Business News

Bunge CEO Schroder to step down, takeover rumors reintensify

11 Dec 2018 --- Bunge has announced Soren Schroder will step down as CEO of the struggling agricultural giant. To ensure a smooth leadership transition, Schroder, who has headed the agriculture, food and ingredients supplier since 2013, will continue in his current role until a successor is named. The Board has established a search committee to identify the company’s next CEO.

Allulose advance: Ingredion forms Americas partnership with Matsutani

06 Dec 2018 --- Ingredion has entered into a relationship with Matsutani Chemical Industry Co., Ltd., Japan’s leading producer of specialty ingredients. The company will manufacture ASTRAEA Allulose in Mexico and market it across the Americas. The on-trend ingredient is 70 percent as sweet as sugar and helps manufacturers reduce sucrose in their recipes and develop reduced-calorie food and beverages to meet growing consumer demand.

Israeli food-tech firm InnovoPro raises US$4.25m for chickpea protein innovation

04 Dec 2018 --- Israeli food-tech company InnovoPro has raised US$4.25 million in funding in a round led by Migros, Switzerland’s largest retailer and Erel Margalit, Founder and Chairman of Jerusalem Venture Partners (JVP), a leading Israeli Venture Capital fund. InnovoPro will use the new capital to scale its production, support sales and expand into strategic global markets. InnovoPro produces “the world’s first” 70 percent protein concentrate from chickpeas, which the company reports features high nutritional values as well.

Is insect protein on the march? AgriProtein acquires Belgian insect feed company Millibeter

03 Dec 2018 --- AgriProtein, one of the leading firms in insect technology and fly farming, is looking to expand its reign on the European market by acquiring Millibeter, a Belgian headquartered insect feed company. AgriProtein will fund the construction of the first full-scale Millibeter factory in Belgium. The business move comes at a time when EU focus starts to shift towards alternative sources of protein, with insect protein gaining momentum.

Bioreactor grown spirulina: Scottish natural blue innovator secures second round of funding

26 Nov 2018 --- Scot Bio, a Scottish-based biotech business offering spirulina extract, has successfully closed a second, oversubscribed funding round with investment syndicate Kelvin Capital, Investing Women, Oghma Partners and private investors in the UK and US. With over £2 million (US$2.56 million) in new private funding promised, this makes it one of the largest private investment rounds in Scotland this year. The news is being hailed as “a vote of confidence in the ambitious prospects of the company.”

Thanksgiving Day flavor tips: Cookie dough and snickerdoodle among US classics with global NPD appeal

22 Nov 2018 --- North American holidays such as Halloween and Thanksgiving Day (which is celebrated today) are becoming increasingly popular worldwide, affecting seasonal product releases and carrying flavors from the New World further. Using Thanksgiving as a starting point, we take a look at popular American flavors and their applications in markets around the globe. With the rise of what Innova Market Insights terms The Adventurous Consumer (Top Trend for 2019), who is on a constant flavor discovery mission, the vast US landscape is filled with flavor ideas that can be taken elsewhere. 

Tackling obesity: Overwhelming UK public support for sugar and calorie reduction, PHE survey finds

21 Nov 2018 --- A new survey exploring the UK public’s perception of obesity and Public Health England’s (PHE) programs shows overwhelming support for government actions on the issue. These programs have challenged industry to reduce sugar and calories by 20 percent in everyday foods like breakfast cereals, yogurts, pizzas, and ready meals. Around nine in 10 people support the government working with the food industry to make foods and drinks healthier – and helping the National Health Service (NHS) to tackle obesity and health issues is one of the key reasons.

Food for thought: 51 percent of US consumers believe food additives pose serious health risks

21 Nov 2018 --- Fifty-one percent of US consumers believe the average person faces a serious health risk from food additives over their lifetime, Pew Research Center research has revealed. A further 48 percent believe the average person is exposed to potentially threatening additives in such small amounts that there is no serious risk, according to these latest findings. The research looked into consumer understanding on matters such as genetically modified (GM) ingredients, illustrating how against the backdrop of ongoing developments in food science, US consumers have their own set of interconnecting beliefs about food issues.

Growth in biogums: CP Kelco expands capacity at Chinese and Oklahoma plants

20 Nov 2018 --- Hydrocolloid solutions supplier CP Kelco has announced plans to invest in building capabilities and expand production capacity for several key products. The company is set to increase capacities at its Wulian (China) and Oklahoma (US) facilities in response to what it calls “the strong global demand for specialty biogums products.”

Plant-based innovator to go public: Beyond Meat files for US$100 million IPO

19 Nov 2018 --- Beyond Meat, Inc., the Californian innovator behind the plant-based Beyond Burger has filed a registration statement with the US Securities and Exchange Commission for a proposed initial public offering (IPO) of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined, but the initial filing was for an offering size of US$100 million. Beyond Meat intends to list its stock on the Nasdaq Global Market under the ticker symbol “BYND.”

Brexit deal or no deal? Food industry relief on agreement short-lived as UK political chaos ensues

16 Nov 2018 --- The food industry in the UK and its most important trading partners are holding a unified breath as a UK political storm brews following the signing of the draft agreement on Brexit between the UK and EU. News that the parties had finally reached a deal had been widely welcomed in the sector, which is enormously susceptible to the trading challenges that a “no deal Brexit” presents. But following a tentative truce within UK Prime Minister Theresa May’s own Conservative party cabinet on Wednesday night, the chasms between ministers on this issue proved insurmountable.

Palm oil: The “political” fallout in wake of Iceland advert ban

15 Nov 2018 --- Palm oil is in the spotlight once again but this time it’s about a banned Christmas advert which has been deemed “too political” to be screened on TV. Originally a Greenpeace campaign video, the ad was taken on by UK retailer Iceland to shine a light on the environmental devastation caused by palm oil producers and features the story of a displaced orangutan.

Combating food fraud: Thermo Fisher Scientific’s next-generation sequencing promises speedy food authenticity

13 Nov 2018 --- US biotechnology product development giant Thermo Fisher Scientific has introduced a next-generation sequencing (NGS) workflow for multi-species screening and identification which aims to improve food authenticity and tackle food fraud. This closely follows Oxoid Ltd., which is part of Thermo Fisher Scientific, and SGS Molecular S.A. signing a global co-marketing and distribution agreement.

Back to basics: Kellogg’s considers ditching cookies and fruit snacks to focus on core businesses

13 Nov 2018 --- The Kellogg Company is exploring the sale of its cookies and fruit snacks businesses to sharpen its focus on its core businesses, in a bid to make the company more agile, according to the company CEO. Investing in the areas of business with the highest growth opportunities is central to Kellogg's growth strategy and following an in-depth assessment, the company is looking into the sale which would include the Keebler, Famous Amos, Mother's and Murray brands.

Givaudan at 250: Naturex buy is just one example of holistic taste solutions strategy, says EAME Flavors chief

13 Nov 2018 --- Leading global flavor house Givaudan, which marks its 250th anniversary this year, has evolved far beyond its roots to identify itself around the more holistic concept of “taste” rather than mere “flavor” alone. This business dynamic has led the Swiss-headquartered flavor giant to acquire natural extracts supplier Naturex earlier this year.

Evolva agreement with Cargill unimpacted by major sweetness tie-up

09 Nov 2018 --- Biotechnology and fermentation innovator Evolva has responded to news of the DSM and Cargill sweetener joint venture announced yesterday. The Swiss-headquartered company has stressed that Evolva’s royalty rights on EverSweet and their existing agreement with Cargill will remain unchanged as a result of the upcoming joint venture. In a business update, the company says that it expects full-year 2018 product sales to grow at a high double-digit percentage rate. At the same time, their sales development pipeline continues to gain momentum, supporting further growth in 2019.

Plant-based meat alternatives present new yeast extract opportunity, claims industry body chief

09 Nov 2018 --- Growing product development within the meat alternative and vegan/plant-based space is creating a new opportunity for yeast extracts to offer a savory flavor and clean label edge. Ongoing industry trends towards sodium and sugar reduction, coupled with an overarching theme towards sustainability are creating further opportunity for ingredients that are enjoying renewed potential amid the fermented foods revival. This is according to Gerard Hardeman, President of EURASYP (European Association for Specialty Yeast Products), whose daily role is Business Unit Director, Savory Ingredients at DSM Food Specialties. 

Tate & Lyle half-year sales decrease 1 percent, rising costs squeeze margins

08 Nov 2018 --- British-based multinational agribusiness Tate & Lyle says it has performed “in line with expectations” after its half-year results show flat profit growth with sales decreasing by 1 percent to £1.38 billion (US$1.81bn). The food ingredients maker fought off inflationary headwinds to deliver growth in adjusted profit before tax and strong cash flow despite cost inflation from materials. 

Sweetness joint venture: Cargill and DSM partner to establish Avansya

08 Nov 2018 --- Cargill and Royal DSM have formed a new sweetness joint venture known as Avansya. Together, the companies will produce highly sought-after, sweet-tasting molecules, such as steviol glycosides Reb M and Reb D through fermentation. The move is aimed at giving food and beverage manufacturers an even more scalable, sustainable and low cost-in-use solution than if these same molecules were extracted from the stevia leaf.

Kerry results boosted by Taste & Nutrition: Authenticity, health, convenience and clean label trends drive NPD

07 Nov 2018 --- Kerry, the global taste and nutrition and consumer foods group, says that consumer demands for authenticity, clean label, premiumization, healthfulness, convenience, and new taste experiences continue to drive product launches and innovation across the marketplace, as it publishes financial details for the nine months ended 30 September 2018. Q3 key highlights include a 3.5 percent growth in business volumes with Taste & Nutrition up 4.1 percent and Consumer Foods up by 1.2 percent. Earnings guidance for the full-year has also been reaffirmed.