Agro-industrial Processing Facilities for Food Fortification
Agro-industrial Processing Facilities for Food Fortification
Business Model Description
Invest in developing food processing chains in Cambodia to increase local value-addition, and reduce export of raw materials. Some priority agro-products include rice, cashew-nuts, fruits (dried fruits or puree for fruit juices like mangoes), spices and fish.
Santana Agro Product, founded in 2017, is a cashew processing company. They source raw products from their own plantations or through contract farming, which is subsequently, processed in their factory with a capacity of upto nearly 15,000 tones a year. The products are exported to Japan, Korea, and China.
Kirirom Food Production, founded in 2014, is the leading fruit manufacturer in Cambodia, specialising in dried mangoes. They source raw mangoes from their own production and through contract farming, which are subsequently processed in their own factory at a capacity of 3,000 tones a year. Their products are exported to 12 countries.
Kodo Feed Mill (Cambodia) Co., Ltd. (KFM), founded in 2007, manufactures animal feed. It reports revenue of ~USD 12.7 mn annually and recruits ~100 workers. Since 2015, KFM operates as a subsidiary of CJ Global Holdings Ltd. which acquired 100% stake in the Company from Dongaone Co.,Ltd. for ~USD 5 mn. (12)
Charoen Pokphand Cambodia Co Ltd (CPC), founded in 1978, engages in animal feed production, farming, and distribution, apart from production of food products for consumption. In 2015, CPF Investment Limited (CPF) acquired 75% stake (0.01 mn shares) in CPC from Orient Success International Limited for ~USD 88.17 mn. Since CPF holds 100% stake in CPC, CPC operates as subsidiary of CPF. (13)
CJ Cambodia Co., Ltd. (CJC), founded in 1999, is a manufacturer of Tapioca (a starchy ingredient used in cooking to thicken soups and sweeten the flavor of baked goods). In 2014, MH Ethanol Co., Ltd. sold 80% of its stake (1.89 mn shares and ~0.47 mn preferred shares; currently holds 20% stake) in CJC for ~USD 12 mn. (14)
Expected Impact
Processing of food products to address nutrition needs; improve income of agricultural workers with increased export of processed food products
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Cambodia: Battambang
- Cambodia: Kampong Thom
Sector Classification
Food and Beverage
77% rural households rely on agriculture (1) [22% of GDP (2020) (2)]. In 2014, 32.4% of Cambodian children under-5 were stunted (low height-to-age ratio). Although this represents a significant improvement since 2010, when ~43.57% were stunted, it is still considered very high based on WHO/UNICEF prevalence thresholds. (3) Prevalence of undernourishment was ~6.2% of population in 2019. (4)
National Strategic Development Plan, 2019–2023 includes targets for enhancing the infrastructure for agricultural research, supporting and strengthening agricultural cooperatives, developing agribusiness networks and pre- and post-harvest technology development. It also aims to increase export of processed agricultural products from 10% to 12% of total exports by 2025. (5)
The agriculture sector is dominated by small landholders and MSMEs, that are highly impacted by economic recession, and would take longer to overcome the economic impacts of Covid-19.
Covid-19 has impacted Cambodia’s food security primarily since the consumers are unable to afford sufficient and diverse food; this is inspite of a marked improvement in food security in recent years with real income growth and volume increases in rice and other crop production, (6)
Diet quality of pregnant women and children under-5 remains inadequate and incidence of obesity, especially among women of child-bearing age, has increased. Stunting is prevalent in households with poor sanitation. Children in rural areas are more likely to be stunted than children in urban areas. (6)
Poorest households, including landless, female-headed, with disabled family members, or households of ethnic minorities and/or living in the most remote and marginalized areas, suffer the most when localized or seasonal food deficits occur. (6)
~77% of rural households rely on agriculture, fisheries, and forestry for their livelihood. (7) In 2020, agriculture sector contributed 22.38% towards Cambodia's gross domestic product (GDP) indicating opportunities for investments and scale in this sector. (8)
Fragmented smallholding by farmers, low productivity and inefficient logistics, are some of the key challenges in Agro-food sector. Infrastructure and services for processing and exporting food products are inadequate, resulting in outsourcing of maximum food-processing to neighboring countries.
Food and Agriculture
Cambodia lacks capacity for value addition. Products are exported raw or semi-processed, while the final value addition is done in Vietnam or Thailand. (6) ~45% post-harvest produce lost is due to lack of agro-processing. (9) Within the sector, the crop production has the largest output contribution to total national GDP at 13.0%. (6)
The Rectangular Strategy Phase IV highlights the need to upgrade the processing industry, as part of Rectangle 4. The Agricultural Sector Strategic Development Plan, 2019-2023 similarly includes enhancement of agricultural productivity, diversification, and commercialization. The Recovery plan mentions the need to promote processing of agricultural products. (10)
In 2020, 33.25% of female employment was in the agriculture sector. (11) Women now represent 74% of the agricultural workforce and produce 80% of Cambodia’s food. Even though, women face numerous challenges, including poor access to land (women own ~15.4% of the recorded agricultural land area) and credit, their participation rate in agriculture is falling more slowly than men’s.
Men are usually involved in land preparation and maintenance activities, while women manage pre- and post-harvest activities (prepare and plant seeds, maintain seed beds, harvest and transport crops, and implement low-technology pest control measures by planting repellent grasses).
Women are estimated to receive only ~10% of all agricultural extension services, and female-headed households, on average, have less land and less access to farm equipment, tools, and communications services. (6)
Cambodia has the potential to become an agro-food supplier for ASEAN, China and India. There are opportunities in almost all subsectors: aquaculture, animal feeds, seeds, horticulture, dairy products, cold chains, organic products, irrigation, sustainable agriculture, export of agricultural products.
Agriculture value chain struggles with several challenges, including financing, cost of logistics, access to inputs and cold chains and high cost of electricity. Workforce lacks of technical know-how and skills for efficient maintenance and use of modern technology for farming.
Processed Foods
Pipeline Opportunity
Agro-industrial Processing Facilities for Food Fortification
Invest in developing food processing chains in Cambodia to increase local value-addition, and reduce export of raw materials. Some priority agro-products include rice, cashew-nuts, fruits (dried fruits or puree for fruit juices like mangoes), spices and fish.
Santana Agro Product, founded in 2017, is a cashew processing company. They source raw products from their own plantations or through contract farming, which is subsequently, processed in their factory with a capacity of upto nearly 15,000 tones a year. The products are exported to Japan, Korea, and China.
Kirirom Food Production, founded in 2014, is the leading fruit manufacturer in Cambodia, specialising in dried mangoes. They source raw mangoes from their own production and through contract farming, which are subsequently processed in their own factory at a capacity of 3,000 tones a year. Their products are exported to 12 countries.
Kodo Feed Mill (Cambodia) Co., Ltd. (KFM), founded in 2007, manufactures animal feed. It reports revenue of ~USD 12.7 mn annually and recruits ~100 workers. Since 2015, KFM operates as a subsidiary of CJ Global Holdings Ltd. which acquired 100% stake in the Company from Dongaone Co.,Ltd. for ~USD 5 mn. (12)
Charoen Pokphand Cambodia Co Ltd (CPC), founded in 1978, engages in animal feed production, farming, and distribution, apart from production of food products for consumption. In 2015, CPF Investment Limited (CPF) acquired 75% stake (0.01 mn shares) in CPC from Orient Success International Limited for ~USD 88.17 mn. Since CPF holds 100% stake in CPC, CPC operates as subsidiary of CPF. (13)
CJ Cambodia Co., Ltd. (CJC), founded in 1999, is a manufacturer of Tapioca (a starchy ingredient used in cooking to thicken soups and sweeten the flavor of baked goods). In 2014, MH Ethanol Co., Ltd. sold 80% of its stake (1.89 mn shares and ~0.47 mn preferred shares; currently holds 20% stake) in CJC for ~USD 12 mn. (14)
Business Case
Market Size and Environment
USD 100 million - USD 1 billion
45% of the population is living in moderate or severe food insecurity(7)
Only 10% of Agricultural materials are processed domestically (15)
In 2018, agro-processing industry contributed ~2.4% of Cambodia's GDP, and has a strong potential not only for agricultural product exports (high potential for cashew nuts, mangoes, rubber, and cassava), but also for reduction in import dependence. (15)
Mangoes produced are expected to increase from 1,750,000 tons (USD 560 mn) in 2020, to ~3,000,000 tons (USD 1,163 mn) in 2025. Majority of the produce is sold raw, 80% of which is exported to Vietnam and Thailand. (16)
>914,795.72 tons of cashew-nuts were exported in 2021 (>343% year-on-year leap) with a value of USD 1.6 bn, 95% of it being unprocessed. (17)
Indicative Return
15% - 20%
15% - 20%
There is a vast difference in the revenue potential of selling raw materials when compared with the sale of finished products. This contributes to substantial returns earned by investors in the food processing industry.
KFM reports a revenue of ~USD 12.7 mn annually and recruits ~100 workers. For the year ending December 31, 2014, CPC reported revenue of ~USD 242 mn, gross profit of USD 48 mn, net profit of USD 21 mn, total assets of USD 133.9 mn and total shareholders' equity of USD 75 mn.
Growing demand for cashew-nuts in both domestic and international markets led to an increase in the prices which range between USD 1,250 to USD 1,700 per ton as of 2021. (17)
Investment Timeframe
Medium Term (5–10 years)
Substantial investment of time and resources is required to set-up efficient agri value chains in the Cambodian market.
Sourcing from smallholders can be costly, and productivity can be an issue due to unavailability of advanced technologies at the processing units.
Ticket Size
As per experts, ticket size can range between USD 200,000 to USD 20 mn, depending upon the processing capacity, type of equipment required for processing, type of facilities and the crops processed.
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Business - Supply Chain Constraints
Business - Supply Chain Constraints
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
Increasing Cambodia’s agro-processing capacity can help in enhancing agricultural and socio-economic development significantly. (15) ~85-90% of agricultural commodities are exported raw, thus, limiting the possibility for increase in farming income through value added activities. (18)
There is a need to diversify national sources of nutrition and improve overall food quality for consumers. In 2018, ~70% households reported medium dietary diversity and, partly in consequence, micronutrient malnutrition remains a major challenge. (6)
Private sector investments can be leveraged to increase effective and sustainable outcomes, solve development challenges, and address barriers to inclusive economic growth. (7)
Gender & Marginalisation
Increase participation of women in roles dominated by men within the sector. Even though 74% of the women participating in the workforce work in the agriculture sector, majority of them are involved in pre- and post-harvest activities requiring low-technical know-how and receive low wages.(6)(11)
Improved access to land and credit for women would enable them to contribute actively towards household income. Women own ~15.4% of agricultural land area, and are estimated to receive ~10% of agricultural extension services (technical aid to farmers on agricultural issues).(6)
Improve the nutritional status of women and their families by ensuring production of nutritious and marketable food. (19) Diet quality of pregnant women and children under-5 remains inadequate and incidence of obesity, especially among women of child-bearing age, has increased.
Expected Development Outcome
Increase Cambodia's processing capacity to increase export earnings with increased value addition, and thereby improving incomes for farmers. RGC aims to diversify export products by increasing proportion of processed agricultural products to all exports from 10% in 2020 to 12% in 2025.
Reduce post-harvest losses by semi-processing or full processing of products, contributing to improved food security and well-being. Cambodia incurs ~45% post-harvest loss due to a lack of agro-processing. (9)
Improve production of vegetable, fruits, high-value tree and industrial crops for both, domestic consumption and export. Lack of diversification in product mix keeps the productivity low despite Cambodia’s comparative advantage in rice production. (6)
Gender & Marginalisation
Improve lives of rural population (specifically farmer folk, women and vulnerable communities) by offering high income in exchange for high quality produce. Processing facilities will also create new jobs for people in rural areas.
Improve access to good quality food and nutrition for pregnant women and children to ensure higher food security (lower stunting, undernourishment and obesity).
Provide women with equal access to market information, credit facilities, land ownership rights and the ability to participate in decision making processes. 74% of the women participating in the workforce work in the agriculture sector and 60% members (in 2019) of MAFF were women. (6)
Primary SDGs addressed
2.2.2 Prevalence of malnutrition (weight for height >+2 or <-2 standard deviation from the median of the WHO Child Growth Standards) among children under 5 years of age, by type (wasting and overweight)
2.3.2 Average income of small-scale food producers, by sex and indigenous status
2.1.1 Prevalence of undernourishment
2.1.2 Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity Experience Scale (FIES)
Prevalence of malnutrition in 2018 is 8% (20) The value of agricultural production per unit of labor engaged in agriculture (farming, animal husbandry and fisheries) is USD 1,555 in 2015. (20) 6% of population in 2019 (21) 44.8% of population in 2019 (22)
Prevalence of malnutrition in 2030 is <5% (23) The target value of agricultural production per unit of labor engaged in agriculture (farming, animal husbandry and fisheries) is USD 3,755 by 2030. (23) 0 in 2030 (23) Information not available as of May-2022
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
In the absence of price ceilings levied by the RGC, increased supply would increase price competition in the market, impacting the producers of food products, i.e. lower income for farmers.
If by-products from processing processes are not efficiently managed, it may contribute to pollution (land pollution and contamination of local water resources if waste is not treated).
Unless business models recognize the role and and the significant number of women in agri-workforce as economic drivers, they will remain marginalized and pushed into up-taking low-wage jobs.
Unless the current lack of information on market access and price and a detailed competition mapping from peer countries in the region is addressed and used to drive business decisions, this IOA may turn unprofitable.
Gender inequality and/or marginalization risk: If the price point is high, vulnerable communities that suffer with malnutrition and other health issues may not be able to afford them.
Impact Risks
High cost of electricity in rural areas, lack of qualified maintenance staff and cost of logistics would impact the implementation of processing units close to the source of raw-materials.
Unaddressed malnutrition issue can have a cascading effect on other metrices, including those related to health and economic at a macro level.
Dependence on imported food products would hamper the growth of local industries and the economy at-large.
Gender inequality and/or marginalization risk: Lack of regulation and control may lead to farmers' exploitation; Lack of accessible information services for farmer rights would lead to sub-optimal engagement with business models and opportunities.
Impact Classification
What
Create an efficient value chain for processing of quality vegetables and fruits for export and domestic consumption.
Who
Various; Population benefits from food security; farmers benefit from improved income; food-processors benefit from high export incomes
Risk
Supply chain is not developed enough to meet the export requirements. High-price products cannot meet the demands of low income populations for affordable nutritious food.
Contribution
Businesses in this space help in ensuring food security and generate gainful employment. For instance, KFM manufactures animal feed and recruits ~100 workers.
How Much
45% population is living in moderate or severe food insecurity. (7) Only 10% of agricultural materials are processed domestically in Cambodia. (15)
Impact Thesis
Processing of food products to address nutrition needs; improve income of agricultural workers with increased export of processed food products
Enabling Environment
Policy Environment
Agricultural Sector Master Plan 2030: sets the guidelines for agriculture development in Cambodia aiming to increase the percentage of processed agricultural product exportation in total export porduct from 7% in 2019 to 15% in 2030 (25)
National Cashew Nut Policy, 2022: regulates the cashew market with key objectives to reinforce capacity to grow, store, process, package, market, distribute and export cashew nuts and derived products, and establish Cambodia as a major producer and supplier regionally and beyond. (26)
Master Plan for Crop Production in Cambodia 2030: aims at a transformation to modern agricultural system capable of generating high value added through the development of agroindustry, agribusiness, and non-farm employment. (27)
The Rectangular Strategy Phase IV: highlights the need to upgrade the processing industry by promoting private investment in agricultural products with high potential such as rice, cassava, mango, cashew nuts, banana, rubber, vegetables. (28)
China-Cambodia Free Trade Agreement facilitates Cambodia's exports to China especially agricultural products such as garlic, mango, cashew nuts, and dried chili among others. (29)
Financial Environment
Under the new investment law, agro-industry, agro-processing and food processing industries eligible to get QIP incentives which include tax holiday, minimum tax exemption or exemption from prepayment of tax on income or export duty. (32)
Investment Law: Under article 24, agro-industry, agro-processing and food processing industries are entitled to investment incentives described under article 26 such as income tax exemption for 3 to 9 years, prepayment tax exemption and minimum tax exemption. (32)
Investment Law: Under article 27, besides the basic incentives above, QIP will receive additional incentives such as VAT exemption for the purchase of locally made inputs, deduction of 150 % from tax base for activities such as research development and innovation. (32)
Other incentives: Government provides low interest rate loans to farmers and SME operators via Agricultural and Rural Development Bank and SME bank.
Other incentives: In January 2020, Cambodia’s Electricity Authority announced that there would be a reduction in electricity tariffs for consumers in six provinces that export to Vietnam in 2020 for agricultural SMEs and large enterprises.
Regulatory Environment
Law on Agricultural Cooperative 2013: promotes participation of those whose primary occupations related to agro-industry in establishing agricultural cooperatives in order to augment economic, social and cultural status of members and to contribute to economic development. (30)
2022 Draft Law on Food Safety: promotes a joint and multi-sectoral responsibility that requires the involvement of all stakeholders to be responsible for the implementation, control and quality control of food safety at all stages of the production chain. (31)
Marketplace Participants
Private Sector
Corporates: Santana Agro Product, Kirirom Food Production, Kodo Feed Mill (Cambodia) Co., Ltd., Charoen Pokphand Cambodia Co Ltd, CJ Cambodia Co., Ltd. Investors: CJ Global Holdings Ltd., CPF Investment Limited, MH Ethanol Co., Ltd., Insitor, CIC, Uberis, EMIA
Government
Ministry of Rural Development, Ministry of Agriculture Forestry and Fisheries
Multilaterals
United States Agency for International Development, French Development Agency, Cambodia-Australia Agricultural Value Chain Program, International Fund for Agricultural Development
Non-Profit
Grow Asia, Agrisud, iDE Cambodia, People In Need, NGO Forum on Cambodia
Public-Private Partnership: People In Need with the Partnership for Employment and Skill Development
Target Locations
Cambodia: Battambang
Cambodia: Kampong Thom
References
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