Business News

IFF reports record-setting sales in “pivotal” Frutarom acquisition year

14 Feb 2019 --- International Flavors & Fragrances Inc. (IFF) has reported that net sales for the full year totaled US$4 billion, an increase of 17 percent from US$3.4 billion in 2017 driven by mid-single digit growth in both Taste and Scent and the contribution of sales related to Frutarom, the biggest acquisition in IFF’s history. For the year, pricing contributed approximately 2 percentage points to growth for both Taste and Scent.

Ingredients consolidation: Appetite for adjacent and natural expansion still strong, says M&A practitioner

13 Feb 2019 --- M&A activity in adjacent non-traditional areas, as well as forays into natural raw materials are set to continue to top the food ingredients mergers scene, should favorable market dynamics remain. This is according to Tim Larsen, Managing Director in Houlihan Lokey’s Consumer, Food & Retail Group, who notes that a new world exists where every plant or botanical is a potential source of taste nutrition and function.

The finishing touch for cultured meat? Spanish start-up scores in fat replication

12 Feb 2019 --- Creating cell cultured meat with a fat-like mouthfeel could be much closer than previously thought with Spanish-based start-up Cubiq Foods being the first European producer of cell-based fat for a healthy and sustainable diet. Cubiq will develop and commercialize cell-based fat of animal origin to enhance the flavor of food, to enrich it with essential fatty acids (omega 3) and to help reduce the use of trans fats and palm oil.

Cheers to full traceability: New Bock Chain beer engages through TE-FOOD technology

07 Feb 2019 --- Canadian companies Hamill Farms, Canada Malting Co., Red Shed Malting and Last Best Brewing & Distilling have teamed up with technology provider TE-FOOD to deliver a new and engaging consumer experience through the use of blockchain technology.

Plant-based opportunity? “The time for food tech is now,” says venture capital investor

04 Feb 2019 --- Plant-based alternatives to animal proteins and crop gene editing tools are among the most promising areas for food technology investment right now, but the highly exciting field of cellular agriculture may be just too far down the horizon for traditional venture capital investors. This is according to Niccolo Manzoni, Co-Founder and Managing Partner of Five Seasons Ventures, a Paris-based venture capital firm focusing on the food and agricultural technology space. He also singled out pet food and personalized nutrition as platforms that the investment company, with a fund size of more than €75 million, is looking towards.

Symrise swoops for ADF/IDF in US$900m deal, boosts pet food and US position

01 Feb 2019 --- Symrise has signed a purchase agreement with the owners of ADF/IDF, a leading natural nutrition ingredient provider for pet food, to acquire their business. The purchase price amounting to US$900 million will be financed by debt and equity. The combination of ADF/IDF and the Symrise Nutrition division Diana will create a leading global player in meat and egg-based protein specialties with focus on all natural and sustainable solutions.

Cémoi CEO: Cocoa can be the “friend of the forest,” but crop diversification is key

31 Jan 2019 --- A diversification of trees on cocoa plantations will be key to securing the future of the cocoa and chocolate industry, says the CEO of leading French cocoa group, Cémoi. The company purchases some 145,000 tons of cocoa beans each year, which accounts for approximately 3 percent of the entire global volume.  Patrick Poirrier, who heads Cémoi, stresses that today what it promotes to farmers is that the onus should no longer be on the monoculture of cocoa, with the growth of other crops, including banana and pineapple, necessary to securing the future of cocoa itself. “It is really about farmers being entrepreneurs. Of course we promote cocoa, but we also believe that farmers should diversify their revenue with other different crops,” he told FoodIngredientsFirst at ISM 2019, which finished in Cologne yesterday.

Almonds and water efficiency: “Californian drought was a statewide wakeup call,” says trade body exec

25 Jan 2019 --- The Californian almond sector, which produces 80 percent of the world’s supply of almonds, is strengthening its 2025 sustainability strategy by including further efforts around water efficiency. Despite staunch criticism directed at his sector in the wake of a long Californian drought that has now ended, Almond Board of California (ABC) President and CEO Richard Waycott stresses how sustainability has been a key pillar for almond growers in the region for more than 30 years. The 2012-2016 drought was a wakeup call for the state as a whole, rather than an actual stimulus for innovation as such, he claims. Following an unexpected frost in February 2018, that impacted last year’s harvest, this one promises to be “robust,” notwithstanding unforeseen events, ABC forecasts.

Supplier sustainability on the Davos 2019 menu: “The food ingredients sector can be a real game-changer”

23 Jan 2019 --- As global leaders, corporate giants and academics gather in Switzerland’s Davos for the annual World Economic Forum, sustainability is high on the agenda. The journey towards a fully sustainable supply chain is, in reality, only just getting started, as the true impacts of climate change and the need to feed the fast-growing global population become ever-more apparent.

Could Brexit mean CRISPR? EU departure presents the UK with a food policy overhaul opportunity

21 Jan 2019 --- Brexit could present the UK with a unique opportunity to modernize its food regulations, but it should tread carefully in order to remain compliant with EU standards, or risk alienating its own GMO skeptical domestic consumer market. This is according to Dr. Elinor McCartney, President of Pen & Tec Consulting Group, who spoke to FoodIngredientsFirst in an extensive interview on the current EU regulatory environment.

A bitter “no deal” surprise? “Hard Brexit would double costs on sugar imports,” Tereos exec warns

15 Jan 2019 --- A “hard” Brexit would have devastating ramifications for the European sugar industry with tariffs of over 100 percent entering into force if no deal is signed prior to the UK’s March 29 exit date from the EU. This is according to Guillaume Planque, Head of Product Management – Sugar & Sweetening Solutions at French-headquartered Tereos, the world’s number 2 sugar producer.

Holding steady: Global food prices “broadly stable” in December but 2018 lower than 2017

11 Jan 2019 --- Rising international cereal prices offset declining sugar and dairy quotations in December, according to the Food and Agriculture Organization of the United Nations (FAO), with global food prices remaining “broadly stable” last month. The FAO Food Price Index (FFPI) averaged 161.7 points in December, compared to a revised level of 161.6 points in the previous month. However, for the whole of 2018, the FFPI was down year-on-year.

A “no deal” Brexit: European Dairy Association exec warns of “catastrophic” repercussions for highly integrated sector

11 Jan 2019 --- The Secretary General of the European Dairy Association has warned of the “catastrophic” impact that an increasingly likely “no deal” Brexit scenario would have. He foresees repercussions that are far more severe than the Russian ban on dairy imports in 2014, with “a whole new scale of crisis” on the cards. While contingency plans are already in place in terms of stockpiled dairy ingredients, likely consequences will include a temporary consumer price increase on UK sold dairy products in the EU, as new supply chain systems are considered.

Lecico takeover by Avril offers organic lecithin expansion opportunities, says MD

10 Jan 2019 --- Lecico’s takeover by major French-headquartered agricultural company Avril will allow the German supplier specialized in lecithins and phospholipids to strengthen its position in the organics space, with increased European production potential. Lecico is currently specialized in organic and non-GM lecithins (soy, sunflower and rapeseeds), as well as special phospholipids (including milk-based) and nutraceutical products.

PepsiCo start-up program: Israeli dairy alternative innovator secures top prize

09 Jan 2019 --- Israel-based start-up, Yofix, one of the ten finalists in PepsiCo’s European Nutrition Greenhouse program, has been awarded the final €100,000 grant (US$114,000) following a six-month journey. Yofix, which makes clean label plant-based fermented dairy alternatives impressed PepsiCo’s selection committee with its launch and retail growth during the program.

UK shop price inflation accelerates as Brexit uncertainty intensifies

07 Jan 2019 --- New BRC-Nielsen Shop Price Index figures report that UK Shop Price inflation accelerated in December to 0.3 percent, up from 0.1 percent in November. This is the fourth month of inflation in five years and the highest inflation rate since April 2013, the report for December 2018 states.

Corbion expands non-GMO powdered vinegar production amid sustainability push

04 Jan 2019 --- Corbion, a leading supplier of biobased food and biochemical ingredients, has completed construction for in-house production of the powdered vinegar component on which the company has based numerous sustainable, clean label solutions for food applications. The new state-of-the-art facility for creating non-GMO powdered vinegar, located in Gorinchem, The Netherlands, is now fully operational.

Cargill to sell stand-alone malt business to Axéréal

21 Dec 2018 --- Cargill is to sell its stand-alone malt business to Axéréal’s malt subsidiary, Boortmalt, for an undisclosed fee. The transaction involves the global malt business, including 15 facilities across four continents, with a workforce of more than 500 people. Cargill originally entered the malt ingredients space in 1979. It has operated as a stand-alone business within Cargill’s Food Ingredients business portfolio.

Alternative proteins, bold flavors and Ethiopian options to trend in 2019, finds US restaurant survey

19 Dec 2018 --- Alternative sources of protein, locally sourced meats and seafood, more veggie-carb substitutes and globally inspired breakfast options are a small sampling of the smorgasbord of food trends that the US restaurant industry will be serving in 2019. Expect to see more plant-based sausages and burgers, new cuts of meat, including oyster steak, Merlot cut and Vegas Strip Steak, plus ethnic-flavored breakfast items, like shakshuka, an egg-and-tomato-sauce dish, in 2019, finds new research from the National Restaurant Association.

US domestic antimicrobial sales drop 33 percent on FDA restrictions

19 Dec 2018 --- US domestic sales and distribution of all medically important antimicrobials intended for use in food-producing animals decreased by 33 percent between years 2016 and 2017, according to a new US Food and Drug Administration (FDA) report. The “2017 Summary Report on Antimicrobials Sold or Distributed for Use in Food-Producing Animals” also shows that domestic sales and distribution of all medically important antimicrobials decreased 41 percent since 2015 (peak year of sales/distribution) and decreased 28 percent since the first year of reported sales in 2009.