J.M. Smucker is reportedly in the final stages of negotiations to purchase Hostess Brands, a fellow U.S. food manufacturer, as per media reports within the country.
Both The Wall Street Journal and Reuters have disclosed that the two parties are closing in on a potential agreement.
As per The Wall Street Journal, which initially broke the story on September 10th, a deal valued at approximately $4 billion could be concluded as early as today.
Reuters, citing undisclosed sources, indicated that a deal worth nearly $5 billion (excluding Hostess’ debt) was on the brink of being finalized.
In the previous month, Hostess, the manufacturer of Twinkies, experienced a surge in its stock price following a Reuters report that the company had enlisted advisors to consider takeover offers from a group of prominent packaged food companies.
Subsequently, unnamed insiders informed the news agency that corporations such as Mondelez International, Hershey, General Mills, and PepsiCo had conveyed their interest in acquiring Hostess.
Upon reaching out to PepsiCo, Mondelez, Hershey, General Mills, and Hostess for their input, only Hershey had provided a response at the time of writing. A spokesperson from Hershey stated, “It’s our policy not to comment on M&A speculation.”
Following the release of the Reuters report, analysts from Morgan Stanley noted that Hostess could present “diverse strategic advantages to prospective purchasers” and proposed that the company would align well with larger snack-focused firms like Mondelez and Hershey from a strategic standpoint.
The cost of spices has surged dramatically, ranging from 20% to 80%, placing consumers in a difficult position and disrupting domestic budgets.
In the past month, a significant majority of spices have experienced an unprecedented price surge, according to traders. This turmoil in the spice market has driven the price increases, they claim. Currently, the domestic spice industry is wrestling with a supply-demand imbalance, brought about by a multifaceted set of factors. These factors include changing weather patterns, intense heatwaves, diminished crop yields, and a surge in export demands. The aftermath of Cyclone Biparjoy and the adverse effects of the ongoing monsoon season have collectively disrupted transportation and exacerbated the current shortage, leading to the subsequent rise in prices.
Meera Debnath, a homemaker, said, “Retail prices of common spices like turmeric and cumin have skyrocketed to the point where we’re barely using a pinch. Our dishes have lost their zest. In an average Bengali household, food is a top priority, and we strive to make it delicious. But the soaring spice prices are making it increasingly challenging to strike that balance.”
Wholesale spice prices in the domestic market have undergone a substantial increase, approximately reaching 40%. Various spices, including cumin (jeera), both small and large varieties of cardamom, dry turmeric, and cloves (laung), have experienced significant price hikes. This mounting price pressure within the domestic spice market has been ongoing for several months. Notably, farmers in major spice-producing regions have redirected their efforts toward cultivating alternative crops like cotton, mustard seed, groundnut, and soybean. This shift is primarily a response to erratic weather patterns, particularly the unpredictable rainfall during the sowing season across the country.
Crops with prolonged growth cycles, such as turmeric, coriander (dhania), and cumin (jeera), are particularly affected. Typically sown during the Rabi season, these crops typically reach maturity by late December or early January of the subsequent year.
Biswanath Agarwal of the Post Merchants Association said, “Jeera is a once-a-year crop, and this year’s damage is estimated at a staggering 30%-40%. Sowing for several crops, such as turmeric, has seen a sharp decline due to unseasonal rains. The coriander belt in Rajasthan has been decimated by the cyclonic storm Biparjoy. Dry chili production has dwindled due to deficient rainfall in Andhra Pradesh and Telangana.”
Agarwal went on to forecast a minimum 15% price increase within the next three months. Anticipated high demand during the upcoming festival season is likely to further exacerbate the situation. The domestic spice market is already grappling with significant pressure, and as the scarcity of spices worsens and prices continue to rise, these essential kitchen ingredients have transformed into valuable commodities.
SeaSpire’s Co-Founders Shantanu Dhangar and Varun Gadodia
In a thrilling announcement, Seaspire, India’s pioneering clean label plant-based brand, is gearing up for its much-anticipated debut after months of dedicated research and consumer tastings. With the auspicious occasion of Ganesh Chaturthi just around the corner, Seaspire is set to add to the festive fervor with the launch of its innovative products and the commencement of pre-orders, scheduled to begin on September 19th at 12 pm, exclusively on their website.
To kickstart their exciting journey, Seaspire will be initially introducing their products in four major Indian cities. This strategic approach will allow them to gradually expand their reach and provide consumers with the opportunity to savor their innovative plant-based offerings.
The company has been teasing its arrival with the motto, “Good things take time,” reflecting their commitment to delivering high-quality, sustainable, and delectable plant-based options to the Indian market.
In a LinkedIn post, Seaspire expressed their enthusiasm for the upcoming launch and the opportunity to cater to the growing demand for clean label, plant-based alternatives in India. They also encouraged everyone to stay tuned for more exciting updates and urged interested individuals to visit their website on September 19th to place their pre-orders.
Founded in 2021 by Shantanu Dangar and Varun Gadodia, Seaspire is a pioneering foodtech company specializing in plant-based seafood alternatives. Replicating structured seafood substitutes from plant-based and other protein sources remains a significant industry challenge. Seaspire has developed a protein structuring process that leverages proprietary 3D printing technology and extracts plant-based scaffolds from native horticultural byproducts—a scalable solution for the production of edible, organic scaffolds that can emulate live fish forms using plant-based and synthetic biology-derived proteins.
Recognizing the market demand for scalable and lucrative solutions for plant-based alternatives, Seaspire has also crafted a range of plant-based seafood products using existing commercial processes. These include seafood fingers and fillets made from just eight ingredients, offering a clean label and a delectable product for consumers.
Seaspire’s journey to become India’s first clean label plant-based brand has been marked by unwavering dedication and meticulous attention to detail. Their products are carefully crafted using the goodness of Pea and Rice protein, ensuring a wholesome and nutritious experience for consumers.
For more information and updates, visit Seaspire’s website and join them on their exciting adventure towards a greener, healthier future.
Responsible Whatr, an innovative Indian startup brand committed to sustainability, has made a significant impact at the recently concluded G20 summit hosted by ITC Hotels by showcasing its natural spring water beverage. The brand is proud to present its eco-friendly packaging solution, featuring aluminum cans crafted from over 70 percent recycled aluminum.
Demonstrating its dedication to sustainability, Responsible Whatr supplied forward-thinking and eco-conscious aluminum cans to meet the hydration requirements of world leaders and summit attendees. This collaboration underscored Responsible Whatr’s unwavering commitment to advocating for sustainable initiatives on a global stage.
Furthermore, the company proudly declared that it has achieved an impressive milestone, surpassing the sale of one million aluminum cans through a combination of online and offline distribution channels. This success has led to a significant reduction in the use of plastic bottles, showcasing Responsible Whatr’s effective transition to eco-friendly aluminum cans.
Situated amidst the Himalayas in Solan, Responsible Whatr takes pride in its cutting-edge facility and the pure water source it harnesses. The exceptional quality of their product originates from their sourcing of water from an unspoiled, pristine spring aquifer nestled in the Himalayas. This source provides water with naturally balanced essential minerals and a pH level of around 7.4.
Emerging amidst the global pandemic, the brand experienced a remarkable surge in demand as consumers placed growing importance on environmentally responsible choices. In direct response to this heightened interest, the indigenous startup is now gearing up for expansion into multiple new states. These include Gujarat, Tamil Nadu, Uttarakhand, Rajasthan, Punjab, and Goa, all within the upcoming quarter. This expansion endeavor not only promises to generate more employment opportunities but also pledges support to the local economy in Solan, Himachal Pradesh.
Since its establishment on June 5, 2020, in commemoration of World Environment Day, Responsible Whatr has remained steadfast in its dedication to sustainable practices and vigorous marketing efforts, even in a period when the hotel and tourism sector faced severe challenges due to the pandemic. Despite the demanding circumstances, the brand reached a notable milestone by selling 50,000 cans within just 70 days of launching its product, demonstrating resilience and adaptability in the midst of adversity. The demand for Responsible Whatr has been evenly spread across various distribution channels, including retail, online, and HoReCa (Hotel, Restaurant, and Cafe). With a robust online presence spanning across India and physical availability in Delhi-NCR, Maharashtra, Kolkata, Hyderabad, and Himachal Pradesh, Responsible Whatr has established a strong presence in the market.
At present, Responsible Whatr has a physical presence in six Indian states. In Delhi, the brand is available both online and through the HoReCa segment, which includes renowned establishments such as ITC Hotels, Taj Palace, JW Marriott, Grand Hyatt, The Lodhi, The Leela, Holiday Inn, and more. Additionally, Responsible Whatr can be found in various restaurants like Kampai and Sidecar, as well as cafes and clubs like The Quorum Club, Meta offices (Facebook), and Greener, among others.
The brand enjoys a nationwide online presence, and sales through direct website orders have played a substantial role in driving its increasing sales figures, thereby expanding its outreach to a broad and diverse audience.
“The decision to use aluminium for packaging was a natural choice, as it avoids contributing to landfills and is infinitely recyclable, unlike glass and plastic, which are typically downcycled. In fact, the cans currently in circulation are crafted from 70 percent recycled aluminium. Furthermore, aluminium cans maintain the water’s freshness even when exposed to light or heat, ensuring that consumers enjoy a consistently refreshing and cold beverage,” says Ankur Chawla, Founder and CEO, Responsible Whatr.
“Responsible Whatr remains committed to its mission of promoting sustainability and environmental responsibility through its premium natural spring water product. As the brand expands its presence to new regions in India, we anticipate continued success and a growing impact on reducing single-use plastics while delivering a refreshing and environmentally conscious beverage option to consumers,” added Bhrigu Seth, Co-Founder, Responsible Whatr.
The Tanmiah Food Company and MHP SE signing ceremony brought together leadership from Tanmiah, Saudi officials, the Ambassador of Ukraine, and representatives from MHP.
Tanmiah Food Company, commonly referred to as Tanmiah, is excited to share the news of the finalized shareholder agreement between its wholly-owned subsidiary, Desert Hills Veterinary Services Company Limited (DHV), and MHP SE (LSE: MHPC), a prominent global leader in the food and agrotech industry. This collaboration is poised to have a substantial impact on enhancing food security and poultry self-sufficiency in Saudi Arabia.
The signing event took place in Jeddah on September 7, 2023, and was graced by the presence of prominent figures. Among those in attendance were His Excellency Sheikh Amr Al-Dabbagh, Chairman of the Board of Tanmiah, along with board members and top executives. The event also saw the participation of Saudi Government officials representing various ministries, authorities, funds, and centers of excellence, as well as the Ambassador of Ukraine, His Excellency Mr. Anatolii Petrenko.
Representing MHP SE at the ceremony were Dr. John Rich, the Executive Chair, and Eugene Levterov, the MENA Managing Director, both of whom played pivotal roles in the proceedings.
Expanding upon the groundwork established through the previously signed Memorandum of Understanding earlier this year, this collaboration will witness DHV and MHP SE uniting their efforts in a substantial investment exceeding SAR 200 million. The investment will be directed towards farming operations designed to accommodate over 1 million parent stock, with the goal of yielding approximately 175 million hatching eggs annually. Additionally, state-of-the-art facilities, including a cutting-edge hatchery and a poultry feed mill, will be established as part of this initiative.
In terms of ownership, DHV will possess a majority stake of 55%, while MHP will hold a 45% stake in this joint venture.
Zulfiqar Hamadani, CEO of Tanmiah Food Company, remarked, “Our collaboration with MHP signifies more than just a partnership; it represents our commitment to strengthen Saudi Arabia’s food security framework. Utilizing our local knowledge combined with global best practices, our portfolio of best-in-class products, services, and solutions demonstrates our commitment to our customers, partners, and the broader objectives of Vision 2030.”
Dr John Rich, Executive Chairman of MHP SE, stated, “Deepening our alliance with Tanmiah is a strategic pivot in MHP’s global outreach. This partnership is emblematic of our shared vision to integrate international expertise with local insights, ensuring that Saudi Arabia’s food security targets are met. Our collective strengths will catalyze transformative advancements in the poultry sector, fostering innovation and setting new benchmarks for excellence. The formation of this joint venture is an important first step. We are committed to a long-term, fruitful relationship that will benefit our organizations, the entire Kingdom of Saudi Arabia and the region. We will continue pursuing strategic opportunities in the region, seeking to capitalize on our expertise. “
Ahmed Bin Sharaf Osilan, Executive Board Member and Managing Director of Tanmiah Food Company, commented, “Our partnership with MHP is a strategic step to delivering sustainable value to our stakeholders and making significant strides towards Vision 2030. As we are working towards boosting food security and self-reliance in Saudi Arabia, we are building facilities that are critical in the entire poultry ecosystem in Saudi Arabia, increasing non-oil GDP private sector contribution, local employment opportunities, and knowledge transfer.”
The execution of the shareholder agreement marks a crucial milestone in the establishment of the joint venture company. This pivotal step comes after obtaining the required approvals, which include clearance from the General Authority for Competition of Saudi Arabia and other pertinent jurisdictions.
The intercity food delivery startup, JustMyRoots, has successfully acquired The State Plate (TSP), a company specializing in non-perishable packaged foods. This strategic move is a crucial step in JustMyRoots’ overarching strategy to broaden its footprint in the nationwide packaged intercity food market.
TSP made its debut on Season 1 of Shark Tank India, where it secured funding from Peyush Bensal, the CEO of Lenskart. Additionally, the company has successfully secured pre-seed capital from the venture capital fund Antler India, valuing it at approximately $2 million.
As per the agreement, Muskaan Sancheti and Raghav Jhawar, the Founders of TSP, will seamlessly merge into the JustMyRoots team and retain their roles in overseeing the business operations.
“JustMyRoots has always been committed to redefining intercity food delivery in India and this acquisition represents a significant stride toward that vision,” said Samiran Sengupta, CEO at JustMyRoots.
Sourav Ganguly, the former Indian cricketer, has recently acquired a minority stake in JustMyRoots.
In August, global rice prices surged to their highest point in 15 years following India’s decision to restrict certain rice exports, as reported by the Food and Agriculture Organization on Friday, September 8th.
Despite a general decline in global food prices during August, the cost of rice increased by 9.8 percent compared to the preceding month. This rise is attributed to trade disruptions caused by India’s ban on exports of Indica white rice, as reported by the FAO in their monthly update.
“Uncertainty about the ban’s duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales,” the UN agency said.
Rice stands as a crucial global food staple, and its prices have experienced significant increases on the international market due to the repercussions of the Covid-19 pandemic, the conflict in Ukraine, and the effects of the El Niño weather phenomenon on production levels.
In July, India implemented a ban on the export of non-basmati white rice, which constitutes approximately 25% of its total rice exports.
At that time, the Ministry of Consumer Affairs and Food stated that this action was taken to “guarantee sufficient availability” and “mitigate the increase in domestic market prices.”
India accounts for more than 40 percent of all global rice shipments, making it a major player in the international rice trade.
In a July note, data analytics firm Gro Intelligence cautioned that the ban was anticipated to have adverse effects on African nations, Turkey, Syria, and Pakistan, all of which were already grappling with elevated inflation rates.
On Thursday, the Philippines, one of the world’s leading rice importers, finalized a five-year agreement with Vietnam to purchase rice.
According to the FAO, global rice stocks are projected to reach a record-breaking 198.1 million tonnes, with India and China collectively holding almost three-quarters of this quantity, mirroring trends from previous seasons.
This figure accounts for approximately 38 percent of the anticipated rice consumption during the same period.
However, the combined rice reserves held by the rest of the world are predicted to decline for the second consecutive year by the end of the year, according to the report.
El Niño might also exert a detrimental impact on upcoming harvests.
The disruption in the rice market coincides with a gradual decline in global food prices since reaching their peak last year, following the conflict between major grain-producing countries, Russia and Ukraine.
In August, the FAO’s global food price index, monitoring monthly fluctuations in the prices of a variety of food commodities, averaged 121.4 points, indicating a 2.1 percent decrease from July.
The index was 24 percent lower than its peak reached in March 2022.
In August, the prices of cereals, meat, dairy products, and vegetable oils all experienced declines.
Sugar prices, on the other hand, increased by 1.3 percent due to heightened concerns regarding the potential impact of the El Niño phenomenon on sugarcane crops, coupled with below-average rainfall in August and ongoing dry weather conditions in Thailand.
Global food prices had slightly rebounded in July when Russia pulled out of a deal brokered by the UN and Turkey that had enabled Ukraine to ship grains via the Black Sea.
The FAO said on Friday it had lowered its forecast for world trade in cereals in 2023 and 2024 to 466 million tonnes — a 1.7 percent drop from the previous marketing season.
“Traded volumes of wheat and maize are all predicted to decline, due to a mix of reasons, including falling exports by Ukraine due to trade disruptions associated with the ongoing war,” it said.
“FAO has also lowered its forecast for world trade in rice from the July figure considering the stepped-up export restrictions by India,” the FAO added.
An expected recovery of the rice trade in 2024 would be “modest” if the India restrictions are protracted and El Nino disrupts production in other Asian exporters, the FAO added.
The G20, representing leaders from the world’s largest economies, has made a collective commitment to address global hunger and malnutrition, in accordance with the New Delhi Leaders’ Declaration. This dedication is in harmony with the 2023 G20 Deccan High-Level Principles on Food Security and Nutrition.
The declaration emphasized the pressing need to enhance research collaboration concerning climate-resilient and nutritious crops, including millets, quinoa, and sorghum, while also underscoring the importance of traditional staples like rice, wheat, and maize. This follows the successful conclusion of the 12th G20 Meeting of Agriculture Chief Scientists (MACS).
In addressing the broader agricultural requirements, G20 leaders also underscored key areas demanding immediate attention. These encompass enhancing access to and the efficient utilization of fertilizers, strengthening local fertilizer production, and prioritizing soil health.
At the core of their dedication lies a strong emphasis on promoting innovations and investments aimed at improving agricultural productivity, reducing food waste, and reinforcing sustainable and climate-resilient food systems. Furthermore, G20 leaders reaffirmed their commitment to assisting developing nations in achieving their food security objectives and ensuring the universal right to sufficient food for all.
The leaders, in their collective commitment, also vowed to assist developing countries in enhancing their capacity to confront food security issues. They pledged to collaborate in making affordable, safe, nutritious, and healthy diets accessible and in facilitating the gradual realization of the right to adequate food.
According to the declaration document, the leaders have committed to promoting open, fair, predictable, and rules-based trade in agriculture, food, and fertilizers. They will facilitate trade while refraining from imposing export prohibitions or restrictions and aim to reduce market distortions, all in accordance with relevant WTO rules.
The leaders reached a consensus on bolstering the Agricultural Market Information System (AMIS) and the Group on Earth Observations Global Agricultural Monitoring (GEOGLAM). This initiative aims to enhance transparency in order to mitigate food price volatility. Their agreement includes supporting AMIS in its efforts related to fertilizers, expanding its scope to encompass vegetable oils, and fostering increased collaboration with early warning systems.
While global food and energy prices have receded from their previous peaks, the potential for significant volatility in these markets persists, owing to uncertainties within the global economy.
“In this context, we take note of the G20 Report on Macroeconomic Impacts of Food and Energy Insecurity and their Implications for the Global Economy. We look forward to an ambitious replenishment of the International Fund for Agricultural Development (IFAD) resources at the end of the year by IFAD members to support IFAD’s fight against food insecurity,” it read.
Foodpanda Singapore, in collaboration with DFI Retail Group and yuu Rewards Club, has forged a strategic alliance aimed at enhancing quick commerce and enabling the delivery of groceries in under an hour, setting a new benchmark for swift shopping delivery in the nation.
According to a statement released by foodpanda, this partnership will empower its users to rapidly purchase nearly 20,000 grocery items from Cold Storage, CS Fresh, and Giant stores nationwide, all at the same in-store prices.
The available product range encompasses specialty items like premium fresh produce and meats, organic food and beverages, plant-based products, and bulk household essentials.
“The launch of Singapore’s most iconic supermarkets on foodpanda signifies a major milestone in our ambition to deliver a holistic grocery shopping experience for our customers,” said foodpanda Singapore CEO Lawrence Wen.
“As a pioneer in q-commerce, the partnership is a natural extension of foodpanda’s existing grocery offerings. Customers can now easily shop from a breadth of grocery choices conveniently available at their fingertips through foodpanda shops, complementing our existing pandamart stores which will continue to grant round-the-clock, super-fast deliveries for curated household necessities,” he added.
Additionally, in collaboration with yuu Rewards, users placing orders from foodpanda’s extensive network of over 20,000 restaurants and merchants in Singapore can now earn yuu Points at a rate of 1 yuu Point per order, equivalent to $1.
These points can be employed to reduce the cost of upcoming purchases or exchange for rewards from an array of yuu partner brands. These partners encompass renowned names such as foodpanda, Cold Storage, CS Fresh, Giant, Guardian Health & Beauty, 7-Eleven, BreadTalk, Toast Box, Food Junction, Food Republic, Food Opera, and various others.
According to an analysis conducted by the ratings agency Crisil, the price of a typical household thali saw a slight decrease in August compared to the previous month, primarily influenced by a strong comparative base. However, it remained notably higher when compared to the same period last year for the second time in this fiscal year, mainly due to the elevated prices of tomatoes.
The agency’s Roti Rice rate, a crucial indicator for assessing food price inflation, indicated that the price of a vegetarian thali increased by 24% year-on-year, while a non-vegetarian thali experienced a 13% year-on-year rise in cost for the month.
“Of the 24% rise in the vegetarian thali cost, 21% can be attributed solely to the price of tomato, which rose 176% on-year to INR 102 per kg in the month compared with INR 37 per kg a year ago,” according to the agency.
According to the analysis, onion prices surged by 8%, chillies by 20%, and cumin by a staggering 158% compared to the previous year. These price increases contributed to approximately a 1% overall rise in the cost of a vegetarian thali. A vegetarian thali typically includes items such as roti, vegetables (onion, tomato, and potato), rice, dal, curd, and salad. In the case of a non-vegetarian thali, all dishes are the same except for the substitution of dal with chicken. The estimate for broiler prices in August 2023 is forthcoming.
The analysis revealed that the cost increase for a non-vegetarian thali was more moderate, primarily because the price of broilers, which constitute over 50% of the total cost, is estimated to have increased by a relatively modest 1-3% year-on-year.
The report highlighted that a 17% year-on-year reduction in vegetable oil prices and a 14% decrease in potato prices partially mitigated the overall cost of both types of thalis.
Costs may experience a reduction in September due to certain factors, such as the retail prices of tomatoes declining by 50% month-on-month to INR 51 per kg. Additionally, the cost of a 14.2 kg cooking gas cylinder, which was priced at INR 1,103 in August, has been reduced to INR 903 in September.
“This will also come as a relief for consumers,” according to the agency.
Persistent price pressures have resulted in elevated retail prices. The most recent data for July indicated that retail inflation, as measured by the consumer price index, surged from 4.9% in June to 7.4%. This increase was primarily driven by soaring prices of vegetables and cereals, sparking concerns about the overall price situation.
RBI Governor Shaktikanta Das cautioned on Tuesday that frequent occurrences of recurrent food price shocks pose a risk to the stability of inflation expectations. These expectations have been gradually anchoring since September 2022, and the central bank will maintain a vigilant stance in monitoring this situation.
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