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illuminem summarizes for you the essential news of the day. Read the full piece on Bain & Company or enjoy below
🗞️ Driving the news: The global food system has seen substantial advancements in the last five decades, enhancing food security and supporting energy needs through biofuels
• However, due to its environmental and health impacts, it now faces scrutiny akin to that experienced by the oil and gas sector
🔭 The context: The food system is responsible for over a third of all greenhouse gas emissions and is a primary culprit behind the 20% of annual deaths attributed to poor diets
• Furthermore, the industry has been slow in attracting top talent; no food producer made it to the Fortune 100 Best Companies to Work For list in 2023
🌍 Why it matters for the planet: Agriculture consumes 70% of the world's fresh water and plays a major role in carbon emissions
• Regenerative agriculture practices, though promising, are adopted at a low rate, and food systems are integral to health and environmental challenges worldwide
⏭️ What's next: Food and agriculture companies need to transition to more sustainable and healthier products if they want significant growth, while those that don't risk a 43% revenue decline in five years due to stricter regulations
💬 One quote: "Acting now allows companies to turn risks into opportunities—new products, categories, and markets, or increased share of growth" (John Blasberg, Head of Americas Sustainability & Responsibility)
📈 One stat: An analysis suggests a 15% five-year revenue boost for proactive food companies, but the challenge lies ahead with a shocking 73% of 50,000 U.S. food products being ultra process
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