partners connected in multi-stakeholder collaborations2joint programmes with national ministriesand agenciesSource:CIRAD(2024)8Understanding Smallholders 4.0:Understanding the dynamics of the emerging generation of smallholders,their connection with value chains,and what capacity building they need.Anticipating Risks:Monitoring the impact of Smallholders 4.0 on production systems,anticipating any undesirable changes,and enabling innovations for more efficient farm management.Understanding Governance:Understanding the policies in place to govern ecosystems and rural development,identifying potential investments,and empowering communities through education.Sustainable Agricultural Landscapes in South East Asia(SALSA)SALSA is a research network established in October 2024 by the French Agricultural Research Centre for International Development(Centre de coopration internationale en recherche agronomique pour le dveloppement,CIRAD)and partners in Indonesia,Malaysia,the Philippines,and Thailand.Its aims include:63.Use Technology to Connect Smallholders to Supply Chains and MarketsIn addition to the use of digital platforms to improve the skills and productivity of farmers,it is also crucial for smallholder farmers to be included in traceability and due diligence platforms so that they can access high-value supply chains and export markets.It is crucial for smallholders to be included in traceability platforms so that they can access high-value supply chains and export marketse-Plantation Cultivation Registration Letter(e-Surat Tanda Daftar Budidaya,e-STDB)Indonesias e-STDB certificate is a new digital form of the countrys older STDB registry system.It is a certificate issued to farmers managing less than 25 hectares of land,including information about farmers plots and their productivity.The Indonesian Ministry of Agriculture is working with local governments,the plantation industry,and NGOs to register farmers under the e-STDB system.President Joko Widodos administration set the goal of getting at least 1 million smallholders signed up to the e-STDB,and this effort is expected to continue under the Prabowo administration.As of November 2024,some 114,473 smallholders have received e-STDB certificates.9 The e-STDB supports Indonesias own sustainable agriculture goals,as the system makes it easier for the authorities to extend support services like replanting funds to farmers,and the e-STDB is a prerequisite for a farmer to get the Indonesian Sustainable Palm Oil(ISPO)certification.ISPO is now mandatory for all palm oil producers.In addition to meeting Indonesias own targets,the e-STDB is also playing a role in helping farmers meet the requirements of international trade regulations.Case Study:Registering Indonesias Smallholders,Accessing Global MarketsNational DashboardIndonesias e-STDB system is feeding into a broader digital National Dashboard initiative spearheaded by Indonesias Coordinating Ministry for Economic Affairs and the Ministry of Agriculture.The National Dashboard combines data from smallholders with comparable information from the governments plantation licensing system and private sector systems.10 The National Dashboard will allow buyers and traders to trace goods from their production to point-of-sale,and is intended to help businesses meet the traceability and due diligence requirements when bringing products originating in Indonesia into markets with stringent import-export regulations,such as the EU.European Union Regulation on Deforestation-free products(EUDR)Under the EUs new anti-deforestation regulation,businesses bringing seven product types(cattle,cocoa,coffee,natural rubber,palm oil,soy,and wood)into the EU will be required to show due diligence in confirming that these goods were not produced on recently deforested land.11 The EUDR is now expected to take effect for large companies from 30 December 2025 onwards,and for micro and small enterprises from 30 June 2026.There is concern that smallholder farmers will be particularly affected by the EUDR,as they may have difficulty dealing with the administrative requirements.The EU,Indonesia,and Malaysia have convened an Ad Hoc Joint Task Force on the regulation,and the task force is currently developing a practical guide to help smallholder farmers understand the new rules.7Indonesias effort to get smallholders registered with the e-STDB system and to integrate the e-STDB registry with its National Dashboard platform are very promising.However,Indonesias experience also demonstrates the challenges involved in engaging with smallholder farmers.For example,some smallholders are reluctant to register with the e-STDB programme,as they believe that giving the authorities better information about their farm locations and socio-economic situation will increase their tax burden.Outreach efforts to bring farmers on board have also varied across Indonesia,depending on the capacity of local governments.Companies and NGOs that work with smallholders have begun working with Indonesian authorities to register the farmers in their networks but concerted multi-stakeholder efforts are still needed in order to reach all parts of Indonesia.Many current initiatives to reach out to smallholders are geared towards ensuring that they meet sustainability standards or comply with regulations.Moving forward,many policymakers and industry experts are hoping that smallholder engagement platforms can not only identify areas where farmers are lacking but also positively highlight areas where they are adding value.For instance,smallholders may have a comparative advantage in growing certain labour-intensive high-value products.Smallholder farmers may also have a comparative advantage in terms of producing less greenhouse gas emissions in their operations versus large commercial plantations.Ideally,markets will be able to acknowledge such value when it is created by smallholders.84.Leverage Blended Finance to Accelerate Transformation for SmallholdersIn theory,the tools and systems that can increase the productivity and sustainability of smallholders already exist.Financing is needed to accelerate the adoption of these technologies and models.However,it is difficult for commercial banks to directly finance smallholders,meaning that other sources of financing must also be leveraged.Source:SIIA,“Financing Indonesias Independent Smallholders”(2018)12High Administrative Costs:For most commercial banks,working with smallholders involves high acquisition and servicing costs due to their rural location and the specialised expertise needed to deal with such clients.Lack of Cashflow Information:Many smallholders do not keep financial or agricultural production records,making it difficult for banks to evaluate their cashflow and creditworthiness.Exposure to Production Risk:Smallholders often plant on small,non-contiguous plots,making it difficult for communities to share risks.Smallholders are also vulnerable to production losses,and crop insurance may not be readily available in their areas.Lack of Formal Land Rights:Commercial banks generally require farmers to produce their land title for use as collateral.Smallholders may lack official paperwork or up-to-date licenses and certificates,making this process difficult.Why Smallholders Face Difficulty in Borrowing from Commercial BanksLack of Guarantors:Smallholders that are associated with mills or large off-taking companies can have their partners serve as a guarantor for loans,but it is more challenging for independent smallholders to secure a guarantor.Irregular Earnings:Due to fluctuations in yields between harvests,the earnings received by smallholders are often irregular.This makes it hard for banks to calculate an appropriate loan repayment schedule.9Blended Finance and Multi-stakeholder CollaborationsGiven these limitations,support for smallholder projects must come from a range of stakeholders,combining capital in a blended finance approach.Government,multilateral development bank,and philanthropic funding can be used to support smallholder engagement projects in their initial stages,so projects can demonstrate that their models are feasible and scalable.Commercial banks and financial institutions could come in once better risk-return ratios have been achieved.Source:Ministry of Plantation and Commodities,Malaysia(2024)15Smallholder Palm Oil Replanting Financing Incentive Scheme(Tanam Semula Pekebun Kecil Sawit 2.0,TSPKS 2.0)Established in January 2024 by the Malaysian Ministry of Plantation and Commodities and Ministry of Finance,TSKPS helps palm oil smallholders replace aging trees to maintain productivity.RM100 million has been allocated in a half-loan,half-grant model.Source:Thai-German Cooperation(2023)16Thai Rice:Strengthening Climate-Smart Rice Farming In 2023,the international Green Climate Fund(GCF)and German development agency GIZ approved a 38 million project to promote low-emissions farming in Thailand and enable their access to smart farming technologies.Source:United Nations Indonesia(2024)14Climate Village Programme(Program Kampung Iklim,ProKlim)Originally initiated in 2012 by the Indonesian Ministry of Environment and Forestry.In September 2024,the Ministry launched a ProKlim project in South Sumatra to reduce emissions for 100 villages in the province,funded by Temasek Foundation and supported by the UN Office for Project Services(UNOPS).Source:PISAgro(2019)13Partnership for Indonesias Sustainable Agriculture(PISAgro)Established in 2012 by the Indonesian government in partnership with seven private companies,PISAgro now has 29 members including companies and NGOs.PISAgro helps smallholder farmers access financing and training.10ASEANs Role in Guiding InvestmentTo facilitate the mobilisation of capital from different stakeholder groups,ASEANs member governments and institutions can work together with the regions think tanks in guiding investment.The ASEAN Investment Framework for Haze-Free Sustainable Land Management(AIF-HFSLM)is an example of such cooperation.Endorsed by ASEAN leaders in 2023,the framework outlines categories of sustainable forestry and agriculture projects where financing is needed and identifies the kind of funding that is most suitable for each project for instance suggesting where green bonds are best used,or where commercial banks can play a role.Source:ASEAN Secretariat(2023)17ASEAN Investment Framework for Haze-Free Sustainable Land Management(AIF-HFSLM):The framework was developed by Malaysian think tank Global Environment Centre(GEC)with support from the ASEAN Secretariat and International Fund for Agricultural Development(IFAD),in consultation with experts,NGOs,and think tanks including the SIIA.The framework aims to prevent large scale burning of forests and agricultural waste by fostering investment in better land management practices.This includes supporting capacity building and zero-burning schemes for smallholder farmers.The framework aims to leverage US$1.5 billion in funding by 2030.115.ConclusionASEANs smallholder farmers face a wide range of challenges.Cooperation between stakeholder groups is needed to finance,develop,and disseminate the digital platforms and other tools that can improve livelihoods and productivity among the regions smallholders.This cooperation should include countries like Singapore,which,although not a significant agricultural producer itself,is strategically positioned as a regional hub for agricultural commodity traders and businesses,fast-moving consumer goods(FMCG)firms,financial institutions,and technology providers.Organisations in Singapore can play a role in creating innovative financial products and incentives to encourage smallholders to adopt sustainable practices.Companies in Singapore can help in developing technological platforms for traceability and smallholder engagement.In this way,stakeholders in Singapore can support the efforts already underway in ASEAN.By working together,all stakeholders across ASEAN can ensure that smallholder farmers are connected to the emerging digital economy and integrated into global value chains,improving both their livelihoods and ASEANs sustainability as a region.RecommendationsInvest in Technology to Build Capacity and Networks for Smallholders:Digital platforms should be used to give smallholder farmers access to training and information,helping them make better operational decisions.These platforms must be developed in cooperation with farmers to ensure that they meet real-world needs on the ground.Use Technology to Connect Smallholders to Supply Chains and Markets:Governments,businesses,and NGOs should work together to include smallholders in traceability and due diligence platforms so that they are able to access high-value supply chains and export markets.This is especially important as markets like the European Union(EU)are introducing stricter sustainable trade regulations affecting the sale of agricultural commodities.In the long term,smallholder engagement platforms should also identify areas where smallholder farmers have a comparative advantage or can add value,such as in low-carbon cultivation.Leverage Blended Finance to Accelerate Transformation for Smallholders:Financing from private sector,philanthropic,public,and multilateral sources must be combined to support smallholder engagement projects.Investors should make use of the ASEAN Investment Framework for Haze-Free Sustainable Land Management(AIF-HFSLM),which provides a breakdown of project types that support the goal of sustainable forestry and agriculture,including smallholder and community projects,and identifies the kind of funding most suitable for each area.12References1 Lim,C.(2024).Why Smallholders are Crucial for a Responsible Sourcing Strategy(Even for the European Union).Musim Mas.Available at:https:/ Eloksari,E.A.(2019).Coffee,cocoa,and rubber farmers begin to use GAP methods with NGOs help.Jakarta Post.December 26,2019.Available at:https:/ Ferdinand,T.et al.(2021).A Blueprint for Digital Climate-Informed Advisory Services:Building the Resilience of 300 Million Small-Scale Producers by 2030.Working Paper.Washington,DC:World Resources Institute.Available at:https:/doi.org/10.46830/wriwp.20.001034 Koltiva(2024).Media Fact Sheet.Available at:https:/ Agridence(2021).HeveaConnect and SNV partner to develop agronomy training modules for natural rubber smallholders in Indonesia.Agridence Rubber.April 8,2021.Available at:https:/ PM Haze(2024).PM Haze Annual Report 2023.Singapore:PM Haze.Available at:https:/www.pmhaze.org/annual-reports7 LTKL(2024).Annual Report 2023-2024.Jakarta:LTKL.Available at:https:/kabupatenlestari.org/wp-content/uploads/2024/08/Annual-Report-LTKL-2023-2024_English.pdf8 CIRAD(2024).SALSA,a platform in partnership for sustainable agricultural landscapes in Southeast Asia.CIRAD.October 15,2024.Available at:https:/www.cirad.fr/en/cirad-news/news/2024/salsa-a-new-platform-in-partnership9 European Forest Institute(2024).STD-B registration and issuance update,PowerPoint Presentation,November,2024.10 Reuters(2024).Indonesia designs agricultural commodities digital tracker in sustainability push.Reuters.June 5,2024.Available at:https:/ Choo,A.,Khor,Y.-L.and Tamilwanan,N.(2024).Haze Outlook 2024.Singapore:Singapore Institute of International Affairs.Available at:https:/siiaonline.org/report-haze-outlook-2024/12 Pek,S.and Fawziah S.(2018)Financing Indonesias Independent Smallholders.Working Paper.Singapore:Singapore Institute of International Affairs.Available at:https:/www.siiaonline.org/wp-content/uploads/2018/05/Working-Paper-Financing-Indonesias-Smallholder-Financing.pdf13 PISAgro(2019).Partnership for Indonesias Sustainable Agriculture(PISAgro).Available at:https:/www.pisagro.org/14 UNIC(2024).The 100 Village Project:A collaboration between UNOPS and the Indonesian Government to Boost Climate Action in South Sumatra.United Nations Indonesia.September 19,2024.Available at:https:/indonesia.un.org/en/280089-100-village-project-collaboration-between-unops-and-indonesian-government-boost-climate15 KPK(2024).Malaysia sets up RM100mil fund for smallholders to replant palm oil.Ministry of Plantation and Commodities.January 26,2024.Available at:https:/www.kpk.gov.my/kpk/en/palm-oil-news/sawit-malaysia-sets-up-rm100mil-fund-for-smallholders-to-replant-palm-oil16 Thai-German Cooperation(2023).Green Climate Fund to invest 38 million EUR to strengthen climate-smart rice farming in Thailand Thai-German Cooperation.Thai-German Cooperation.October 25,2023.Available at:https:/www.thai-german-cooperation.info/en_US/green-climate-fund-to-invest-38-million-eur-to-strengthen-climate-smart-rice-farming-in-thailand/17 ASEAN Secretariat(2023).ASEAN Investment Framework for Haze-Free Sustainable Land Management.Jakarta:ASEAN Secretariat.Available at:https:/asean.org/book/asean-investment-framework-for-haze-free-sustainable-land-management/13About the Singapore Institute of International Affairs(SIIA)Insights Networks AccessEstablished in 1962,the Singapore Institute of International Affairs(SIIA)is a non-profit,independent think-tank committed to policy-relevant research,analysis,and discussions on regional and international politics,economic policy,and sustainability.Our work serves as a bridge between policymakers,business leaders,and other stakeholders to nudge policy change through dialogue and collective action.We provide insights and perspectives for businesses in navigating a complex world and help Singaporeans with sense-making and responding to issues they care about.We aim to contribute to a region that is inclusive,peaceful,and prosperous An integrated,sustainable,and globally competitive ASEAN and a Singapore that is an open,dynamic hub and responsive node.We have been consistently ranked as one of the leading think tanks in Southeast Asia and the Pacific,in the Global Go-To Think Tank Index by the University of Pennsylvania.Since 2017,the SIIA was ranked the No.1 independent think tank in Asia.We were recognised as one of the top 50 think tanks globally,excluding the United States of America.In 2019,we were recognised as the No.1 think tank in South Asia,Southeast Asia,and the Pacific(excluding India).In 2020,we were also recognised as one of the think tanks with the best policy and institutional response to the COVID-19 pandemic.2025 Singapore Institute of International AffairsAbout the SIIAs Sustainability ProgrammeOur Sustainability Programme began in 1997 when we organized Singapores first haze dialogue with the Singapore Environment Council on the critical haze problem.The programme has evolved to address a broader range of sustainability issues like agribusiness and forestry supply chains as well as the leveraging of green finance to advance ASEANs climate action and carbon neutrality goals.Since 2014,the Singapore Dialogue on Sustainable World Resources(SWR),our annual flagship conference,provides a platform for discussion in the region about key sustainability challenges.Ranked No.1 Independent Think Tank in AsiaASEAN-ISIS Network of Think Tanks Asia Society(USA)Strategic Partner UN ECOSOC Consultative StatusFor further information,contact the SIIA at:60A Orchard Road,#04-03 Tower 1The AtriumOrchard,International Involvement HubSingapore 238890 t| 65 6734 9600 f| 65 6733 6217 e|membershipsiiaonline.org w|www.siiaonline.orgSingapore Institute of International 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Metals in Apple Juice and other Apple Products Survey Report March 2025 Food Standards Australia New Zealand 2 Executive summary Food Standards Australia New Zealand(FSANZ)managed an analytical survey measuring levels of various metal contaminants in apple juice and other apple products.The metals surveyed included arsenic1(total and inorganic),cadmium,lead,mercury,and tin.The products sampled included apple juice,apple based infant foods,apple puree,apple sauce,canned apple,and dried apple.The samples were collected in all Australian states and territories in 2021 and 2022 as part of a previous national patulin survey(FSANZ,2023).Metal contaminants are present in the environment through natural and anthropogenic processes,which may lead to small amounts being unavoidably present in food.FSANZ manages the presence of contaminants in food through the provisions in the Australia New Zealand Food Standards Code,including setting maximum levels(MLs)in Standard 1.4.1 and Schedule 19.Food at the point of sale,must comply with these MLs.The survey found that metal concentrations in apple juice and other apple products were very low.Most samples(82%)had no detectable levels of any of the analysed metals.Lead was detected in 12 of 71(17%)samples.Arsenic(total)was detected in 2 of 71(3%)samples.Tin was detected in 2 of 2(100%)canned apple samples.Inorganic arsenic,cadmium and mercury were not detected in any samples.All metal concentrations were below identified Australian MLs,or other relevant country specific and international regulatory limits.This indicates metal levels in the sampled apple juices and other apple products are as low as reasonably achievable.On that basis,FSANZ concluded that there are no public health and safety concerns for Australian consumers.The survey provides valuable data on metal concentrations in apple juices and other apple products.Information from the survey will support a comprehensive FSANZ assessment of overall dietary exposure to metals from a broad range of foods as part of the 28th Australian Total Diet Study(ATDS)(2024).The data will also be loaded into the Global Environment Monitoring System(GEMS)database to support future international risk assessments and consideration of international maximum levels by the Codex Alimentarius Commission.1 Arsenic is a metalloid,however,is referred to as a metal in this report for simplicity.Food Standards Australia New Zealand 3 Contents Executive summary _ 2 Acronyms and abbreviations _ 4 1 Introduction _ 5 1.1 Regulation of metal contaminants in food _ 5 1.1.1 Australia _ 5 1.1.2 Overseas and international _ 6 2 Methods _ 6 2.1 Food sampling _ 6 2.2 Sample preparation and analysis _ 7 3 Survey results _ 7 3.1 Overall summary _ 7 3.2 Arsenic _ 9 3.3 Cadmium _ 10 3.4 Lead_ 11 3.5 Mercury _ 13 3.6 Tin _ 14 4 Conclusions _ 15 5 References _ 16 Food Standards Australia New Zealand 4 Acronyms and abbreviations ATDS Australian Total Diet Study Codex Codex Alimentarius Commission EC European Commission FSANZ Food Standards Australia New Zealand HBGV Health-based Guidance Values HPLC-ICP-MS High Performance Liquid Chromatography Inductively Coupled Plasma Mass Spectrometer ICP-MS Inductively Coupled Plasma Mass Spectrometer ISFR Implementation Sub Committee for Food Regulation JECFA Joint FAO/WHO Expert Committee on Food Additives kg Kilogram LB Lower bound LOR Limit of reporting ML Maximum level NATA National Association of Testing Authorities UB Upper bound USFDA United States Food and Drug Administration Food Standards Australia New Zealand 5 1 Introduction Arsenic,cadmium,lead,mercury,and tin are naturally occurring elements.Their presence and distribution in the environment are influenced by natural and anthropogenic processes such as erosion,transport by air and water,chemical and biological transformation,bioaccumulation,mining,agricultural practices,and industrial uses.Due to their ubiquitous nature in the environment and industrial applications,small amounts of metal contaminants are sometimes unavoidably found in food(EFSA,2024).FSANZ undertakes ongoing monitoring of the safety of metals in the food supply,primarily through the ATDS.FSANZ also undertook a small,targeted survey of arsenic levels in apple and pear juice.(FSANZ,2014)The ATDS and other surveys have consistently demonstrated the safety of the general food supply and help FSANZ prioritise risk management measures to reduce dietary exposure to contaminants of concern.Metals have been subject to recent overseas and international assessments and regulatory developments.In 2011,the Joint FAO/WHO2 Expert Committee on Food Additives(JECFA)withdrew the health-based guidance values(HGBVs)for inorganic arsenic and lead on the basis that they were considered no longer protective of human health.The Committee established revised HBGVs for cadmium and inorganic mercury(JECFA 2011a,2011b).More recently,the United States Food and Drug Administration(USFDA)has published guidance for industry including an action level for inorganic arsenic and proposed action level for lead in apple juice(USFDA 2023,2022).Considering recent developments,the generation of contemporary data for metals in apple juices and other apple products is a priority for FSANZ.These foods are important components of the diet,including for infants and young children.The data will be available to support the 28th ATDS,which will investigate Australian consumers exposure to metal contaminants from the total diet.1.1 Regulation of metal contaminants in food 1.1.1 Australia FSANZ manages risks associated with metal contaminants in food through developing and maintaining the Food Standards Code.The Food Standards Code sets out legal requirements for food at the point of sale in Australia.Where required,FSANZ regulates specific metals which can contaminate food and may pose a risk to public health and safety,through the establishment of MLs in Standard 1.4.1 and Schedule 19.FSANZ uses internationally accepted best practice criteria in considering whether an ML is justified as the most appropriate measure to manage dietary exposure to metals.MLs are only set by FSANZ to achieve specific public health and safety objectives according to the following principles:Only for contaminants that represent a significant risk to public health and safety;and 2 FAO Food and Agriculture Organization of the United Nations.WHO World Health Organization.Food Standards Australia New Zealand 6 Only for those foods that significantly contribute to dietary exposure for the contaminant;and To ensure that levels are ALARA.A summary of relevant Australian MLs for metals in apple juice and other apple products sampled in the survey is provided in Section 3,Table 1 to Table 5 below.In the absence of MLs,food safety risks are managed by food regulators through provisions in the Australian State and Territory and Imported Food Acts,including that food for sale must be safe and suitable for consumption and contamination levels should be ALARA.1.1.2 Overseas and international FSANZ has also identified domestic and international MLs for metals in apple juice and other apple products established in other jurisdictions(summarised in Section 3,Table 1 to Table 5 below).These include international MLs established by Codex(Codex,2022)which do not apply in Australia but are referenced and/or adopted by many countries.Other MLs identified by FSANZ include those established by the European Commission(EC)(EU,2006)and Health Canada(Government of Canada,2023).The USFDA have published guidance for industry including an action level for inorganic arsenic and a draft action level for lead in apple juice.(USFDA 2023,2022)These guidance values are recommendations to protect public health by reducing exposure to levels that are achievable by industry with the use of current good manufacturing practices.2 Methods 2.1 Food sampling This survey utilised existing samples which were recently collected as part of the Survey of Patulin in Apple Juice and other Apple Products.A total of 299 food samples were purchased from a range of retail outlets in capital cities and major regional centres from all Australian states and territories.Product brands were selected to represent the general buying habits of the Australian population.Of the sample types collected,259 were apple juices and 40 were other apple products including solid apple products for infants(24),apple puree(5),apple sauce(4),canned apple(3)and dried apple(4)(FSANZ,2023)Two hundred and eighty-three(283)of the stored samples were available for the metals survey,while 16 had insufficient remaining sample for further analysis.The primary focus of the survey was on apple juice products.A large majority of sample purchases were not from concentrate apple juice,including both cloudy and non-cloudy(clarified)varieties.A limited number of reconstituted and freshly squeezed apple juices were also sampled.Only pure(100%)apple juice products were sampled,with no juices from other sources or mixed products.Sparkling juice,apple juice drinks containing water or intense sweetener,and apple juice concentrate were not included in the survey.A variety of solid apple products including infant foods,apple puree,apple sauce,canned apple,and dried apple were included in the survey.Solid apple products for infants and young children included both those that had apple as the sole ingredient and those in which apple was the main ingredient in a mixture.Food Standards Australia New Zealand 7 Sampling was undertaken over two sampling periods from March to May 2021,and September 2021 to February 2022.Further details are provided in the Patulin report published on the FSANZ website(FSANZ,2023).2.2 Sample preparation and analysis After sample analysis for the Patulin Survey was completed in 2022,all samples were stored in a manner that preserved them for future testing,allowing them to be utilised for this survey.Samples were prepared and analysed at Symbio Laboratories,a National Association of Testing Authorities(NATA)accredited facility in Brisbane.Two hundred and seventy-three(273)of the stored individual samples were pooled into 61 composite samples for analysis.These samples were pooled according to food type,jurisdiction of purchase,and sampling date.For example,three samples of freshly made apple juice purchased in a single Australian city on the 15/04/2021 were combined into a composite sample for analysis.Ten samples were analysed individually as they were not suitable for pooling.Appendix 1 provides details of the sample preparation and pooling protocols.All 71 samples were analysed for metal contaminants including total arsenic,cadmium,lead,and mercury.Samples with detectable concentrations of arsenic(two)were re-analysed for inorganic arsenic.The levels of tin were investigated in two canned apple samples.Samples were analysed via Inductively Coupled Plasma Mass Spectrometry(ICP-MS)and High-Performance Liquid Chromatography(HPLC)-ICP-MS techniques.The methods were all fully validated.Analytical methods were all NATA accredited except for inorganic arsenic in solid apple products other than juice.All sample analysis was accompanied by comprehensive quality assurance and quality control measures applied on a batch-by-batch basis.The method Limit of Reporting(LOR)3 was 0.010 mg/kg for all tests,except for arsenic(total and inorganic)in dried apple,for which the LOR was 0.025 mg/kg.The reported LORs were equal to the Limit of Quantitation(LOQ)4 and 2 2.5 times the Limit of Detection(LOD)5.3 Survey results 3.1 Overall summary The metal concentrations in apple juice and other apple products were very low.None of the analysed metals were found in 58 of 71(82%)of the samples.Lead was detected in 12 of 71(17%)of samples,at concentrations ranging from 0.010 mg/kg to 0.020 mg/kg.Arsenic was detected in 2 of 71(3%)of samples.Tin was detected in 2 of 2(100%)canned apple samples.Inorganic arsenic,cadmium and mercury were not detected in any samples.All metal concentrations were below Australian,overseas,and international regulatory limits.3 LOR:the lowest concentration of an analyte reported by the laboratory using a certain analytical procedure.4 LOQ:the lowest concentration of an analyte that can be quantitatively determined with acceptable accuracy and precision.5 LOD:the lowest concentration of an analyte that can be detected with acceptable reliability.Food Standards Australia New Zealand 8 This indicates that metal levels in the sampled products are as low as reasonably achievable.A summary of results is provided in Table 1 to Table 5 below.Detailed occurrence data is reported in Appendix 1.Food Standards Australia New Zealand 9 3.2 Arsenic Arsenic(total)was detected in two samples(dried apple(0.035 mg/kg)and solid apple products for infants(0.016 mg/kg).These two samples were re-analysed for the more toxicologically significant inorganic arsenic which returned results LOR.There were no exceedances of Australian,overseas,or international limits,identified in Table 1 below.Table 1-Summary of Results for Arsenic Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)Arsenic Apple juice 0/47(0%)Not detected 0.010 Inorganic arsenic Canada 0.01(apple juice)EU 0.020(fruit juice)US 0.010(apple juice action level)Apple puree 0/3(0%)Not detected 0.010 Not applicable Apple sauce 0/2(0%)Not detected 0.010 Apple(canned)0/2(0%)Not detected 0.010 Apple(dried)1/2(50%)0.018 0.030 0.025 0.035 Solid apple products for infants 1/15(7%)0.0011 0.010 0.010 0.016 Inorganic arsenic EU 0.020(baby foods)Arsenic,inorganic Apple(dried)0/1(0%)Not detected 0.010 Not applicable Solid apple products for infants 0/1(0%)Not detected 0.010 Inorganic arsenic EU 0.020(baby foods)Food Standards Australia New Zealand 10 Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)*LB lower bound,concentrations LOR are assigned a concentration of zero.UB upper bound,concentrations LOR are assigned a concentration equal to LOR.3.3 Cadmium Cadmium was not detected in any samples as indicated in Table 2 below.Table 2 Summary of Results for Cadmium Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)Cadmium Apple juice 0/47(0%)Not detected 0.010 Australia not applicable EU 0.020(pome fruits,apple juice for infants and young children)Apple puree 0/3(0%)Not detected 0.010 Australia not applicable EU 0.020(pome fruits)Apple sauce 0/2(0%)Not detected 0.010 Apple(canned)0/2(0%)Not detected 0.010 Apple(dried)0/2(0%)Not detected 0.010 Solid apple products for infants 0/15(0%)Not detected 0.010*LB lower bound,concentrations LOR are assigned a concentration of zero.UB upper bound,concentrations LOR are assigned a concentration equal to LOR.Food Standards Australia New Zealand 11 3.4 Lead A summary of lead results is provided in Table 3 below.Lead was detected at low levels in the following foods:Apple juice Lead was detected in 6 of 47(13%)samples of apple juice at concentrations of 0.010 mg/kg(equal to LOR).Lead was not detected in the remaining 41 samples.The detections of lead were found in all types of sampled apple juice including not from concentrate(detected in 3 of 34 samples),reconstituted(2 of 9),and fresh(1 of 4).Apple puree and sauce Lead was not detected in any of the 3 apple puree samples.Apple sauce Lead was detected in 1 of 2(50%)samples of apple sauce at a concentration of 0.010 mg/kg(equal to LOR).Canned apple Lead was detected in 2 of 2(100%)samples of canned apple,with a maximum concentration of 0.020 mg/kg.Dried apple Lead was detected in 1 of 2(50%)samples at a concentration of 0.010 mg/kg(equal to LOR).Solid apple products for infants Lead was detected in 2 of 15(13%)samples at concentrations of 0.010 and 0.020 mg/kg.Lead concentrations found in apple juice and other apple products were lower than Australian MLs.As indicated in Table 3 below,the Australia New Zealand Food Standards Code(Standard 1.4.1 and Schedule 19)specifies an ML for lead in fruit of 0.1 mg/kg.For foods with fruit(including apple)as an ingredient,the provisions under Standard 1.4.1-3(3)apply for calculating an ML for mixed foods with two or more ingredients.Lead concentrations found in apple juice and other apple products were also lower than identified overseas and international MLs,including those set by Canada,Codex,and the EC.The USFDA has proposed a draft action level of 10 g/kg(0.010 mg/kg)for lead in apple juice(USFDA,2022).This is a non-regulatory guidance level for industry and regulators to keep lead levels as low as reasonably achievable and help reduce dietary exposure.The observed concentrations of lead detected in apple juice were lower than or equal to the USFDA draft action level.Food Standards Australia New Zealand 12 Table 3 Summary of Results for Lead Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)Lead Apple juice 6/47(13%)0.0013 0.010 0.010 0.010 Australia 0.1(fruit)Canada 0.05(apple juice)Codex 0.03(apple juice),0.1(fruit)EU 0.020(apple juice for infants and young children)US 0.010(apple juice proposed action level)Apple puree 0/3(0%)Not detected 0.010 Australia 0.1(fruit)Codex 0.1(fruit)Apple sauce 1/2(50%)0.0050 0.010 0.010 0.010 Apple(canned)2/2(100%)0.015 0.015 0.010 0.020 Apple(dried)1/2(50%)0.0050 0.010 0.010 0.010 Solid apple products for infants 2/15(13%)0.0020 0.011 0.010 0.020 *LB lower bound,concentrations LOR are assigned a concentration of zero.UB upper bound,concentrations LOR are assigned a concentration equal to LOR.Food Standards Australia New Zealand 13 3.5 Mercury Mercury was not detected in any samples as indicated in Table 4 below.Table 4-Summary of Results for Mercury Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)Mercury Apple juice 0/47(0%)Not detected 0.010 Not applicable Apple puree 0/3(0%)Not detected 0.010 Apple sauce 0/2(0%)Not detected 0.010 Apple(canned)0/2(0%)Not detected 0.010 Apple(dried)0/2(0%)Not detected 0.010 Solid apple products for infants 0/15(0%)Not detected 0.010*LB lower bound,concentrations LOR are assigned a concentration of zero.UB upper bound,concentrations LOR are assigned a concentration equal to LOR.Food Standards Australia New Zealand 14 3.6 Tin A detailed summary of tin results is provided in Table 5 below.Tin was detected in 2 of 2(100%)samples of canned apple at concentrations of 32 mg/kg and 124 mg/kg.Both detections were well below Australian and identified overseas and international MLs.Table 5-Summary of Results for Tin Metal Food Number of detects/samples Mean LB*(mg/kg)Mean UB(mg/kg)Range(mg/kg)MLs and other limits(mg/kg)Tin Apple(canned)2/2(100%)78 78 32 124 Australia 250(canned food)Canada 250(canned food)Codex 250(canned food other than beverages)EU 200(canned foods other than beverages)*LB lower bound,concentrations LOR are assigned a concentration of zero.UB upper bound,concentrations LOR are assigned a concentration equal to LOR.Food Standards Australia New Zealand 15 4 Conclusions The survey provides valuable data on metal concentrations in apple juices and other apple products.Metal concentrations were low with most samples(82%)containing no detectable levels of any of the analysed metals.All metal concentrations were below Australian,and identified overseas,and international regulatory limits.The results of the survey indicate that metal levels in the sampled apple juices and other apple products were as low as reasonably achievable.On that basis FSANZ has concluded that there are no public health and safety concerns to Australian consumers.FSANZ will utilise results to:Supplement a comprehensive assessment of Australian consumers dietary exposure to metal contaminants as part of the 28th ATDS(2024).Load data into the international GEMS database to support international risk assessments and consideration of international MLs by Codex.Communicate findings with Australian food regulators and food industry.Food Standards Australia New Zealand 16 5 References Action Level for Inorganic Arsenic in Apple Juice:Guidance for Industry,2023,FDA-2012-D-0322,Guidance Document.Available at:https:/www.fda.gov/regulatory-information/search-fda-guidance-documents/guidance-industry-action-level-inorganic-arsenic-apple-juice (Accessed:19 June 2024).Action Levels for Lead in Juice:Guidance for Industry,2022,FDA-2012-D-0322,Draft Guidance Document.Available at:https:/www.fda.gov/regulatory-information/search-fda-guidance-documents/draft-guidance-industry-action-levels-lead-juice(Accessed:19 June 2024).Codex(2022)General Standard for Contaminants and Toxins in Food and Feed.Codex Alimentarius CXS 193-1995.Standard 193-1995.Codex Alimentarius Commission,Rome.EFSA(2024)Metals as contaminants in food,European Food Safety Authority.Available at:https:/www.efsa.europa.eu/en/topics/topic/metals-contaminants-food.(Accessed:21 June 2024).European Union(2006)COMMISSION REGULATION(EC)No 1881/2006 of 19 December 2006 setting maximum levels for certain contaminants in foodstuffs(Text with EEA relevance),Official Journal of the European Union Preprint.FSANZ(2014)Analytical Survey of Total and Inorganic Arsenic in Apple and Pear Juice.Canberra,ACT:Food Standards Australia New Zealand(FSANZ).FSANZ(2023)The Survey of Patulin in Apple Juice and Other Apple Products.Canberra,ACT:Food Standards Australia New Zealand(FSANZ).Government of Canada(2023)Food and Drug Regulations C.R.C.,c.870,Division 15,Adulteration of Food.Available at:https:/laws-lois.justice.gc.ca/eng/regulations/C.R.C.,_c._870/page-42.html#docCont(Accessed:20 June 2024)JECFA(2011a)Safety evaluation of certain contaminants in food:Seventy-second report of the joint FAO/WHO expert committee on food additives.Rome:Food and Agriculture Organization of the United Nations(63).JECFA(2011b)Safety evaluation of certain food additives and contaminants:prepared by the seventy-third meeting of the Joint FAO/WHO Expert Committee on Food Additives(JECFA).Geneva:World Health Organization(64).
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Explore M&A Activity,Capital Market Conditions and Current Trends for the Agribusiness and Food Value Chain Industry2H 2024AGRIBUSINESS&FOOD VALUE CHAIN REPORTInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2024 2H 2024|VOL 1|ISSUE 2AGRIBUSINESS&FOOD VALUE CHAIN REPORTEstablished in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesAGRIBUSINESS CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Ben LuchowBen LuchowDirectorAgribusiness&FVC T InIn 20242024,therethere waswas a a lotlot in in play,play,andand maybemaybe somesome lessonslessons learnedlearned.CracksCracks in in thethe foodfood processingprocessing industryindustry werewere exposedexposed resultingresulting in in a a seriesseries ofof highhigh-profileprofile recallsrecalls andand blundersblunders triggeringtriggering a a renewedrenewed governmentalgovernmental interestinterest in in safetysafety andand regulationregulation.GovernmentsGovernments againagain createdcreated uncertaintyuncertainty in in thethe agriculturalagricultural fieldfield asas questionsquestions arosearose aboutabout threatenedthreatened tariffstariffs worldwide,worldwide,a a crackdowncrackdown onon immigrationimmigration (read(read:farmfarm labor)labor)andand a a renewedrenewed interestinterest in in regulationregulation ofof ingredientsingredients andand ultraultra processedprocessed foodsfoods.Nevertheless,Nevertheless,wewe continuedcontinued toto seesee bigbig movesmoves in in thethe sectorsector.WereWere seeingseeing a a realignmentrealignment toto addressaddress consumerconsumer tastestastes (and(and inflationinflation-strainedstrained wallets)wallets)andand waysways toto incorporateincorporate technologytechnology andand automationautomation in in thethe foodfood chainchain fromfrom productionproduction toto processingprocessing.Growth,Growth,Sales,Sales,andand ConsumptionConsumption:TheThe RoleRole ofof GovernmentsGovernmentsThe stories and factors that whipsawed the agricultural production and food value chain sector throughout 2H24 appear to be the stories and factors that will challenge and expose opportunities across the sector as we head into the first half of 2025.Governmental actions will likely affect core elements of food production and distribution including food safety,immigration,tariffs,inflation,and trade.All three of the big North American trading partners Canada,Mexico,and the United States saw or will see changes in administration heading into 2025.1,2,3Higher tariffs threatened by the new U.S.administration could significantly impact the traditionally low-margin production and sale of food across borders.The U.S.imports a lot of oil and gas from Canada,which could impact farm input costs.The U.S.sells a lot of food to China,another potential tariff target.Start tinkering with this delicate dance,and agricultural production and processing could be looking at a big shakeup.Get China involved with retaliatory tariffs and American farmers could be looking at not only increased input costs such as machinery and Canadian fuel and fertilizer,but also a 90%crash in corn exports to China,all while losing market share to Argentina and Brazil that may never come back.4,5,6,7Ben PaddorBen PaddorAssociateAgribusiness&FVC TEric BosveldEric BosveldSenior Advisor Agribusiness&FVC TSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2Uncertainty about U.S.and Canadian immigration policy shifts also stand to challenge producers.The new U.S.administration has threatened to deport some 11 million undocumented aliens.But those aliens are also workers,leaving some to wonder whether the loss of this workforce will mean higher prices or if the vacuum will spur efficiencies and automation.The U.S.isnt the only country threatening to cut back on immigration.Agricultural powerhouse Canada is looking to reduce the number of temporary work visas it issues.And in the U.S.,two thirds of the U.S.farmworkers applying pesticides,picking produce,slaughtering livestock,processing meats,and running agricultural machinery are foreign born,and more than 40%are not authorized to work in the U.S.8,9,10,11 Even after food is planted and picked,another U.S.government wild card is looming.Processors are watching to see what Robert F.Kennedy Jr.the new administrations pick to run Health and Human Services will do.Kennedy,who would oversee the Food and Drug Administrations authority over 80%of the U.S.food supply,has pledged a war on processed foods and pesticides.The impact of Kennedys proposed campaign remains to be seen but considering 60%of processed American foods contain additives(up 10%since 2001)impacting everything from taste to shelf life,it could be significant.Hang on to your Fruit Loops.12,13Tariffs,immigration,and regulations all create an interesting stage for food production and delivery in 2025.Nothing is certain in this most vital of sectors,but it sure wont be boring.YouYou AreAre WhatWhat YouYou Eat,Eat,PlayingPlaying It It SaferSaferWhile tariffs and the impact on consumer pricing and agricultural trade may be getting the headlines,were watching for the additional impact of additional governmental action as well.Food safety was big news involving big brands in 2H24.McDonalds briefly in several states had to stop selling its Quarter Pounder(aka the Royale With Cheese)due to an E.coli outbreak.The ubiquitous Boars Head brand recalled some 7 million pounds of deli meat possibly tainted with listeria involving 71 products.Another 10 million pounds of meat was recalled from popular grocers Walmart,Publix,Target,and Trader Joes.Its hard to know if our food is less safe than it used to be,but for a while in November the U.S.was seeing a new food recall virtually every day.Could more automation and tech solutions help,or will this result in more government regulation(and potentially higher costs)?14,15,16,17,18 A door panel falling off an airplane midflight in early 2024 drew attention to the concept of“zero-defect production.”The idea being that in something as important as airline safety,being pretty good isnt enough.Its got to be perfect every time all the time.But we can avoid getting on airplanes while food is not an option.Where else is zero-defect as critical than as in food production.Patchwork government regulation,consumers eating more processed foods,a complex food supply chain drawing on imported goods,and a longer and less integrated processing chain have all created more potential points of contamination and failure.In the U.S.alone,officials estimate 48 million people experience some kind of foodborne illness and 3,000 people die annually from these infections.From cantaloupes to liverwurst,recalls were an important story in 2024.18,19,20,21 If all that is unacceptable,were watching how government regulations will evolve.The U.S.Food and Drug Administration in 2H24 enacted new traceability rules that require strict monitoring and apply new responsibilities along every part of the food chain,from production to processing to distribution.The evolution of technologies to meet these requirements and to protect the reputation of household brand names may create opportunities for innovators across the sector with the implementation of AI supply chain management and tracking,advanced pathogen detection,real-time monitoring,thermal processing,and foreign materials detection.22,23Where there is a critical need,whether driven by government regulation or consumer demand,theres business to be done.In October,multinational food safety giant Merieux NutriSciences,spent$375 million to acquire the French food testing and certification company Bureau Veritas.In December,California-based global food and beverage microbial detection,monitoring,and identification company Hygiena acquired Nexcor Food Safety Technologies Inc.,which developed the KLEANZ and CAMS-PM brand software solutions for managing sanitation and equipment maintenance in food and beverage manufacturing facilities.Overall,the$25 billion food safety and testing segment is seeing,by one estimate,a compound annual growth rate(CAGR)of nearly 10%.25,26,27 SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2TheThe HeadwindsHeadwinds ofof CommodityCommodity Pricing,Pricing,Tariffs,Tariffs,andand ImmigrationImmigrationTheres no denying the business of growing,processing,and distributing our most basic needs is a business the operates at the whims of exterior forces.Weather,labor availability,governmental regulations,and trade barriers can shift faster than the seasons,challenging the sector.And thats why the quest for solutions,for ways to do it faster,better,cheaper,and more reliably never ends.Were always watching the drive toward advanced gene editing for crop production,precision livestock management,and the robotics and automation that can maximize efficiencies in planting,weeding,and harvesting to reduce demand for seasonal labor.28,29,30 In the U.S.,as the new administration springs into implementation of its promised plan to deport the 11 million undocumented aliens estimated in the country,farmers,who depend on the cheap labor are on edge.By some estimates,nearly half of the 2 million farm workers,and many more in the dairy and meat processing and packing industry,are in the U.S.without documentation.Farmers are asking the administration to let their people stay and worry mass deportations would cripple the industry and raise prices at the grocery store.In Canada,embattled(now apparently about to be former)prime minister Justin Trudeau launched a bid to decrease the number of legally allowed temporary foreign workers often employed on farms.Farms need labor,and labor down on the farm is in short supply.1,9,31,32Pricing,too,is a problem from input to production to output through really nobodys fault.Farming is an unpredictable business.Input costs have been driven by sticky inflation that appears to be hanging around for another year.Producer price inflation in the ag industry,driven by everything from hurricanes,droughts,fungi,and a bird flu driving up egg prices have battered farmers,ranchers,grocers,and restaurants.Food prices are traditionally volatile,but who would have expected a string of hurricanes or the massive culling of laying hens driving an increase in egg prices rippling through the market(and may take months to resolve).Coffee bean prices as much as doubled in the past year,including some of the most popular varieties,due to bad weather in producing regions.Raw sugar prices hit their highest relative prices in more than a decade in 2H24 as fires and drought ravaged Brazil.33,34,35,36,37 And the factors impacting the sector go beyond acts of God to acts of government in the hands of the new U.S.administration and its threatened tariffs.With some 60%of its agri-exports,some$40 billion worth,bound for the United States,Canada stands to suffer a blow if the U.S.enacts proposed import tariffs as high as 25%.The damage to Canadian farmers,some say,could be“catastrophic.”And if China reacts with its own tariffs on U.S.goods,expect that retaliation to reverberate through American food exports including the billions of dollars in exported oilseed,grain,and dairy products sold to China.And grocers and even food shoppers arent immune as higher prices are expected to roll downhill throughout the value chain.The impact of prices is even being felt in the marketing of consumer packaged goods(CPG)producers as consumers,stung by higher prices,are ditching brand loyalty for value pricing.38,39,40,41 TheThe ShoppingShopping CartCart:MergersMergers&AcquisitionsAcquisitions Some household CPG companies made moves in 2H24.PepsiCo,the owner of snack maker Frito-Lay,snapped up Garza Food Ventures,the producers of private label snacker Siete Foods,for$1.2 billion in October.The acquisition of Siete,which sells in Target and Trader Joes,was seen as a shift toward value-conscious shoppers pinched by higher costs.Meanwhile General Mills ditched its higher-end Yoplait and Go-Gurt dairy brands in aggregate$2.1 billion deals in September with French companies Lactalis and Sodiaal.Faced with competition in the yogurt business,General Mills is pivoting toward its more profitable snack and pet food brands.42,43 In 3Q24,family owned Badia Spices,nearly 60 years after its founding,sold off a majority stake valued at$1.2 billion to investors including a Latin American conglomerate and BDT&MSD Partners.The move is seen as preserving the familys heritage while infusing capital to help Badia expand.A Badia family member will remain as a shareholder and“honorary”chairman as part of the deal with investors from Grupo Mariposas Bia Foods.44 Cold storage was a hot story all the way to the end of the year.In December,the cold storage and logistics company Lineage spent nearly$225 million to acquire Kansas City,Kansas-based ColdPoint logistics,which offers cold storage,warehousing,and transportation services.The deal offers Lineage a more efficient link to ports by rail for protein producers in the midwest and west.45 SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2 Even the biggest players were active in 2H24 as Koch Ag&Energy Solutions cemented a$3.6 billion acquisition of an Iowa fertilizer plant,one of the biggest in the country,OCI Globals center at Wever.This despite concerns over consolidation in the industry with the plants ability to churn out 3.5 million metric tons of nitrogen fertilizers and diesel exhaust fluid a year and Koch among four companies controlling 75%of the nitrogen fertilizer market.46 TomorrowsTomorrows Recipe?Recipe?TheThe IngredientsIngredients AreAre AllAll ThereThereOn the upside,a lot of distractions have been cleared out as we head into 2025,notably elections in Mexico and the United States and the apparent end Trudeaus rocky path in Canada,with elections there that should at least provide direction.Talk of tariffs,too,may be decided in the first half of the year.No matter the outcome,at least well know for sure.We anticipate larger operations will be looking to add on components through rollups as interest rates(we hope)will continue to fall and pesky supply chain issues recede.Perhaps the 2024$36 billion Mars acquisition of Kellanova(think Pringles chips)hints at an appetite for deals.Changing consumer tastes and spending capacity,regulatory attention,and a drive to cope with labor issues through automation should all spur some innovative twists and turns and some interesting deals.47,48 In agriculture,in addition to tariffs,well continue to watch for the impact of avian flu and hope it doesnt develop into something more.Nobody wants another pandemic.And well see how the new U.S.administration sets farm and labor policy.Immigration,at its heart,remains a labor issue for those in the business of planting and harvesting food.Developments and implementation in agritech always stand to surprise and even delight.Drones,self-driving combines,and AI-generated efficiencies were aspects we couldnt have imagined just a few years ago.49,50,51 With new administration,there of course are the unknown implications of tariffs,the unknowable impact of weather,and the mystery of Robert F.Kennedy Jr.if he leads the U.S.Department of Health and Human Services.RFK remains a wildcard.Hes already spoken out about ultra processed foods and food additives,hes talked about revamping the school lunch program,and he stands to guide the U.S.Food and Drug Administration,which oversees about 80%of the American food supply.And hes also taken a look into common pesticides.Kennedy is a mystery wrapped in an enigma,and we cant know how the industry from production to packaging and sales will adapt.52,53All things aside,we can say one thing with certainty:People need to eat.With that as a bedrock truth,we remain optimistic that the business of growing,shipping,producing,selling,and serving food to humans will find a way.For the inquisitive,adventurous,and innovative,there remains a cornucopia of opportunity to adapt,overcome,and profit.SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 25 or more transactions3-4 transactions1-2 transactions0 transactionsTRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITYSources:S&P Global Market Intelligence;PitchBookNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.GeoNames,Microsoft,TomTomPowered by Bing13 31 8 30 36 13 42 63 45 15 23 -10 20 30 40 50 60 70Strategic63%Financial37%SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2ACTIVE BUYERSSources:S&P Global Market Intelligence;PitchBook;FactSet Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2PUBLIC BASKETSegment Market Cap Performance Running 12 MonthsSource:PitchBook Financial Data and AnalyticsSegment Market Cap Performance Running 12 Months-35%-25%-15%-5%5%5Ec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Diversified AgribusinessCrop/Turf/Onamental InputsAnimal Health&NutritionMachinery&EquipmentAgricultural Tech&Services1st Level ProcessingS&P 500-40%-30%-20%-10%0 0c-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24CPG FoodFood DistributionFood Machinery&EquipmentFood IngredientsS&P 500Diversified AgribusinessSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 254B)66GIHBB)%9GIa67)0%9%5%6UXac9623%7%6TUcU%0 0%$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mmSenior DebtSub DebtEquity5.9x6.1x6.8x6.1x6.8x7.0 x7.3x7.5x8.3x8.8x8.6x8.8x9.0 x9.4x10.0 x8.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x202120222023YTD 2024$10-25mm$25-50mm$50-100mm$100-250mm$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3002023 Q42024 Q12024 Q22024 Q32024 Q4Deals ClosedDeals ClosedCapital InvestedU.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2024.EBITDA Multiples By Transaction SizeSource:PitchBook Financial Data and Analytics202120232022YTD 2024SDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2024 2H 2024|VOL 1|ISSUE 2AGRIBUSINESS&FOOD VALUE CHAIN REPORTCOMPREHENSIVE AGRIBUSINESS&FOOD VALUE CHAIN EXPERTISEOur Agribusiness&Food Value Chain Team has worked on and completed numerous M&A transactions with both strategic and financial buyers and sellers across a wide range of manufacturing,distribution and service-related businesses in the agribusiness,horticultural,agrifood and green space industries.This accumulated experience and expertise will help your company approach the market with the right strategy and resources in place.Our Agribusiness&Food Value Chain Industry investment banking expertise includes the following segments:SDR SERVICE OFFERINGSCONTACT USSELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Agribusiness&Food Value Chain Industry,including:Diversified Agribusiness Crop/Turf/Ornamental Inputs Animal Health&Nutrition Machinery&Equipment Agriproducts Distribution Food Distribution Agricultural Technology&Services Oilseeds&Ingredients Copackers&Comanufacturers*These transactions were completed by SDR Senior Advisor Eric Bosveld during his tenure at another firm.Ben LuchowBen LuchowDirectorAgribusiness&FVC TEric BosveldEric BosveldSenior Advisor Agribusiness&FVC TBen PaddorBen PaddorAssociateAgribusiness&FVC TSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 21.“US Farm Groups Want Trump To Spare Their Workers From Deportation,”Reuters,Leah Douglas and Ted Hesson,Nov.25,2024 https:/ Food Industry Tech Trends:AI And Supply Chain Solutions Lead Investment Priorities,”Food Industry Executive,Krystle Morrison,No.7,2024 https:/ 3.“Who Are The US Top Trade Partners?”Sep.4,2024 https:/usafacts.org/articles/who-are-the-uss-top-trade-partners/4.“Trumps Tariffs Will Be Bad For US Farmers And Consumers,”Union of Concerned Scientists,Precious Tshabalala,Dec.11,2024 https:/blog.ucsusa.org/precious-tshabalala/trumps-tariffs-will-be-bad-for-us-farmers-and-consumers/5.“Trumps Tariffs Threat Puts US Farm Exports To China At Risk,”Reuters,Mei Mei Chu,Nov.7,2024 https:/ Does The U.S.Import from Mexico,Canada,And China,”Statista,Katharina Buchholz,De.17,2024 https:/ Potential Impact Of Tariffs,Trade Retaliation On U.S.Ag Sector,”Ag Web,Jan.3,2025 https:/ 8.“Trudeau Announces Sharp Cuts To Canadas Immigration Targets,”BBC,Nadine Yousif,Oct.24,2024 https:/ 9.“How Trumps Plan To Deport More Immigrants Could Affect The Economy,”Marketplace,Matt Levin,Nov.6,2024 https:/www.marketplace.org/2024/11/06/how-trumps-plan-to-deport-more-immigrants-could-affect-the-economy/10.“Ottawa Looking To Crack Down On Exploitative Relationships In Immigration,”HRReporter,Jim Wilson,Nov.15,2024 https:/ 11.“Farms,Meat Plants Brace For Trump Immigration Crackdown,”Wall Street Journal,Patrick Thomas,Nov.21,2024 https:/ 12.“How RFK Jr.Could Shake Up The Food Industry,”Food Dive,David Silverberg,Nov.26,2024 https:/ 13.“Buyer Beware:60%Of Foods Purchased By Americans Contain Technical Food Additives A 10%Increase Since 2001,”Eat Right Pro via Journal of the Academy of Nutrition and Dietetics,Mar.13,2023 https:/www.eatrightpro.org/about-us/for-media/press-releases/60-percent-of-foods-purchased-by-americans-contain-technical-food-additives 14.“Pulp Fiction,Royale With Cheese,”ACMI,Matt Millikan,Dec.1,2020 https:/.au/stories-and-ideas/pulp-fiction-royale-with-cheese/ADDITIONAL REFERENCESSDRVENTURES.COMFINRASIPCInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)15.“Were Recalls Really Up In 2024?”Food Safety News,Chuck Jolley,Jan.6,2025 https:/ Least 3 Deaths Amid Listeria Outbreak Linked To Boars Head Deli Meat Recall,”Yahoo News via Good Morning America,Kelly McCarthy,Aug.12,2024 https:/ 17.“10-Million-Pound Meat Recall Affects Hundreds Of Products At Walmart,Target,Publix And More,”USA Today,Mary Walrath-Holdridge,Oct.18,2024 https:/ 18.“Is The Food Supply Less Safe Than It Used To Be,”New York Times,Emily Schmall,Nov.25,2024 https:/ 19.“The Boeing Saga Drags On,And What No One Will Tell You About Manufacturing Quality,”E,Mar.14,2024 https:/ Recalled For Possible Salmonella Contamination:See Which States Are Impacted,”Yahoo News via USA Today,Natalie Neysa Alund,Sep.9,2024 https:/ 21.“Boars Head Provisions Co.Recalls Ready-To-Eat Liverwurst And Other Deli Meat Products Due To Possible Listeria Contamination,”USDA,Jul.7,2024 https:/www.fsis.usda.gov/recalls-alerts/boars-head-provisions-co-recalls-ready-eat-liverwurst-and-other-deli-meat-products22.“Navigating The New FDA Food Traceability Rule:Meeting Requirements And Enhancing Safety,”Quality Assurance and Food Safety,Angel Fernandez,Sep.20,2024 https:/ Food Industry Tech Trends:AI And Supply Chain Solutions Lead Investment Priorities,”Krystle Morrison,Nov.7,2024 https:/ 24.“Merieux NutriSciences Acquires Bureau Veritas Food Testing Business,”Food Navigator Europe,Augustus Bambridge-Sutton,Oct.7,2024 https:/ Acquires Nexcor Food Safety Technologies,”Dec.6,2024 https:/ 26.“Food Safety Testing Global Market Report 2025,”The Business Research Company,Jan.2025 https:/ 27.“Multiple Factors Affecting Crop Prices,Profitability,”Talk Business&Politics,”George Jared,Feb.5,2024 https:/ Food-Tech 2024:Exciting Innovations From The Show,”Food Navigator Europe,Donna Eastlake,Oct.4,2024 https:/ At The Biggest Breakthroughs In Agriculture For 2024,”Michelle Miller,Dec.10,2024 https:/ Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)30.“How Trumps Plan To Deport More Immigrants Could Affect The Economy,”Marketplace,https:/www.marketplace.org/2024/11/06/how-trumps-plan-to-deport-more-immigrants-could-affect-the-economy/31.“Trudeau Announces Reduction In Temporary Foreign Workers,Suggests More Immigration Changes To Come,”CBC News,John Paul Tasker,Aug.26,2024 https:/www.cbc.ca/news/politics/trudeau-crackdown-temporary-foreign-workers-1.730481932.“Americas Farms Are Facing A Serious Labor Shortage,”NPR Jul.30,2023 https:/www.npr.org/2023/07/27/1190476628/americas-farms-are-facing-a-serious-labor-shortage 33.“A Deep Dive Into The Producer Price Index,”The Food Industry Association,Andy Harig,Jan.14,2025 https:/www.fmi.org/blog/view/fmi-blog/2025/01/14/a-deep-dive-into-the-producer-price-index 34.“An Egg Shortage Continues,And Some Businesses Are Starting To Crack,”Marketplace,Daniel Ackerman,Jan.23,2025 https:/www.marketplace.org/2025/01/23/as-egg-shortage-continues-some-businesses-are-starting-to-crack/35.“Nearly$9 A Dozen:Why Egg Prices Are Skyrocketing And For How Long,”Los Angeles Times,Karen Garcia,Jan.6,2025 https:/ 36.“Coffee Drinkers Face Price Rises As Costs On Global Markets Hit Record High,”The Guardian,Zoe Wood,Dec.10,2024 https:/ 37.“Sugars Biggest Jump Since 2008 Is A Fresh Threat To Food Prices,”BNN Bloomberg,Charlotte Hughes-Morgan,Sep.20,2024 https:/www.bnnbloomberg.ca/investing/commodities/2024/09/20/sugars-biggest-jump-since-2008-is-a-fresh-threat-to-food-prices/38.“Trumps Tariff Threats Signal Crisis For Canadas Agri-Food Exports,”Retail Insider,Sylvain Charlebois,Nov.26,2024 https:/retail- Trumps Trade,Tax Policies Could Impact Food Industry,”Food Navigator USA,Ryan Daily,Oct.17,2024 https:/www.foodnavigator- Tariffs Will Impact Your Grocery Bill,”Forbes,Taylor Bauldwin,Nov.11,2024 https:/ By High Prices,Shoppers Focus On Value,Convenience and Personalized Experiences,”Progressive Grocer,Bridget Goldschmidt,Oct.4,2024 https:/ To Buy Tortilla-Chip Maker Siete Foods For$1.2 Billion,”Yahoo Finance via Reuters,Oct.1,2024 https:/ 43.“General Mills To Sell North American Yogurt Business For$2.1B,”Food Dive,Christopher Doering,Sep.12,2024 https:/ Spices Sells Stake To Group Of Investors,”Just Food,Andy Coyne,Oct.3,2024 https:/www.just- Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS&FOOD VALUE CHAIN REPORT2H 2024 2H 2024|VOL 1|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)45.“Lineage Acquires ColdPoint Logistics For USD 223 Million,”SeafoodSource,Chris Chase,Dec.2,2024 https:/ 46.“Koch Completes Controversial$3.6B Fertilizer Plant Acquisition,”Agriculture Dive,Sarah Zimmerman,Sep.3,2024 https:/ And Beverage M&A Activity Poised To Proliferate In 2025,”Food Dive,Christopher Doering,Jan.7,2025 https:/ Food&Beverage Outlook:Embracing Transformation,”Food Industry Executive,Geoff Coltman,Jan.16,2025 https:/ Agriculture Trends To Watch In 2025,”Agriculture Dive,Sarah Zimmerman and Nathan Owens,Jan.8,2025 https:/ Insight:Californias Central Valley Agriculture Faces Critical Labor Challenges Amid Immigration Policy Shifts,”Farmonaut,Dec.28,2024 https:/ Key Trends In Artificial Intelligence That Will Revolutionize Agriculture In 2025,”Global Ag Tech,Jan.22,2025 https:/ To Know:How RFK Jr.Could Transform HHS,”U.S.News,Cecelia Smith-Schoenwalder,Nov.20,2024 https:/ 53.“How RFK Jr.Could Shake Up The Food Industry,”Food Dive,David Silberberg,Nov.26,2024 https:/
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