Sustainable Production of Frozen Fruits and Vegetables
Sustainable Production of Frozen Fruits and Vegetables
Business Model Description
Invest in Business to Customer (B2C) or Business to Business (B2B) models engaged in the sustainable production of frozen fruits and vegetable products to ensure easy storage and longer shelf life of such products. Examples of companies active in this space are:
The Icepac Limited, established in 1989, is a frozen vegetable and fruit processor and serves as a bulk supplier of frozen vegetables and fruits in Pakistan. Its product range includes high-value fruits and vegetables which are ready to cook/use. (13)
The company, Icepac, is providing its products to institutions rather than directly to consumers due to its limited investment towards store-product placement and outreach to smaller stores. (14)
Fauji Fresh n Freeze Limited IQF (Individually Quick Frozen) Pakistan offers a wide variety of frozen produce, all locally sourced and processed from its state-of-the-art plant facility located in Sahiwal. Its product portfolio has a wide range of frozen fruits and vegetables that are available in both Retail and Food Service stores. (15)
Fresh St., established in 2020, is a new company under the House of Samrah Brand which offers frozen fruits and vegetables. It has a presence in 40 cities and offers 400 products through a nationwide distribution system consisting of 700 retailers. (16)
Other companies active in this space include, Dawn Foods Limited, Quick Food Industries Private Limited, Seasons Food Private Limited and KnN's Food Limited.
Expected Impact
The IOA positively impacts food safety, security and nutrition for consumers, and creates gainful employment along the supply chain.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Pakistan: Punjab
- Pakistan: Sindh
- Pakistan: Khyber Pakhtunkhwa
- Pakistan: Balochistan
- Pakistan: Gilgit-Baltistan
Sector Classification
Food and Beverage
Agriculture contributes 22.7 per cent of GDP and employs 37 per cent of the population, with ~65 to 70 per cent population depending on the sector for their livelihood. (1) Due to the 2022 floods, this sector was second most affected, with damages amounting to USD 3.7 Billion. 76 per cent of the damage under the crop sub-sector was registered in Sindh, followed by 22 per cent in Balochistan. (2)
Policy Priorities
The Government of Pakistan (GOP) has introduced the National Agricultural Transformational Plan 2020- 2025. The plan's sections 2.2 to 2.5 focus on the reduction of harvest and post-harvest loss, enhance export, improve quality of farm produce to meet international standards, and enhance food processing, thus serving as a guideline for policy makers and investors. Furthermore, in 2018, GOP also introduced the National Food Security Policy. (3)
Gender inequalities and marginalization issues
Despite active participation in the agricultural sector where 65 per cent of the total workforce is constituted of women, access to assets, services and opportunities remain low for women when compared with their male counterparts. This gender gap relates to access to inputs, services, land ownership, livestock, technology, education, extension and financial services. (4)
Investment opportunity's introduction
Pakistan's population is 229 million, of which 61 per cent is between the age of 15-64 years and 35 per cent belongs to the rising middle-income class. There is a growing need for investment in business models that can advance the availability of accessible, affordable and nutritious food across the country. In 2020-2021, ~USD 54 million worth of investment was made in the agriculture sector. (5) (6)
Key bottleneck's introduction
According to Federal Chambers, lack of value addition, price fluctuations, supply chain issues, energy tariffs and insufficient storage capacity are the challenges that hinder the growth and scale of agriculture sector. (7)
Food and Agriculture
Development Need
Due to 2022 floods, damages, such as fruit trees that were either washed away by flash floods or died from prolonged water exposure, indicate the need to contain and address crop wastage. (2) 36.9 percent of Pakistan's population is already facing food insecurity and 20.5 percent of population is undernourished indicating significant challenges that need to be outpaced. (8)
Policy Priorities
As per the national investment agency, Board of Investment, food processing is one of the top ten sectors for investment and is supported by the National Food Security Policy (NFSP) which promotes balanced food intake for the local population while also promoting sustainable agriculture practices in the sector value chain. (9)
Gender inequalities and marginalization issues
The agriculture sector employs 65 percent of the women labor force. Traditionally, women in Pakistan have not had access to upstream opportunities in the agriculture sector. This is further exacerbated by lack of access to resources, disparity in wages compared to male counterparts, low land ownership, limited knowledge on opportunities in extension services, among others. The sub-sector for fruit and vegetable processing gives women an opportunity to link their agro-produce to processing units. (10)
Investment opportunity's introduction
Food and beverage processing industry is the 2nd largest industry in Pakistan after textiles, accounting for 27 percent of value-added production and 16 percent of employment in the manufacturing sector. There are many investment opportunities in areas such as agricultural food, edible oils and fats, frozen food, meat and poultry. (11)
Key bottleneck's introduction
Challenges include weak contract enforcement for contract farming, poor on-farm Sanitary and Phytosanitary Standards (SPS) enforcement, inadequate post-harvest infrastructure for packing, handling and transportation, lack of protocols for certifications of health and safety standards, and unassured supply of raw material to processors. (12)
Processed Foods
Pipeline Opportunity
Sustainable Production of Frozen Fruits and Vegetables
Invest in Business to Customer (B2C) or Business to Business (B2B) models engaged in the sustainable production of frozen fruits and vegetable products to ensure easy storage and longer shelf life of such products. Examples of companies active in this space are:
The Icepac Limited, established in 1989, is a frozen vegetable and fruit processor and serves as a bulk supplier of frozen vegetables and fruits in Pakistan. Its product range includes high-value fruits and vegetables which are ready to cook/use. (13)
The company, Icepac, is providing its products to institutions rather than directly to consumers due to its limited investment towards store-product placement and outreach to smaller stores. (14)
Fauji Fresh n Freeze Limited IQF (Individually Quick Frozen) Pakistan offers a wide variety of frozen produce, all locally sourced and processed from its state-of-the-art plant facility located in Sahiwal. Its product portfolio has a wide range of frozen fruits and vegetables that are available in both Retail and Food Service stores. (15)
Fresh St., established in 2020, is a new company under the House of Samrah Brand which offers frozen fruits and vegetables. It has a presence in 40 cities and offers 400 products through a nationwide distribution system consisting of 700 retailers. (16)
Other companies active in this space include, Dawn Foods Limited, Quick Food Industries Private Limited, Seasons Food Private Limited and KnN's Food Limited.
Business Case
Market Size and Environment
> USD 1 billion
5% - 10%
Revenue in the Processed & Frozen Vegetables segment amounts to USD 2.78 bn in 2023 (17)
As of 2016, the market size of food processing industry was USD 289 billion, and the same is expected to grow at CAGR of 7.47 percent for 2023 to 2028. (17)
The Frozen Foods market has a variety of segments. It is segmented by product categories such as ready-to-eat, ready-to-cook, ready-to-drink, categories by type such as frozen fruits and vegetables, frozen meat and fish, frozen-cooked meals, frozen desserts and snacks, categories by freezing technique such as individual quick, blast, belt, and others, and categories by the distribution channel such as supermarkets, hypermarkets, convenience stores, online channels.
Indicative Return
> 25%
> 25%
> 25%
As per the Feasibility Study by the Small and Medium Enterprise Development Authority conducted on frozen fruits and vegetable business in Punjab in 2017, the IRR is 39 percent, ROI is ~17-27 percent and gross profit margin is 40-43 percent (for ten-year time period). (18)
Investment Timeframe
Short Term (0–5 years)
As per SMEDA's pre-feasibility study, ROI and GPM start generating revenue from year one, consistently improving over a period of ten years. As per experts, six months to a year is needed for the initial setup, with a possible break even shortly thereafter.
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Market - Volatile
Impact Case
Sustainable Development Need
Despite Pakistan being a surplus food producer, recently the country's regions like Sindh and Balochistan have been classified as food insecure due to high food prices, locust infestations, flash floods, drought and reduced income levels due to COVID-19 restrictions. (21)
As farmers are the source of inputs for the processing companies, there is a need for the growth of such units to encourage small-scale farmers to focus on high yielding crops that will increase their productivity and income.
Climate change is a challenge for the agricultural sector in Pakistan. For example, changes in temperature and precipitation patterns impact agriculture. There is a need for adaptation to climate smart strategies to ensure food security. (22)
Gender & Marginalisation
In Pakistan, investment and robust studies are needed to strengthen the body of evidence and facilitate gender mainstreaming in agricultural development. Food processing sector will support in providing the investment opportunities which can later be studied to measure the impact and collect data.
Women in the agriculture workforce in Pakistan work for 15.5 hours per day of which 5.5 are spent caring for livestock. (23) and women’s contributions to the agriculture sector such as home-based livestock rearing, and vegetable farming are devalued by extension workers and often limited to support work. (24)
Due to 2022 floods, the agriculture sector was second most affected with damages amounting to USD 3.7 Billion. 76 percent of the damage was registered in Sindh, followed by 22 percent in Balochistan, making the population of these provinces more vulnerable to economic shocks. (2)
Expected Development Outcome
Using processing methods like freezing can reduce post-harvest losses in agriculture that accounts for 35 to 40 per cent of total production as of 2021. These losses occur due to mishandling of perishable products, poor transportation, and inadequate storage facilities and market infrastructure. (25)
Creating gainful jobs for people along the value chain - farmers who cultivate, pickers of fruits and vegetables, processing facility workers including for women who hold managerial positions and are also workers in small farms as agriculture employs 37 per cent of the total workforce.
Improving farm-to-market access for products, along with ensuring that farmers earn the right price for their produce, thereby reducing their losses and improving income levels.
Gender & Marginalisation
Increase in female labour force participation in the industry which employs 17 per cent of total female workforce as of 2019- an increase from 15 per cent in 2015. (26)
Increased investments and improved agricultural practices yield better outcomes for females as 65 percent of the female workforce is directly or indirectly employed in agriculture sector. (19)
By making concerted efforts in improving value add services such as food processing with requisite capacity building efforts built into the business model can help improve the quality of livelihood opportunities for small holder farmers and women in particular. Positive economic impact can further cascade into improved social outcomes for women and their households.
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)
As a percentage of country's population, in 2020, Prevalence of undernourishment was 17 percent. (27)
In 2020, the percentage of severe or moderate food insecure population was 32.6 percent. (27)
The voluntary national review attributes the improvement in the progress on Goal 2 by the decrease in percentage points of undernourishment, but the Vision 2025 does not give any specific target. (28)
Reduce food insecure population from 60 percent to 30 percent as per Vision 2025 (29)
12.3.1 (a) Food loss index and (b) food waste index
In Pakistan, post-harvest losses in agriculture (account for 35-40 percent of total production as of 2021 which occur due to mishandling of perishable products, poor transportation, and inadequate storage facilities and market infrastructure. This adds to country's food insecurity. (25)
Reduce food insecure population from 60 percent to 30 percent as per Vision 2025 (29)
5.5.2 Proportion of women in managerial positions
The percentage of women in managerial positions has increased from 2.70 percent (2014) 4.53 percent in 2019 (28)
The Vision 2025 by Government sets the target of increasing women labor force participation from 24 percent to 45 percent by 2025 but does not give a specific target of increasing their presence in managerial positions. (29)
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
Public sector
Corporates
Public sector
People
Gender inequality and/or marginalization
Outcome Risks
Food sector accounts for 30 percent of the world’s total energy consumption and generates 22 percent of total Greenhouse Gas (GHG) emissions. Sustainable practices are needed to reduce the negative environmental outcomes of the agriculture sector. The risk is continued emissions if investments are not made in sustainable agriculture.
As per a report by UN Women, 60 percent of women employed in food sector are unpaid laborers. It is imperative to recognize women's contribution to the sector and to provide gainful employment with fair wages to all workers. If investments are not made in sustainable practicing businesses, the inequality will continue.
Absence of legislations to protect women workforce can result in ignorance of women and their contributions in the workforce. (31)
Impact Risks
The unintended risk involves food wastage and post-harvest loss. In Pakistan 35-40 percent of fruits and vegetables are lost as a post-harvest damage due to lack of adequate processing facilities that need to be adequately addressed through business models in this space.
The agriculture sector is the sector with highest women employment. In case the investments cease to materialize the target of increasing women participation to a 45 percent of total working population will not be achieved and women will be excluded from mainstream employment opportunities.
Impact Classification
What
Increase access to quality products for Pakistan's domestic market with improved facilities for storage and processing of produce to reduce port-harvest losses.
Who
The outcome will impact the frozen food business and network: input suppliers, particularly small holder farmers and distributors
Risk
Price fluctuations along the value chain raise risk for food manufacturers, thereby hampering their ability to compete internationally. (20)
Contribution
Increased revenues from the fruits and vegetable subsector. In 2023, the contribution to revenue by these subsectors is USD 9.63 and USD 14. 2 billion respectively (32).
How Much
Food sector employs 37 percent of labor force (2019). Thus, businesses in this area are likely to contribute to increase in employment and enhanced income opportunities in Pakistan.
Impact Thesis
The IOA positively impacts food safety, security and nutrition for consumers, and creates gainful employment along the supply chain.
Enabling Environment
Policy Environment
National Food Policy: aims to alleviate poverty, eradicate hunger and malnutrition; Promote sustainable food production systems (crop, livestock and fisheries) by achieving an average growth rate of 4 percent per annum, Make agriculture more productive, profitable, climate resilient and competitive. (3)
Agriculture Transformation Policy: the policy aims to enhance farm productivity, improving post-harvest management to reduce losses, export performance to improve export-production ratio, value chain management, processing of agriculture commodities to Improve inefficient farm operations. (3)
Processed Food and Beverages Export Strategy 2023-2027 outlines path for the development of the processed food and beverages industry in Pakistan. Strategy defines concrete opportunities that can be realised through steps detailed in its plan of action (20)
Strategic Trade Policy Framework 2020-2025: The policy framework states the incentives and interventions for "developmental priority sectors" for export. These sectors include processed foods and beverage, fruits and vegetables, meat, poultry and seafood. (32)
Financial Environment
i. Low custom duties on capital goods used for handling, processing and storage of vegetables, fruits, food items and for food processing industry and ii, special economic zones, exemption from income tax for ten years for Zone Developers, Co-developers and Zone Enterprises; and one time exemption from all custom-duties and taxes on import of capital goods (33)
Regulatory Environment
Pakistan Standards and Quality Control Act 1966: Post amendments, the food standards are now harmonized across the country and UNDP has supported creation of a unified online platform for registration of food products.
Punjab Food Authority Act, Sindh Food Authority Act 2016, KPK Food Authority Act 2014 and Balochistan Food Authority Act 2014 provide for safety and standards of food in these respective provinces and for establishment of Food Authority.
Marketplace Participants
Private Sector
Icepack, Fresh St., Fauji Foods, Dawn Foods, KnN's, Quick Foods Industries and Seasons Food Industries and the likes.
Government
Ministry of Food Security and Research, Ministry of Industries and Production, Pakistan Standards and Quality Control Agency, Punjab, Sindh, KP, Balochistan, AJ&K and GB's agriculture, industries and commerce departments.
Multilaterals
World Bank, World Food Programme, United Nations Development Programme, Food and Agriculture Organization, UKAID and International Trade Centre
Non-Profit
Pakistan Food Association, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association, Federal, Lahore, Karachi, Sarhad and Balochistan and Overseas Chambers of Commerce and Industries.
Public-Private Partnership
International Finance Cooperation IFC (World Bank Group) launched Asaan Karobaar program (Public) with the government to streamline regulations and enable smaller businesses to grow.
Target Locations
Pakistan: Punjab
Pakistan: Sindh
Pakistan: Khyber Pakhtunkhwa
Pakistan: Balochistan
Pakistan: Gilgit-Baltistan
References
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