Below is a brief excerpt from a complimentary research note written by our Consumables analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
U.S. imports of fresh fruits YTD through May grew 13% YOY according to the USDA. Total fresh fruit imports YTD through May totaled $8.03B.
Vegetable imports grew at a slower rate than fruits. Vegetable imports YTD through May grew 4% to $4.88B. The growth by fruit and vegetable can be seen in the following chart.
For example, some produce prices have fallen, like avocados and tomatoes, so the dollar value does not tell the volume story. The import data does not suggest that the rapid expansion in greenhouses or vertical growth contribute to meaningful changes in market share for domestic produce vs. imports.
Dole Food Company filed its S1 for an IPO last week. Dole Food Company and Total Produce are combining later this month to be the largest production company in the world.
As one of the largest producers of fresh bananas and pineapples, Dole will be the best-known brand in the industry.
The combined company will also be one of the leaders in value-added salads and packed vegetables in the U.S. The company will also be competing in several other categories, including berries, avocados, and organic produce.
The combined company had Pro-forma revenues of $8.97B last year. Dole was taken private in 2013 by its current CEO.
The company seeks to grow in berries and avocados, organic and value-added salads, Dole branded produce in Europe, and improve margins through supply chain optimization.
Will Dole be able to get a valuation like plant-based food or indoor to grow companies?