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The European Commission announces a €120 million aid package to support farmers in countries hit hardest by extreme rain and weather events in 2024.

Introduction
Farmers across Europe who have faced devastating losses due to extreme rainfall and adverse weather conditions this year are set to receive financial relief. The European Commission has announced a €119 million support package aimed at assisting the agricultural sector in the countries most affected. This aid comes as many farmers struggle to recover from the damage caused by unprecedented flooding and harsh weather, which have severely impacted crop yields, livestock, and overall farm productivity. In this article, we explore the details of the support package, the extent of the damage, and the broader implications for the agricultural industry in Europe.

The Scale of the Damage

Extreme Weather Events in Europe
In 2024, several European countries experienced extreme weather conditions, with excessive rainfall causing significant flooding in both rural and agricultural areas. These floods have not only washed away crops but have also damaged infrastructure and disrupted the livelihoods of thousands of farmers. Many areas have reported the loss of entire harvests, making it impossible for farmers to meet production targets and threatening food security in some regions.

Countries such as Italy, Spain, and France have been among the hardest hit by these extreme weather events. In addition to floods, prolonged periods of heavy rain have delayed planting schedules, waterlogged fields, and damaged soil health, further compounding the challenges faced by the agricultural sector.

European Commission’s €120 Million Aid Package

Support for Farmers in Affected Countries
In response to the crisis, the European Commission has announced a financial aid package worth €119 million to support farmers in the worst-affected countries. This package is designed to provide immediate relief to help farmers recover from their losses and continue operations despite the adverse weather conditions.

The aid package will be distributed among the countries most severely impacted by the floods and extreme weather. It is expected to cover the cost of damages to crops, livestock, and infrastructure, while also helping farmers invest in recovery efforts and build more resilient agricultural practices for the future.

Assistance for Farmers
The support package will focus on several key areas:

• Compensation for crop losses: Farmers who have lost significant portions of their crops due to floods will receive financial support to help offset the revenue losses from lower yields.
• Livestock support: Many farmers in the affected regions have also lost livestock due to the floods. The aid package will include funding to help replenish livestock numbers and provide immediate care for surviving animals.
• Infrastructure repair: Damage to farm infrastructure, including roads, irrigation systems, and storage facilities, will be addressed with funds aimed at restoring operations and mitigating future risks.
• Resilience building: In addition to immediate relief, the package will promote investment in climate-resilient agricultural practices, helping farmers adapt to the increasing frequency of extreme weather events.

Broader Implications for the Agricultural Sector

Impact on Food Security
The floods and extreme weather events in Europe this year have highlighted the growing risks posed by climate change to food security. With entire crops being wiped out and livestock herds decimated, the agricultural industry is facing heightened challenges in maintaining consistent production levels. The European Commission’s aid package is a crucial step in ensuring that farmers can recover quickly and continue contributing to the region’s food supply.

However, the longer-term concern is how the agricultural sector will adapt to the increasing volatility in weather patterns. With extreme weather events becoming more frequent, there is a growing need for farmers to adopt more resilient farming methods, such as improved water management systems, crop diversification, and better soil conservation practices.

Climate Change and Farming
The support package also underscores the urgent need to address climate change and its impact on agriculture. As extreme weather events become more common, farmers will need to invest in sustainable practices to mitigate the effects of these disruptions. The European Commission’s focus on building resilience within the agricultural sector is a step in the right direction, encouraging farmers to adopt climate-smart technologies and practices that can help them better withstand future climate shocks.

Conclusion

The €120 million aid package announced by the European Commission is a lifeline for farmers across Europe who have been devastated by floods and extreme weather in 2024. By providing compensation for losses and supporting recovery efforts, the Commission aims to stabilize the agricultural sector and ensure that farmers can continue operating in the face of mounting climate challenges. While this aid will offer immediate relief, it also highlights the need for long-term investments in climate resilience to safeguard Europe’s food security in the years to come.

Nordic Aqua Partners raises $33 million to finance the expansion of its China-based facility and repay short-term loans, overcoming challenges in the salmon farming industry.

Introduction
Nordic Aqua Partners, a leading land-based salmon farming company, has successfully raised NOK 350 million (€29.7 million/$33.1 million) through a public share offering. This capital will be used to fund the construction of the second phase of its facility in China, as well as to repay short-term loans. Despite recent challenges, including a sharp decline in its share price due to off-flavor issues in its salmon, the company is moving forward with its ambitious expansion plans. In this article, we will explore the significance of this capital raise, the company’s current challenges, and its future plans for growth.

Nordic Aqua Partners’ Strategic Expansion

Purpose of the Fundraising
The funds raised will be directed primarily toward the development of stage two of Nordic Aqua Partners’ facility in China. This facility is a key part of the company’s strategy to expand its production capacity and meet the growing demand for sustainable, land-based salmon in the Chinese market. With the construction of the second phase, Nordic Aqua Partners aims to significantly increase its output and strengthen its position as a leader in land-based aquaculture.

In addition to financing construction, part of the capital will be used to repay short-term loans, ensuring the company maintains a healthy financial position as it navigates through recent operational challenges.

Challenges in the Salmon Farming Industry

Off-Flavor Salmon and Q3 Harvest Impact
Nordic Aqua Partners recently faced a major setback due to issues related to off-flavor in its salmon, which negatively impacted the taste and quality of its fish. As a result, the company announced a “severely restricted” third-quarter harvest, causing its share price to drop by 15%. Off-flavor salmon, often caused by compounds like geosmin and MIB (2-Methylisoborneol), can occur in land-based systems where water recirculation may lead to the accumulation of these compounds. Addressing this issue is crucial for maintaining product quality and customer satisfaction.

To tackle the off-flavor problem, Nordic Aqua Partners has been actively investing in technological solutions and water treatment systems to improve the taste and quality of its salmon. This effort, combined with the new capital raised, puts the company in a stronger position to overcome this hurdle and return to full production capacity in the coming quarters.

The Importance of Land-Based Salmon Farming

Sustainability and Market Demand
Nordic Aqua Partners is part of a growing movement toward land-based salmon farming, which is seen as a more sustainable and environmentally friendly alternative to traditional ocean-based salmon farming. Land-based systems reduce the risk of diseases, parasites, and pollution, while also allowing for better control over water quality and fish welfare. This has made land-based salmon farming an attractive option for markets like China, where demand for high-quality, sustainably produced seafood is on the rise.

As consumers become more conscious of the environmental impact of their food choices, land-based salmon farming companies like Nordic Aqua Partners are well-positioned to meet this demand. The company’s expansion in China, one of the world’s largest seafood markets, represents a significant growth opportunity and aligns with global trends toward more sustainable food production.

Leadership and Vision

Ragnar Joensen: Leading the Way
At the helm of Nordic Aqua Partners is Ragnar Joensen, the company’s managing director. With extensive experience in the aquaculture industry, Joensen has been instrumental in guiding the company through its expansion efforts and addressing the operational challenges it has faced. Under his leadership, Nordic Aqua Partners has remained committed to its long-term vision of becoming a global leader in land-based salmon farming.

Joensen’s strategic focus on innovation and sustainability has helped Nordic Aqua Partners differentiate itself in a competitive market. By prioritizing technological advancements in water treatment and production efficiency, the company aims to set new standards for the land-based aquaculture industry.

Future Outlook for Nordic Aqua Partners

Overcoming Challenges and Scaling Production
With the recent capital raise, Nordic Aqua Partners is well-positioned to complete the second phase of its China facility and scale its production capabilities. While the off-flavor salmon issue has presented a temporary setback, the company’s investment in solutions to address this problem demonstrates its resilience and commitment to quality.

Looking ahead, Nordic Aqua Partners is expected to play a key role in the growing market for sustainable seafood in China. As the company continues to expand its operations and improve its production processes, it has the potential to capture a significant share of the Chinese salmon market.

Conclusion

Nordic Aqua Partners’ successful $33 million capital raise marks a pivotal moment in the company’s journey toward expanding its land-based salmon farming operations in China. Despite recent challenges related to off-flavor salmon, the company’s focus on innovation, sustainability, and operational efficiency positions it for future success. As global demand for sustainably produced seafood continues to rise, Nordic Aqua Partners is well-equipped to meet the needs of a growing market and set new standards for the aquaculture industry.

A potential US port labor strike could disrupt agricultural exports and imports, significantly affecting chilled meat, eggs, soybeans, and other vital products.

Introduction
As the United States braces for a potential strike by some 45,000 union workers at key seaports along the East and Gulf Coasts, the impact on agricultural products, supply chains, and the broader economy could be devastating. With the strike expected to start on October 1st, just weeks before the nation’s presidential election, the implications for vital trade routes and agricultural exports are severe. This article explores the possible effects of this labor dispute, particularly on agricultural goods like meat, eggs, and soybeans.

The Scale of the Strike
The strike, which involves the International Longshoremen’s Association (ILA) and affects 36 ports from Maine to Texas, could have far-reaching consequences. These ports handle approximately half of the US ocean imports, making them essential trade arteries for a wide range of goods, including agricultural products. With the current six-year contract between the ILA and the United States Maritime Alliance set to expire on September 30th, negotiations have hit a deadlock, largely over pay disputes.

If the strike goes ahead, it will be the first for the ILA since 1977, and the timing could not be worse. The nation is already grappling with housing and food inflation, and a strike would likely exacerbate the situation by causing shortages, delaying shipments, and driving up prices for both consumers and businesses.

Economic Impact: A $5 Billion Daily Loss
A study by JPMorgan estimates that a widespread strike could cost the US economy $5 billion each day. The strike would halt operations at ports responsible for an enormous volume of goods, ranging from clothing and cars to essential food products. According to logistics experts, the consequences of this disruption could be felt immediately, leading to weeks-long backlogs and soaring shipping costs. These costs, in turn, would be passed on to consumers, further inflaming economic frustrations already heightened by rising inflation rates.

In addition to consumer goods, agricultural products such as bananas, coffee, cocoa, cotton, and soybeans would face significant delays. Any interruption in the supply of these products could lead to shortages, causing prices to spike and potentially disrupting businesses dependent on a steady flow of imports and exports.

Impact on Agricultural Exports
The agricultural sector is particularly vulnerable to the potential strike. According to the American Farm Bureau Federation, approximately 14% of all US waterborne agricultural exports by volume are at risk. This equates to an estimated $318 million worth of agricultural goods over just one week. Key products, including soybeans and soybean meal, would be significantly impacted, especially since a large percentage of these exports rely on container shipments that are time-sensitive.

Mike Steenhoek, executive director of the Soy Transportation Coalition, highlighted the importance of refrigerated containers in exporting chilled or frozen meat, eggs, and other perishable goods. A disruption in the supply chain for these goods would have serious consequences, particularly for industries reliant on fresh exports to international markets.

Effects on Meat, Poultry, and Egg Exports
The US meat industry, which generates $18 billion annually from beef and pork exports and $5.8 billion from poultry and egg exports, could face severe disruptions. In the first seven months of 2024, around 45% of all waterborne US pork exports and 30% of beef exports were shipped via East Coast and Gulf Coast ports, according to the US Meat Export Federation. Should these ports shut down, the risk to the industry becomes palpable.

Furthermore, over 25% of all US egg and egg product exports and about 70% of poultry exports move through these critical ports. Customs data and insights from the USA Poultry & Egg Export Council underscore how the loss of these trade routes could cause immediate bottlenecks, potentially leading to spoilage and financial losses.

Wider Economic Ramifications
The effects of a port strike would not be confined to agricultural products alone. More than 91% of containerized imports of pharmaceutical products and 69% of containerized pharmaceutical exports are handled by these ports. With life-saving medications relying on these trade routes, even a brief strike could cause dangerous shortages. More than one-third of containers departing the US with critical medications leave from the Port of Norfolk, Virginia, while nearly one-third of pharmaceutical imports enter the country through Charleston, South Carolina.

Shipping Costs and Port Backlogs
Even a short-term strike could have long-lasting effects on the global supply chain. Maersk, a major global provider of ocean transportation, has warned that a one-week shutdown could require up to six weeks of recovery time. The backlog created by such an event would compound with each passing day, disrupting the regular flow of goods and driving up costs across the board.

Analysts from Sea-Intelligence, a shipping advisory firm, estimate that it would take anywhere from four to six days to clear the backlog from just a one-day strike. Should the strike extend beyond a week, the consequences would be felt for months. These delays would ripple through industries reliant on timely deliveries, driving prices higher and affecting everything from automotive parts to consumer goods.

Political Implications
The timing of the potential strike also adds a layer of political complexity. With the US presidential election fast approaching, the economic turmoil caused by a strike could become a central issue for voters. The Biden administration has not intervened in the current negotiations, in contrast to its involvement during last year’s West Coast port labor talks. A Biden administration official has stated that the president will not use his federal powers to block a strike, further complicating the situation for industries that rely on East and Gulf Coast ports.

Conclusion: A Ticking Time Bomb for the US Economy
The impending strike at US seaports along the East and Gulf Coasts threatens to wreak havoc on agricultural exports, particularly for perishable goods like meat, eggs, and soybeans. With 45,000 workers potentially walking off the job, the disruption to trade routes could cause billions of dollars in economic damage, creating shortages, backlogs, and price hikes that will reverberate across industries.

For the agricultural sector, the risk is especially dire. As refrigerated containers sit idle, farmers, exporters, and international buyers will be left scrambling to find solutions, while the broader US economy suffers the consequences. If no agreement is reached by October 1st, the ripple effects of this strike could last well into 2025, affecting industries far beyond the agricultural sector. The next few days will be critical in determining whether a deal can be reached, but for now, the US economy is bracing for impact.

The fight against climate change and the challenge of feeding the world’s population are not mutually exclusive goals. In fact, they can and must be tackled together. This was the central message from JBS Global CEO Gilberto Tomazoni at the Brazil-US Climate Impact Summit 2024. Held at the United Nations headquarters, the summit brought together business leaders, government officials, and climate experts to explore how renewable energy and sustainable practices can address the dual crises of global warming and hunger. Tomazoni, an influential figure in both agriculture and sustainability, made a compelling case for the role that global food systems can play in achieving these goals.

In his remarks, Tomazoni emphasized that food systems, which encompass everything from production to consumption, have the potential to become powerful tools for carbon capture and for securing global food supplies. “We are at a crossroads where we must rethink how we produce, consume, and sustain our food systems,” he said. “The solutions that will emerge will not only help us mitigate the worst effects of climate change but also ensure that no one goes hungry.”

As one of the world’s largest food producers, JBS has a unique vantage point in understanding the interplay between agriculture and the environment. Their stance on the matter goes beyond corporate responsibility—it’s a strategic imperative. According to Tomazoni, achieving this transformation will require massive financial resources, targeted policies, and a collective effort from both private and public sectors. But more importantly, he stressed the need to include small producers in the solution, emphasizing their critical role in sustainable agriculture.

The Energy Transition as a Response to Global Warming

The Brazil-US Climate Impact Summit focused heavily on the energy transition, particularly how renewable energy can help mitigate climate change. But the discussions went far beyond power generation. As Tomazoni pointed out, agriculture and food production contribute significantly to greenhouse gas emissions, but they can also be part of the solution. His speech underlined the importance of integrating energy transition strategies into food systems to reduce carbon emissions while simultaneously boosting food security.

“The transformations that need to be made require resources—specifically, between $300 and $350 billion dollars per year until 2030,” said Tomazoni. These numbers underscore the enormity of the task. But with the right investments, food systems can help absorb carbon from the atmosphere while increasing productivity, making them a crucial element in any global strategy to combat climate change.

Tomazoni serves as the leader of the B20 Sustainable Food Systems and Agriculture Task Force, the business arm of the G20, which includes the world’s 20 largest economies. In his role, he is keenly aware of the financial and structural hurdles to sustainability in agriculture. He referenced data from the United Nations’ International Fund for Agricultural Development (IFAD) showing that less than 4% of investments aimed at mitigating climate change go to agriculture. This is a striking imbalance, given the sector’s immense potential to contribute to carbon reduction.

Small Producers at the Center of the Strategy

One of Tomazoni’s key points during the summit was the urgent need to support small farmers. “Small producers must be at the center of any strategy,” he said, noting that they often lack access to credit, technology, and markets that are crucial for sustainable agricultural practices. Tomazoni called for a reevaluation of how investments are distributed, advocating for more funds to be directed toward these producers who make up a significant portion of the world’s food supply chain.

The executive pointed to the fact that smallholder farmers are often on the front lines of climate change, experiencing its effects more acutely than large agricultural businesses. Yet, they are consistently underfunded in terms of climate adaptation measures. By prioritizing small producers, Tomazoni argued, not only can we make agriculture more sustainable, but we can also help lift millions of people out of poverty.

Sustainable Food Systems: A Roadmap for the Future

Tomazoni presented three key guidelines from the policy paper “Sustainable Food Systems and Agriculture,” which he helped author. This paper, the result of collaboration between 139 people from different parts of the world and various sectors of the food industry, offers a comprehensive approach to integrating sustainability into agriculture. The document will be a focal point of discussions at the upcoming G20 Leaders’ Summit, set to take place in Rio de Janeiro in November.

The first guideline is increasing productivity in the field. As global populations continue to rise, the demand for food will only intensify. However, increasing food production doesn’t have to come at the expense of the environment. Through sustainable agricultural practices, farmers can produce more food while using fewer resources and emitting less carbon.

The second guideline is improving access to credit for rural producers. Small farmers, in particular, often struggle to secure the funding needed to invest in sustainable practices, such as renewable energy or water-efficient irrigation systems. Tomazoni called for a revamping of financial systems to ensure that rural producers can access the resources they need to contribute to a greener, more productive food system.

Finally, the third guideline is strengthening the multilateral trade system. For food systems to be sustainable on a global scale, international trade must be free and fair. By reducing trade barriers, particularly for small and medium-sized enterprises, the global food system can become more resilient and more efficient.

A Call to Action for the Private Sector

Throughout his speech, Tomazoni was clear: the private sector must step up and take a leadership role in addressing climate change and food security. Governments alone cannot solve these problems. Companies like JBS, which have the resources, reach, and expertise, must be at the forefront of this transformation.

“Businesses have the responsibility to lead by example,” Tomazoni said. “It is not enough to wait for government policies to align with the goals of sustainability. The private sector must be proactive, innovative, and, most importantly, accountable.”

He also called for greater collaboration between companies, governments, and non-governmental organizations (NGOs). By working together, these entities can share best practices, pool resources, and scale up successful initiatives. The challenges of climate change and hunger are too large for any one organization to tackle alone, but collective action can make a difference.

Conclusion: A Future of Hope and Responsibility

As the world grapples with the dual crises of climate change and hunger, there is a growing recognition that our food systems must be part of the solution. JBS and its CEO, Gilberto Tomazoni, are making a strong case for how agriculture and food production can help capture emissions and advance the fight against hunger. The path forward is not without challenges, but with the right investments, policies, and leadership, there is hope for a sustainable and food-secure future.

“We are in a moment of great opportunity,” Tomazoni said. “If we act now, we can transform our food systems, protect our planet, and ensure that future generations are not only fed but thrive in a world where food is plentiful and sustainable.”

The message from the Brazil-US Climate Impact Summit is clear: it’s time to reimagine our food systems, not just as a source of sustenance but as a key player in the global fight against climate change. Through collaboration, innovation, and commitment, we can build a future where no one goes hungry, and the planet is protected for generations to come.

Senator JD Vance faces criticism for blaming rising egg prices on Vice President Kamala Harris, overlooking the impact of avian influenza and inflation on the poultry industry.

Senator JD Vance, the Republican candidate for U.S. vice president, recently found himself at the center of online ridicule after making misleading statements about the rising price of eggs during a campaign stop in Pennsylvania. In an attempt to blame Vice President Kamala Harris, the Democratic nominee for president, Vance’s claims about egg prices quickly unraveled, exposing his lack of attention to critical factors influencing the cost of eggs, including the ongoing impact of avian influenza.

The Egg Price Blunder

During his Pennsylvania campaign stop, Vance stood in front of an egg cooler, making a case that the rise in egg prices was due to the inflationary policies set by Vice President Harris. He asserted, “Eggs, when Kamala Harris took office, were short of $1.50 a dozen. Now, a dozen eggs will cost you around $4, thanks to Kamala Harris’ inflationary policies.”

However, this narrative quickly fell apart. Internet users immediately pointed out that the price signs behind Vance clearly showed eggs priced at $2.99 per dozen, not the $4 he claimed. To make matters worse, Vance held up a carton that contained more than a dozen eggs, further confusing his attempt to comment on the price of a dozen eggs.

This blunder left Vance open to ridicule, with social media commenters mocking his claims and accusing him of lying. Yet the price discrepancy wasn’t the only issue. Vance also failed to mention the critical role that avian influenza has played in driving up egg prices—a glaring omission that highlights his lack of understanding of the situation.

The Role of Highly Pathogenic Avian Influenza (HPAI)

Vance’s egg price stunt overlooks a significant factor: the widespread losses of laying hens due to highly pathogenic avian influenza (HPAI), which has been a major contributor to the rising cost of eggs. The outbreak of HPAI, which began in 2022 and continues to affect the U.S. poultry industry, has led to millions of bird deaths, reducing egg supplies and driving up prices. These losses have had a direct impact on egg producers across the country, including in Ohio, which Vance represents.

Despite the clear link between HPAI and rising egg prices, Vance neglected to mention the disease’s impact during his campaign stop. His failure to acknowledge the ongoing challenges faced by the poultry industry, particularly in his home state of Ohio, further fueled criticism that he is out of touch with the realities affecting both his constituents and the broader agricultural sector.

Ohio’s Poultry Industry: Vance’s Negligence

Ohio is the second-largest egg-producing state in the country, making it all the more surprising that Vance seems unaware of or unwilling to address the massive losses the state’s poultry industry has faced due to HPAI. According to the U.S. Department of Agriculture (USDA) National Agricultural Statistics Service, Ohio lost more than 8.2 million laying hens to the virus between 2022 and 2023. In addition, the state lost over 1.3 million pullets—young hens that would have grown to become egg layers—further reducing its egg supply. These figures are significant and have directly contributed to higher egg prices.

Yet, during his commentary on egg prices, Vance made no mention of these losses, choosing instead to blame Harris’s policies. This omission not only demonstrates a lack of understanding of the poultry industry’s current challenges but also insults the very farmers and producers Vance is supposed to represent.

A Pattern of Misinformation

This isn’t the first time Vance has demonstrated a lack of attention to agricultural issues. Just weeks before his egg price blunder, Vance revealed that he didn’t know Tom Vilsack was the U.S. Secretary of Agriculture—a basic fact that any politician representing an agricultural state like Ohio should be aware of. This, coupled with his misinformed egg price comments, raises serious questions about Vance’s ability to represent the interests of his state’s agricultural sector.

What’s more concerning is that Vance’s flawed narrative is not unique. Other Republican politicians, including Senator Rick Scott, Representative Ron Estes, and South Dakota Governor Kristi Noem, have similarly tried to blame the current administration for rising food prices without acknowledging the significant impact of animal diseases like HPAI. Economists and agricultural experts have repeatedly pointed out that while inflation has affected many goods, the rise in egg prices is largely due to supply shortages caused by the avian flu outbreak.

The Reality of Egg Prices and HPAI

The reality is that egg prices are influenced by a combination of factors, including inflation and supply chain disruptions. However, when it comes to the recent rise in egg prices, HPAI has played the most significant role. The widespread loss of laying hens has drastically reduced egg supplies, causing prices to increase. To ignore this factor, as Vance did, is to ignore the core issue facing the egg industry.

By focusing solely on inflation and the policies of the opposing political party, Vance missed an opportunity to address the real challenges facing his state’s farmers and poultry producers. Instead, he chose to engage in a publicity stunt that only served to highlight his ignorance of the facts.

Conclusion

Senator JD Vance’s attempt to blame rising egg prices on Vice President Kamala Harris backfired, revealing a lack of understanding of the factors driving those price increases. His failure to acknowledge the devastating impact of highly pathogenic avian influenza on the egg industry, particularly in his home state of Ohio, exposes him as out of touch with the realities of agricultural production.

Egg prices are indeed higher than they were several years ago, but the primary cause is the reduced supply due to bird losses from HPAI—not inflationary policies. By ignoring this critical factor, Vance has shown that he is not only disconnected from the concerns of Ohio’s poultry industry but also ill-prepared to address the complex issues affecting American agriculture.

Pilgrim’s Europe, comprising Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters, reports promising growth in 2023 with revenues reaching £4.2 billion and profits up significantly.

WARWICK, ENGLAND — Pilgrim’s Europe, a unified structure that includes Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters, has reported its first set of financial results since merging into a single entity, and the figures show a promising upward trajectory. For the fiscal year 2023, combined revenues increased by 5.5% to £4.2 billion, with profits after taxation rising to £106 million—up significantly from £27 million in 2022. These results signal a strong return to pre-COVID performance levels for the company.

Key Drivers Behind Financial Success

Pilgrim’s Europe attributes its success in 2023 to a combination of easing inflation and wage growth in the United Kingdom and Europe. These factors led shoppers to shift their purchasing preferences toward more affordable protein options such as chicken, pork sausage, and lamb. This increased consumer demand helped Pilgrim’s Europe see a marked improvement in its financial performance.

The positive trend continued into the first half of the fiscal year 2024, with profits after taxation reaching £44 million, representing a £17 million increase compared to the same period in 2023.

Strategic Investments and Global Diversification

Pilgrim’s Europe has focused heavily on strategic investments to drive growth and improve operational efficiency. The company invested £60 million across its facilities, including a £12 million investment aimed at consolidating and upgrading its Meals facilities in Windmill Lane and Attleborough. These enhancements have strengthened the company’s capacity to meet market demands and improve overall production efficiency.

In addition to these facility upgrades, Pilgrim’s Europe has pursued a global diversification strategy, particularly through its branded and value-added product lines. The company’s branded European portfolio, valued at £400 million, saw a sales increase of over 10% in 2023 compared to 2022. Key brands like Richmond and Rollover posted impressive growth of 13% and 31%, respectively. Branded product growth continued into 2024, with Fridge Raiders and Richmond outperforming category averages by an additional 6% in the first half of the year.

Operational Excellence and Customer-Centric Approach

Under the leadership of Ivan Siqueira, president of Pilgrim’s Europe, the company has made concerted efforts to streamline operations and enhance its customer-focused approach. By bringing together Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters under the Pilgrim’s Europe banner, the company has strengthened its ability to achieve profitable growth while building strong partnerships with key customers.

“We have taken steps to drive operational excellence to become a more customer-focused, efficient organization,” Siqueira said. “These moves have reinforced our ability to return to profitable growth in partnership with key customers. We thank all our customers, team members, farmers, and partners for their support during the transition period as we continue to identify ways to increase our speed to market, simplify operations, and deliver best-in-class customer service and sustainable growth.”

Pilgrim’s Europe: A Leading Player in the Food Industry

With more than 40 food production facilities spread across the United Kingdom, Ireland, France, and the Netherlands, Pilgrim’s Europe is now one of the largest food businesses in the UK and a leading player in the European market. Employing over 20,000 team members and working with thousands of farmers, suppliers, and partners, the company provides essential food services to retail and foodservice operators across Europe.

Pilgrim’s Europe takes pride in its ability to deliver a secure local supply chain and provide high-quality food choices to millions of consumers. The company’s innovative approach to food production and distribution ensures that it continues to meet the evolving needs of its customers while promoting sustainability and growth.

Conclusion

Pilgrim’s Europe’s financial success in 2023, driven by strategic investments, consumer demand, and operational efficiency, positions the company for continued growth in the coming years. As the largest food business in the UK and a leader in the European market, Pilgrim’s Europe is well-placed to capitalize on new opportunities while delivering exceptional value to its customers and partners. Through its focus on innovation, customer service, and sustainability, the company is poised to maintain its positive trajectory and strengthen its role in the global food industry.

The global animal feed industry plays a crucial role in sustaining the livestock sector, which is essential for meeting the increasing demand for meat, dairy, and other animal products. This report aims to provide insights into the largest animal feed companies worldwide based on their revenue, market share, and influence in the industry.

Methodology: The assessment of the largest animal feed companies is based on various factors, including revenue, production capacity, geographical presence, and market share. Data has been gathered from reputable industry reports, financial statements, and market analyses to ensure accuracy and reliability.

Key Findings: After thorough research and analysis, the following companies emerge as some of the world’s largest animal feed manufacturers.

World’s Largest Animal Feed Companies

1. Cargill Incorporated:
   • Cargill is one of the largest privately-held corporations globally, with significant operations in the animal feed sector.
   • It produces a wide range of animal feed products for livestock, poultry, aquaculture, and pet food.
   • The company’s extensive global network and diversified product portfolio contribute to its dominance in the market.
2. China National Cereals, Oils and Foodstuffs Corporation (COFCO):
   • COFCO is a state-owned enterprise in China and one of the largest agribusiness companies in the world.
   • It has a substantial presence in the animal feed industry, producing feed for various livestock and poultry species.
   • With China’s growing demand for animal protein, COFCO’s influence in the feed sector continues to expand.
3. Land O’Lakes Inc.:
   • Land O’Lakes is a leading American agricultural cooperative, renowned for its dairy products and animal nutrition solutions.
   • The company manufactures a diverse range of feed products, including for livestock, poultry, and specialty animals.
   • Its focus on innovation and sustainability has propelled it to prominence in the global animal feed market.
4. New Hope Group:
   • New Hope Group is a Chinese agribusiness conglomerate with operations spanning feed production, livestock farming, and food processing.
   • It ranks among the top animal feed companies globally, serving domestic and international markets.
   • New Hope’s vertical integration strategy and investments in research and development contribute to its competitive advantage.
5. Archer Daniels Midland Company (ADM):
   • ADM is a multinational food processing and commodities trading corporation with a significant presence in the animal feed industry.
   • The company produces a wide array of feed ingredients and complete feed solutions for livestock, poultry, and aquaculture.
   • ADM’s global supply chain and expertise in agricultural commodities position it as a key player in the animal nutrition market.

Conclusion: The global animal feed industry is dominated by a few major players that possess extensive production capabilities, distribution networks, and technological expertise. Companies like Cargill, COFCO, Land O’Lakes, New Hope Group, and ADM play pivotal roles in meeting the nutritional needs of livestock worldwide and driving innovation in animal feed formulations. As the demand for animal protein continues to rise, these companies are expected to maintain their leadership positions and adapt to evolving market dynamics.

Related: The Largest Animal Feed Companies Worldwide