ProducePay Reveals Produce Business Stability Survey Findings; Patrick McCullough Comments
LOS ANGELES, CA - Agtech company ProducePay released findings of an industry-wide survey that explores business stability for produce stakeholders, including growers, packers, distributors, integrated suppliers, and end buyers in the United States and Latin America. As the International Fresh Produce Association’s (IFPA) annual Global Produce & Floral Show is kicking off this week, these results spotlight the many challenges that demonstrate an urgent need to improve predictability for a more efficient, resilient, and sustainable produce supply chain.
“The fresh produce industry is critical to feeding a growing world with sustainable and healthy food, and an economic engine for many rural communities across the globe,” said Patrick McCullough, Chief Executive Officer. “Given the importance of this industry, it’s essential that we support the entire vertical—from grower to retailer—by eliminating the volatility and unpredictability that limits economic growth and investments in sustainable practices, and that results in inefficient forms of waste throughout the supply chain. This requires developing tools and new ways of doing business that give growers and buyers greater control of their business by providing unprecedented access to each other, capital, trading, insights, and greater supply chain visibility.”
Some challenges include the cost of inputs, commodity pricing volatility, weather unpredictability, and more. With growers, producers, and packers comprising a majority of survey respondents (55 percent), noted the release, the data underscores how increasing volatility and unpredictability limit the fresh produce sector as a vital industry for sustainably feeding a growing global population.
Highlights from the survey include:
- Commodity pricing volatility
- Business stability
- Business impact
- Worsening challenges
- Concerns about the future
- Produce waste
ProducePay’s vision has started to demonstrate impact at scale. Earlier this year, the company collaborated with one of the world’s largest growers and distributors of table grapes, Four Star Fruit, to launch a first-of-its-kind, direct-to-retail program that enables a stable supply of high-quality produce to consumers while driving financial sustainability and fostering investments in sustainable agricultural practices.
Learn more about the report here.
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