Field Notes Issue 638 Field Notes Issue 638 Field Notes Issue 638

In our last Field Notes newsletter for the year, we’d like to take the opportunity to thank you for engaging with KPMG and our content for 2022.

On behalf of the KPMG team, we wish you all the best for the end of the year, and look forward to re-connecting with you all in 2023. We’ll be back with our first issue of Field Notes next year in the third week of January.

It’s a quieter news week in Aotearoa and around the world this week as we head towards holiday season.

In Aotearoa New Zealand dairy is in the headlines as prices drop 3.8% in the latest Global Dairy Trade Auction, the same time that Synlait reduced its milk price forecast by 50c, citing weaker international demand. In a positive news story to end the year, a rural telethon hosted by Meat the Need was able to raise 1.2 million meals for foodbank parcels in a 13.5 hour social media broadcast which included co-founder Wayne Langford, TV host Matt Chisholm and over 50 live-crosses including All Blacks captain Sam Cane.

Internationally, the U.S. have announced a $2.5b food assistance package to Africa to support against a worsening food crisis, and disaster declarations have been approved by the U.S. Commerce Secretary in relation to several fisheries in Alaska including harvesting areas for multiple crab species.  In alternative proteins, Burger King UK has announced an exclusive partnership with French plant-based bacon company La Vie, with their ‘bakon’ to roll out in restaurants across the country from January, and plant-based meat company Harvest B has opened an Australian-first ingredients factory in Western Sydney. 

Registrations are open for the next Sprout Accelerator. They are on the lookout for entrepreneurs who are hungry for growth and ready to make their mark on the future health of the planet and its people.

If you're an AgTech or FoodTech entrepreneur or company, or a scientist wishing to turn your IP into a scalable business then the Sprout Accelerator is for you. Their offering is a fast-paced, dynamic, educational Accelerator designed to help you strengthen your value proposition so your product becomes a no-brainer for customers and investors alike.

Are you up for the challenge? Registrations close Tuesday 24 January, 2023.

Register here - https://bit.ly/3tUZaJj

KPMG Propagate Manager, Ainslie Ballinger, has penned this month’s Foresight article on how the food and fibre sector in Aotearoa may experience society-wide action on diet-related disease, as well as the opportunities that may arise for the sector as a result.

We are working on the ‘E’, but the ‘S’ also impacts New Zealand’s food system | LinkedIn

Farm debt and mortgages pushing up cost to grow food [20 December, Stuff]

According to a survey by Federated Farmers, mortgage rates, inflation, and overdraft costs are causing the cost of food production to rise and farm profits to decline. The average farm mortgage interest rate increased to 6.29% in November, up from 4.59% in May, and overdraft limits rose by NZD$46,000 to NZD$328,800, with an average interest rate of 8.59%. In addition, feed costs have increased, with a tonne of wheat rising from NZD$480 to NZD$750.

Tags: Farmers & Producers

Food allergies are on the rise—but new treatments are on the horizon [16 December, National Geographic]

Over 32 million people in the US have at least one food allergy, according to research published in the Journal of the American Medical Association. The increase in allergies has been linked to both genetics and environmental factors. Several new treatments are being developed to address food allergies, including oral immunotherapy, which involves gradually increasing the amount of the allergen in the diet, and targeted biologics, which aim to modify the immune system's response to allergens.

Tags: International, Research & Development

Tesco's warning to New Zealand farmers [19 December, Stuff]

UK supermarket chain Tesco plans to ensure that all fresh produce, meat, and dairy it sells is sustainably sourced, including products from New Zealand farmers. The company aims to reach net zero across its entire supply chain by 2050 and plans to ensure that 100% of its fresh produce, meat, and dairy is environmentally accredited by 2025 to 2030. In the year ending September 30, New Zealand exported 36,340 tonnes of sheep meat to the UK.

Tags: Trade & Exports, Environment & Emissions

12 Most Advanced Countries in Agriculture Technology [20 December, Yahoo]

Agricultural technology is anticipated to be valued at USD$46.4 billion by 2030 as it becomes increasingly important due to food insecurity, unsustainable farming practices, and growing populations. The 12 most advanced countries were ranked based on their number of agri-tech start-ups in operation; NZ ranked tenth with 185 start-ups, and the US first with 3,475.

Tags: International, Agritech

Driving positive change through technology [19 December, Farmers Weekly]

NZ company WayBeyond develops technology solutions for Controlled Environment Agriculture; a rapidly growing sector projected to receive USD$18 billion in investment by 2026. WayBeyond's Folium system can analyse microclimates (e.g., greenhouses), reporting its temperature, humidity, radiation, carbon dioxide, and even plant responses to optimise growing conditions and increase yield and productivity.

Tags: Agritech