Sustainable Production of Food Products Focused on Staple Food Fortification
Sustainable Production of Food Products Focused on Staple Food Fortification
Business Model Description
Establish and upscale manufacturing of sustainable food products through B2C / B2B models. Products may include artificial meat, plant-based food products, alternate protein, milk, meats, fish and herbal food products to ensure improved nutrient intake for consumers and to improve production efficiencies. Examples of companies active in this space are:
Green Rebel, founded in 2020, is a plant-based meat company which provides plant-based protein food products. In 2021, it raised USD 100,000 (SAFE security through 20-week Impact Accelerator program) in an incubation round of funding from new investor GROW Impact Fund and USD 2 mn seed funding from Phitrust Asia, New Crop Alternative Protein fund and Teja Ventures.
BULOG, founded in 1967, is a state-owned company engaged in staple food procurement, including logistics/warehousing, surveys and pest control, food commodity trading and retail business. ~80% of its revenue comes from a social security programme involving the government buying rice from Bulog. In 2019, it announced its requirement for funding of USD 1.42 bn to finance purchases of rice. (12)
Sorghum Foods was established in 2017 under PT Sedana Panen Sejahtera, an agribusiness organization engaged in sorghum plantation and staple food fortification. The raw material is obtained from a sorghum farms located in Jombang Regency, East Java, Flores area in East Nusa Tenggara. Currently, the company is funded by the promoters and is aiming to raise funding to expand its operations further.
Big Tree Farms, founded in 2003, aims to implement sustainable farming and production practices to mitigate climate change induced risks. It operates a sustainable supply chain for NIRA, coconut flower nectar and works with local farmers to harvest flower nectar in food forests using sustainable practices. It has raised USD 11.03 mn, including USD 2.93 mn in a private placement round in 2019.
Expected Impact
Provision of sustainable food products to address nutrition requirements of the population by using CSSA practices.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
UNDP, the Private Finance for the SDGs, and their affiliates (collectively “UNDP”) do not seek or solicit investment for programmes, projects, or opportunities described on this site (collectively “Programmes”) or any other Programmes, and nothing on this page should constitute a solicitation for investment. The actors listed on this site are not partners of UNDP, and their inclusion should not be construed as an endorsement or recommendation by UNDP for any relationship or investment.
The descriptions on this page are provided for informational purposes only. Only companies and enterprises that appear under the case study tab have been validated and vetted through UNDP programmes such as the Growth Stage Impact Ventures (GSIV), Business Call to Action (BCtA), or through other UN agencies. Even then, under no circumstances should their appearance on this website be construed as an endorsement for any relationship or investment. UNDP assumes no liability for investment losses directly or indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains directly or indirectly resulting from trading profits, investment management, or advisory fees obtained by following investment recommendations made, implied, or inferred by its research.
Investment involves risk, and all investments should be made with the supervision of a professional investment manager or advisor. The materials on the website are not an offer to sell or a solicitation of an offer to buy any investment, security, or commodity, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
Country & Regions
- Indonesia: Countrywide
- Indonesia: Lesser Sunda Islands
- Indonesia: Java
- Indonesia: Countrywide
Sector Classification
Food and Beverage
Development need
In 2020, Indonesia ranked 65/113 in Global Food Security Index indicating high food insecurity and poor nutrition (1), which results in malnutrition, stunting and wasting (2).
Agriculture provides high employment, but low average income for farmers. Extreme weather negatively impacts productivity, increasing import dependence (1.8 mn ton rice was imported in 2018) (3).
Policy
Medium-Term National Development Plan (RPJMN) 2020-2024 states the policy directions for managing economic resources (including increasing the availability, access and quality of food consumption through development of biofortified rice seeds) and to address the issue of undernourishment, food insecurity experience scale and % of paddy fields defined as sustainable. (4)
Gender inequalities and marginalization issues
Households in eastern regions experience higher food insecurity than those in western regions. In 2017, households in NTT were at the most risk (31.8%) while those in Bangka Belitung possessed the lowest risk (3.8%). (1)
Indonesian youth experiences low micronutrient nutrition- 12% male and 23% female adolescents experience anemia, which mostly caused by iron-deficiency. (5) ~40% smallholder farmers in Indonesia are women. Their role often goes unnoticed, particularly by private sector companies who fail to recognize their decision-making power and potential impact on the bottom line. (6)
Investment opportunities introduction
Population, income and change in food preferences impact food demand. Demand grew by 105% for wheat and 61% for vegetables (2000-2015). With an expected growth in population of 10%, GDP and per capita GDP at 140% and 79%, respectively (Between 2015 to 2030), food demand is expected to show a sharp growth over the next 30 years. (3)
Key bottlenecks introduction
Inadequate logistics (distribution channels) and supply-chain management, low productivity of key crops, poor infrastructure and national food reserves, and climate change, adversely impact the achievenement of food security and nutrition targets. (1)
Food and Agriculture
Development need
Indonesia primarily has small-scale farmers who manage ~0.6 hectare farmlands, with limited access to modern farming technology, seed varieties and information services, and are at a high risk of experiencing poverty. Meanwhile the prevalence of stunting in Indonesia (30.8%) is among the highest compared to its peer countries in Southeast Asia. (7)
Policy priority
Medium-Term National Development Plan (RPJMN) 2020-2024 sets the policy directions to improve consumption quality, food fortification, biofortification & nanotechnology and local food & diversification at community level.(4) Private sector players can contribute in the development of sustainable agriculture systems for promoting farm regeneration. (8)
Gender inequalities and marginalization issues
Low-income families still experience malnutrition. 48% children under five in the poorest quintile of the population were stunted compared to 29% of those in the richest quintile. (1) As of 2018, 24% of 25.4 mn farmers were women. Most of them are farm laborers and likely experience wage disparity when compared to their male peers. (9)
Investment opportunities introduction
Agriculture sector retains an important role in the Indonesian economy with its contribution of ~10.2% (USD 110 bn) to Indonesia's GDP in 2020 (10), and growth in its export value by 25.19% YOY in 2019. Expected population growth of ~318 mn by 2045 will result in expected growth in aggregate demand and the associated agriculture sector production. (11)
Key bottlenecks introduction
Low adoption of agricultural technology is among the main causes of low agriculture productivity. Meanwhile volatile commodity prices affect both farmers and consumers (4)
Agricultural Products
Pipeline Opportunity
Sustainable Production of Food Products Focused on Staple Food Fortification
Establish and upscale manufacturing of sustainable food products through B2C / B2B models. Products may include artificial meat, plant-based food products, alternate protein, milk, meats, fish and herbal food products to ensure improved nutrient intake for consumers and to improve production efficiencies. Examples of companies active in this space are:
Green Rebel, founded in 2020, is a plant-based meat company which provides plant-based protein food products. In 2021, it raised USD 100,000 (SAFE security through 20-week Impact Accelerator program) in an incubation round of funding from new investor GROW Impact Fund and USD 2 mn seed funding from Phitrust Asia, New Crop Alternative Protein fund and Teja Ventures.
BULOG, founded in 1967, is a state-owned company engaged in staple food procurement, including logistics/warehousing, surveys and pest control, food commodity trading and retail business. ~80% of its revenue comes from a social security programme involving the government buying rice from Bulog. In 2019, it announced its requirement for funding of USD 1.42 bn to finance purchases of rice. (12)
Sorghum Foods was established in 2017 under PT Sedana Panen Sejahtera, an agribusiness organization engaged in sorghum plantation and staple food fortification. The raw material is obtained from a sorghum farms located in Jombang Regency, East Java, Flores area in East Nusa Tenggara. Currently, the company is funded by the promoters and is aiming to raise funding to expand its operations further.
Big Tree Farms, founded in 2003, aims to implement sustainable farming and production practices to mitigate climate change induced risks. It operates a sustainable supply chain for NIRA, coconut flower nectar and works with local farmers to harvest flower nectar in food forests using sustainable practices. It has raised USD 11.03 mn, including USD 2.93 mn in a private placement round in 2019.
Business Case
Market Size and Environment
> USD 1 billion
5% - 10%
~265 mn consumers (13) Expected - 280 mn (2025) (14)
In 2018, revenue in F&B markets was USD 253 mn. In Q1-2020, the sector contributed 36.4% to Indonesia’s GDP. The growth of this sector is driven by basic needs of people for foods and drinks, sizable population (265 mn people in 2018), rising income and increased spending on food by the surging middle class. (13)
Indonesia’s middle-class population expended from 45 mn in 2010 to 60 mn in 2019, and is projected to reach 85 mn by 2020. This segment of the populace will want and have the purchasing power for healthier food, including fresh, safe and sustainable produce. (14)
~USD 298 mn of foreign investments poured into the F&B sector in Q1-2020. Total direct investment in the F&B industry was USD 4.6 bn in 2018. (13) Indonesian consumers spent >USD 200 bn on F&B between 2014 & 2019. (15) Big Tree Farms works across ~32,000 land acres that practice regenerative and quality food farming. (16)
Indicative Return
10% - 15%
> 25%
F&B industry revenue is expected to grow 13.8% CAGR between 2018-2022, resulting in a market volume of USD 423 mn in 2022. Such growth is driven by a strong demand for packaged food, fruits, vegetables, seafood, health food, cooking oil, gourmet food, tea, and coffee. (13)
Private Equity firms target 20-25% IRRs on their investment. Returns depend on stage of investment and the valuation at the time of exit. Example: Seed fund investors will earn a better return if they hold their investment, than the investors who enter at a later stage.
As per expert consultations, sustainable food production can be carried out at a lower cost since the raw-materials are sourced locally. For instance, a Sorghum project can be set up with an initial investment of USD 2 mn, including cost of building, machinery and raw material.
Investment Timeframe
Medium Term (5–10 years)
As per expert consultations, businesses focused on sustainable food production can generate 10-15% returns on their investments in a minimum gestation period of 5 years.
As per experts, ~1 year is spent in setting up (1st month financial engineering, 2nd month setting up the factory, 2-8 months for tech and civil construction, 8th month onwards farmers start planting, 12th month is for commissioning and starting the factory).
Ticket Size
USD 500,000 - USD 1 million
Market Risks & Scale Obstacles
Business - Supply Chain Constraints
Market - High Level of Competition
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
Promote environment conservation and sustainable development. Vegan meat alternatives production is less resource-intensive and helps in reducing transport emissions while supporting small businesses and communities locally. (17)
Improve nutrition level and ensure food security of the population through the promotion of staple food fortification. Prevalence of malnourishment in Indonesia was 7.63 in 2019 and 8.34 in 2020. Indonesian poor children are ~2x as likely to suffer from stunting than their better-off peers. (1)
Gender & Marginalisation
Empower farmers by sourcing farm produce locally by consumers and businesses ensuring that farmers get the fair price for their produce. Example: Green Rebel uses domestic ingredients such as Balinese sea salt, coconut oil from Riau, etc. (18)
Reduce regional and gender based disparity in food insecurity. Prevalence of moderate or severe food insecurity in the population based on the Food Insecurity Experience Scale in 2020 was 4.51 for urban areas and 5.72 for rural areas, and 4.77 for male and 6.78 for female. (19)
Ensure fair trade practices and improved wage stability. Big Tree Farms has worked with >10,000 farmers to ensure fair trade wages and improved wage stability and transparency. (16)
Expected Development Outcome
Promote healthy eating habits based on locally sourced food products, while also ensuring national food security and reduction in import dependence. Indonesia is currently dependent on imports of key commodities, including rice, corn and sugar – crops that the country has the capacity to grow. (14)
Promote environmental conservation through provision of staple food, especially local food from domestic production: increasing productivity, protection of cropland, improvement of land and water quality, development of climate adaptive cultivation practices. (1)
Reduce malnutrition and ensure consumers get proper nutrient content through the consumption of natural products, while also ensuring product diversity of quality staple food cultivation on a sustained basis. (20)
Gender & Marginalisation
Empower farmers by sourcing locally grown crop and improve their income level by providing improved modes of livelihood. East Bali Company helped smallholder cashew farmers of Bali increase their income from USD 0.63 per kg to USD 0.98 per kg. (21)
Ensure equitable distribution of resources and income through creation of jobs in rural and semi-urban areas and promotion of local industry. As of 2018, 24% of 25.4 mn farmers were women (most are farm laborers) and likely experience wage disparity when compared to their male peers. (9)
Empower rural women by recognizing their role and contribution towards agriculture, which often goes unnoticed by private sector companies who fail to recognize their decision-making power and potential impact on the bottom line.
Primary SDGs addressed
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)
2.2.1 Prevalence of stunting (height for age <-2 standard deviation from the median of the World Health Organization (WHO) Child Growth Standards) among children under 5 years of age
2.3.2 Average income of small-scale food producers, by sex and indigenous status
2.4.1 Proportion of agricultural area under productive and sustainable agriculture
2017 - 8.23 2018 - 7.92 2019 - 7.63 2020 - 8.34 (19)
2017 - 8.66 2018 - 6.86 2019 - 5.42 2020 - 5.12 (19)
2013 - 37.2 2018 - 30.8 2019 - 27.67 (19)
West Java - 683.37 East Java - 573.83 West Nusa Tenggara - 466.73 Average value of 3 provinces - 641.87 (19)
West Java - 13.52 East Java - 8.33 West Nusa Tenggara - 1.57 Average value of 3 provinces - 1.28 (19)
Not available as on January-2022
Food Insecurity Experiences Scale (FIES) in 2030 with business-as-usual scenario: 4.70 Food Insecurity Experiences Scale (FIES) in 2030 with intervention scenario: 3.30 (1)
Prevalence of stunting in 2030 with business-asusual scenario - 22.37% Prevalence of stunting in 2030 with intervention scenario - 10% (1)
Not available as on January-2022
Not available as on January-2022
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Planet
Corporates
Public sector
Outcome Risks
Operators who deal with farmers directly have to address challenges such as, pest mutations, losses due to unpredictable weather conditions, limited specialized processing machinery.
Heavy expenditure will have to be incurred to scale operations and address the demand of all regions by buidling a strong supply chain.
If the IOA scales without being accompanied by behavioral change communication, the impact may still be unfavorable for women, and the gender gap in malnutrition may continue to persist (if not grow).
Gender inequality and/or marginalization risk: If the price point is high, the products will not be able to address the nutrition requirements of the vulnerable communities.
Impact Risks
The burden of addressing the issues of malnutrition and food security would fall on the Government in the absence of initiatives to allow private sector participation in agriculture.
Dependence on imported food products would hamper the growth of local industries and the economy at-large.
Unaddressed malnutrition issue can have a cascading effect on other metrices, including those related to health and economic at a macro level.
Gender inequality and/or marginalization risk: Lack of regulation and control may result in exploitation of farmers at the hands of profit-making companies.
Impact Classification
What
Sustainable food production to improve the level of nutrition and promote domestic growth of staple food production and fortification.
Risk
High-price products cannot meet the needs of the vulnerable sections. Thus, achieving economies of scale is imperative for the success of the business model
Contribution
To increase food security, BULOG has helped increase rice supply from 2.6 mn tons in 2016 to 4.8 mn tons in 2020. (22)
Impact Thesis
Provision of sustainable food products to address nutrition requirements of the population by using CSSA practices.
Enabling Environment
Policy Environment
Law No. 22/2019 on Sustainable Agriculture Cultivation System: covers sustainable natural resource management by producing agricultural commodities to meet human needs in line with quality standards, and aims to overcome negative impacts on the wider community and environment. (23)
Law No.18/2012: encourages the role of public participation in realizing Food Sovereignty, Self-Sufficiency and Security through various means, including implementing production, distribution, trade and consumption of food and organizing Community Food Reserve. (24)
Minister of Trade Regulation No. 7 of 2020: concerning Reference Purchase Prices at the Farmer Level and Reference Sales Prices at the Consumer Level. The market price support schemes for rice remain the most important contributor to the longer run level of support. (25)
BPOM Regulation No. 22/2019 on Nutritional Information on Processed Food Labels: This regulation is expected to regulate nutritional content to reduce problems such as malnutrition and non-communicable diseases (NCDs) such as cancer, stroke, diabetes, and hypertension. (26)
Indonesia’s food security policy under Food Law 2012 aims to: > ensure access to safe, diverse and nutritious food > improve the welfare of farmers > reduce import of staple food to achieve overall “food sovereignty” > improve food security against climate change (24)
Financial Environment
Financial incentives: GoI provides a 6-year net Income Tax (PPh) reduction of 5% annually or 30% of the investment value as regulated in Government Regulation No. 9/2016; BKPM Regulation No. 6/2018. (31)
Fiscal incentives: Regulation No.4/2021 on Guidelines and Procedures for Risk-based Business Licensing and Investment Facilities cover fiscal incentives for Agriculture, Marine & Fisheries, including import duty exemption, corporate income tax reduction, gross income reduction facility for R&D. (32)
Other incentives: Regulation No. 12/2012 concerning Incentives on the Protection of Sustainable Food Agricultural Land, stipulates the provision of incentives that include, development of agricultural infrastructure, financing for R&D on seeds and superior variety crop and the like. (33)
Regulatory Environment
Government Regulation No.17/2015 on Food Security and Nutrition: regulates National Food Reserves, including food supplies throughout the territory of Indonesia for human consumption to deal with food shortages, supply and price disruptions, and emergencies (27)
Presidential Regulation No. 83/2017 on Food and Nutrition Strategic Policy: aims to ensure food supply, affordability and consumption to improve nutritional status of the community and strengthen food and nutrition-related institutions (28)
Ministry of Health Regulation No.28/2019: established the Recommended Dietary Allowances (AKG) in Indonesia which aim to achieve adequate nutritional status of the public and to evaluate food supply and consumption at a macro basis. (29)
Average energy adequacy rate is set at 2,100 kkal/person/day, and for protein is 57 grams/person/day. AKG rates are used by relevant stakeholders in the food system to set Nutritional Reference Values (ALG) for nutritional labels in processed food and quality control. (29)
Ministry of Agriculture Regulation No.41/2021 states the Allocation and Maximum Retail Price of Subsidized Fertilizers to: >improve agricultural commodity productivity for achieving food security; and >stabilize the price and supply of fertilizers. (30)
Marketplace Participants
Private Sector
Corporates: Bulog, Proteina, Sorghum Foods, Green Rebel Investors: Phitrust Asia; Teja Ventures; Unovis Asset Management, LLC; Capital 4 Development Partners; Ocgrow Ventures; SAVEarth Fund; and a number of angel investors, namely Elisa Khong, Simon Newstead, and Michal Klar
Government
Ministry of Health, Ministry of Agriculture, Ministry of Trade, Bappenas, Ministry of Health, Ministry of Industry, Food and Drug Agency (BPOM), Ministry of Finance
Multilaterals
United Nations Development Programme (UNDP), World Health Organisation (WHO), Asian Development Bank (ADB), World Bank (WB), United Nations Children's Fund (UNICEF), The Food and Agriculture Organization (FAO)
Non-Profit
Yayasan Lembaga Konsumen Indonesia (YLKI), Ikatan Dokter Indonesia (IDI), Ikatan Bidan Indonesia (IBI), KFI-Indonesian Nutrition Foundation for Food Fortification, Kehati
Public-Private Partnership
Partnership For Indonesia's Sustainable Agriculture (PISAgro), SWITCH Asia Local Harvest Project
Target Locations
Indonesia: Countrywide
Indonesia: Lesser Sunda Islands
Indonesia: Java
Indonesia: Countrywide
References
- (1) Republic of Indonesia. 2019. Roadmap of SDGs Indonesia Towards 2030. https://www.unicef.org/indonesia/media/1626/file/Roadmap%20of%20SDGs.pdf.
- (2) Hadyan, Rezha. Bisnis.com, 2021. Indeks Ketahanan Pangan Global 2020: Posisi Indonesia Turun ke-65. https://ekonomi.bisnis.com/read/20210313/12/1367047/indeks-ketahanan-pangan-global-2020-posisi-indonesia-turun-ke-65
- (3) Asian Development Bank (ADB). 2019. Policies to Support Investment Requirements of Indonesia’s Food and Agriculture Development during 2020-2045. https://www.adb.org/sites/default/files/publication/534336/indonesia-food-agri-development-2020-2045.pdf
- (4) Republic of Indonesia. 2020. Indonesia's 2020-2024 National Medium-Term Development Plan (RPJMN). https://perpustakaan.bappenas.go.id/e-library/file_upload/koleksi/migrasi-data-publikasi/file/RP_RKP/Narasi-RPJMN-2020-2024-versi-Bahasa-Inggris.pdf.
- (5) Rokom. Sehat Negeriku, 2018. Kenali Masalah Gizi yang Ancam Remaja Indonesia. https://sehatnegeriku.kemkes.go.id/baca/rilis-media/20180515/4025903/kenali-masalah-gizi-ancam-remaja-indonesia/
- (6) Palladium. 2020. Women in Indonesia are Farmers and Decision Makers: What Businesses Need to Know. https://thepalladiumgroup.com/news/Women-in-Indonesia-are-Farmers-and-Decision-Makers-What-Businesses-Need-to-Know
- (7) Republic of Indonesia. 2021. Voluntary National Review. https://sdgs.bappenas.go.id/laporan-voluntary-national-review-vnr-indonesia-2021/
- (8) Indonesian Centre for Agricultural Socio-economic and Policy Studies (PSE Kementan). 2020. Peran Swasta dalam Peningkatan Kesejahteraan Petani pada Masa Pandemi. https://pse.litbang.pertanian.go.id/ind/index.php/covid-19/berita-covid19/542-peran-swasta-dalam-peningkatan-kesejahteraan-petani-pada-masa-pandemi
- (9) Indonesian Centre for Agricultural Socio-economic and Policy Studies (PSE Kementan). 2021. The Role of Women Farmers During Covid-19 Pandemic. https://pse.litbang.pertanian.go.id/ind/index.php/covid-19/berita-covid19/675-peran-petani-perempuan-pada-masa-pandemi-covid-19#!/ccomment
- (10) Statistics Indonesia (BPS). 2020. Quarterly Distribution of GDP (2010 Version) at Current Market Prices (Percent). https://www.bps.go.id/indicator/11/106/2/-seri-2010-distribusi-pdb-triwulanan-seri-2010-atas-dasar-harga-berlaku.html
- (11) IBCSD and FAO. 2020. Investment Opportunities of the Private Sector on the Sustainable Food System in Indonesia. https://researchinstitute.penabulufoundation.org/wp-content/uploads/2020/01/20200106_Investment-Opportunities-of-The-Private-Sector-on-The-Sustainable-Food-System-in-Indonesia.pdf
- (12) Reuters. 2019. Indonesia's Bulog wants $1.42 bln government funding for rice procurement. https://www.reuters.com/article/indonesia-bulog-idAFL3N2812Z5
- (13) Cekindo. Where to Invest: Food and Beverages Sector in Indonesia. https://www.cekindo.com/sectors/food-beverages
- (14) CompassList. 2020. Indonesia Agritech Report 2020: Startups, Investors and Outlook. https://www.compasslist.com/reports/indonesia_agritech_report_2020
- (15) Consultancy.asia. 2021. Covid-19 a catalyst for growth in Indonesia's e-grocery market. https://www.consultancy.asia/news/3941/covid-19-a-catalyst-for-growth-in-indonesias-e-grocery-market
- (16) Big Tree Farms. About - Big Tree Farms. https://bigtreefarms.com/about/
- (17) Ho, Sally. Green Queen, 2021. Starbucks Indonesia Chooses Local Alt Protein Startup Green Rebel Foods For Plant-Based Menu Collab Across 50 Locations. https://www.greenqueen.com.hk/starbucks-indonesia-chooses-local-alt-protein-startup-green-butcher-plant-based-menu-collab-across-50-locations/
- (18) Mime. 2021. Green Rebel Becomes Indonesia’s Representative in the GROW Program. https://www.mime.asia/green-rebel-becomes-indonesias-representative-in-the-grow-program/
- (19) Republic of Indonesia. 2021. Voluntary National Review: Annexes. https://sdgs.bappenas.go.id/laporan-voluntary-national-review-vnr-indonesia-2021/
- (20) Pangan Bijak Nusantara. 2020. Indonesia Sustainable Food System. https://panganbijak.org/wp-content/uploads/2020/10/Strategy-Paper-ISFS-ENG-0510-min.pdf
- (21) Budisatrijo, Alice. BBC News, 2014. Bali cashew factory changes villagers' fortunes. https://www.bbc.com/news/business-29751792
- (22) Yulianis et al. 2021. IOP Conference Series: Earth Environmental Science, 2021. The implementation and synergy of Indonesian national food reserves. https://iopscience.iop.org/article/10.1088/1755-1315/892/1/012054/pdf
- (23) Republic of Indonesia. 2019. Law (UU) No.22/2019 on the Sustainable Agriculture Cultivation System. https://www.fao.org/faolex/results/details/en/c/LEX-FAOC195060
- (24) Republic of Indonesia. 2012. Law (UU) No.18/2012 on Food. (See also updated: Law No. 11/2020) https://jdih.bumn.go.id/lihat/UU%20Nomor%2018%20Tahun%202012
- (25) Ministry of Trade of the Republic of Indonesia. 2020. Minister Regulation No.7/2020 concerning Reference Purchase Prices at the Farmer Level and Reference Sales Prices at the Consumer Level. http://jdih.kemendag.go.id/peraturan/detail/1958/2
- (26) Republic of Indonesia. 2019. BPOM Regulation No. 22/2019 on Nutritional Information on Processed Food Labels. https://standarpangan.pom.go.id/dokumen/peraturan/2019/PBPOM_Nomor_22_Tahun_2019_tentang_ING.pdf
- (27) Republic of Indonesia. 2015. Government Regulation (PP) No.17/2015 concerning Food and Nutrition Security. https://www.ecolex.org/details/legislation/government-regulation-of-the-republic-of-indonesia-no-17-of-2015-concerning-food-and-nutrition-security-lex-faoc169453/
- (28) Republic of Indonesia. 2017. Presidential Regulation (Perpres) No. 83/2017 on Food and Nutrition Strategic Policy. https://jdih.kemenkopmk.go.id/produk-hukum/48/2017/83
- (29) Ministry of Health (Kemenkes) of the Republic of Indonesia. 2019. Minister Regulation No.28/2019 established the Recommended Dietary Allowances (AKG) in Indonesia. http://hukor.kemkes.go.id/uploads/produk_hukum/PMK_No__28_Th_2019_ttg_Angka_Kecukupan_Gizi_Yang_Dianjurkan_Untuk_Masyarakat_Indonesia.pdf
- (30) Ministry of Agriculture of the Republic of Indonesia. 2021. Minister Regulation No. 41/2021 concerning Allocation and Highest Retail Price of Subsidized Fertilizer in Agriculture Sector for Fiscal Year 2021. https://jdih.pertanian.go.id/fp/peraturan/detail/1041https://jdih.pertanian.go.id/fp/peraturan/detail/1041
- (31) Indonesia Investment Coordinating Board (BKPM). 2020. BKPM Regulation No.5/2020, revoking BKPM Regulation No.6/2018, concerning Guidelines of Entity Income Tax Incentives in Certain Industries and/or Regions. https://peraturan.bpk.go.id/Home/Details/169073/peraturan-bkpm-no-5-tahun-2020
- (32) Indonesia Investment Coordinating Board (BKPM). 2021. BKPM Regulation No.4/2021. https://jdih-storage.bkpm.go.id/jdih/userfiles/documents/2021/10/2021PerBKPM004.pdf
- (33) Republic of Indonesia. 2012. Government Regulation (PP) No. 12/2012 concerning Incentives on the Protection of Sustainable Food Agricultural Land. https://peraturan.bpk.go.id/Home/Details/5224
- (34) Research and Markets. 2021. Indonesia Plant Protein Business and Investment Opportunities (2018-2027). https://www.researchandmarkets.com/reports/5166100/indonesia-plant-protein-business-and-investment#:~:text=The%20plant%20protein%20market%20in,plant%2Dbased%20alternatives%20in%20Indonesia
- (35) Kementerian Pertanian Republik Indonesia. 2020. Kementan: 2020 Kita Dorong Sorgum Jadi Pangan Alternatif. https://www.pertanian.go.id/home/?show=news&act=view&id=3978
- (36) Dinas Perdagangan Provinsi Nusa Tenggara Barat (NTB). 2021. Sorghum - UKM NTB. https://disdag.ntbprov.go.id/index.php/berita/ppln/663-yant-sorghum-ukm-ntb
- (37) Green Rebel Foods. About Us: Green Rebel Foods. https://greenrebelfoods.com/pages/about-us
- (38) Kementerian Perdagangan Republik Indonesia. Profil Komoditas: Beras. https://ews.kemendag.go.id/sp2kp-landing/assets/pdf/130827_ANL_UPK_Beras.pdf