下面是小编为大家整理的垂直农场：志存高远,供大家参考。
al n
r
te
n
I
-
d e
t
c
i
tr s
Re
FOC U S
Co nsum e r
Ver tic al F arm s:
Aiming
Hig h
I NDU S T RY
FOC US
E qu ity
R e s ear c h
25
M ar c h
2020
V ertic a l
f a rms
a re
po i se d
to
c a pi ta li ze on
a $50bn
g l ob a l
ma rk et oppo rtu n i ty ,
i n
ou r v i ew, a s
they c a n
g ro w
ta sti e r
pr odu c e a t
sc a l e,
wi thou t
ma n y o f
the
c on ve n ti on a l f a rmi ng
pr a c ti c es that
c on tri bu te to
c li mate c h a ng e,
a nd
c a n
ensur e a f resh
f ood sup pl y a t
a l o c a l
l ev el .
V erti c al
f ar m s
g r ow
p r odu c e
i n
s ta c ke d
layer s
or
r ows
i n
i ndoor , c on tr oll e d
e n v ir on m e n ts .
L e v er aging
ad v an c e d
te c hnology ,
th ey
c an
g r ow
hundr e ds
of ac re s’
w orth
of
c r ops
on
on e
a c re
w i th
s u c h
pr e c i s i on
th at
p r odu c e
i s
u lti m ately
mor e f lav orfu l
an d
pe s ti c i de - f ree .
V erti c al
f ar m i ng
doe s
not
re qu ire
d e for e s tati on
or
lar g e amoun ts
o f
w ater ,
an d
doe s
not
ad d
to
w ater
pol l u ti on .
An d,
b e c au s e
th e s e
f ar m s
c an b e
l oc ate d
v ir tu ally
an y w h ere
an d
are
h i gh ly
autom ate d ,
pr o du c e
i s
l oc al
an d
f re s h er , f ood
w as t e
i s
re du c e d,
an d
unde r s er v e d
pop u lati on s
c an
b e
re ach e d
–
f eat u re s
th at
c an b e
pa r t i c u larly
ad v an ta g e ou s
i n
c riti c al
ti m e s
s u c h
as
th e
c u rre n t
C OV I D - 19
pandem i c .
See n
thr ough
the
l ens o f
c li mate c h a ng e,
ma n y o f
tod ay ’ s
a g r i c u l tur a l
pr a ct i c es c ou l d
b e c on si d ere d
unsusta i n a b l e .
G l ob ally ,
agr i c u l tu re
ac c ou n ts
for
n early
a
qu arter of
g ree nh ou s e
g as
e m i ss i on s ,
u s e s
n early
t w o - th ir ds
of
f re s h w ater ,
an d
i n
man y c ou n trie s
i s
al s o
th e
b i gg e st
c o n tri butor
to
w ater
po ll u ti on .
T h e
g ravity
of
th e
s i tu ati on i s
unde r s c or e d
b y
a
g l ob al
pop u lati on
th at
i s
e xp e c te d
to
re ach
9 . 7bn
i n
2050
–
a
25 % i n c rease
f r o m
toda y .
V erti c al
f ar m s
c ir c um v e n t
man y
of
th e s e
p re ss u re
poin ts .
Th at
i s , th ey
do
not
n ee d
as
mu c h
l an d
an d
w ater ;
c an
ope rate
24
h ou r s
a
d ay ,
7
da y s
a
w ee k , irre s pe c ti v e
of
v ol atile
w eat h er
pa tt er n s ;
an d
c an
b e
l oc ate d
c l os er
to
th e
poin t
of c on s umpt i on ,
c om pr e ss i ng
th e
c u rre n t
s u pp ly
c h ai n .
W i th
th e
te c hnology
pr ove n
an d
a v al u e
p r opos i t i on
th at
i s
ap p eali ng
to
d e v el o pe d
an d
de v el o ping
e c onom ie s
ali k e ,
w e b elie v e
v er t i c al
f ar m s
are
i n
pol e
pos iti on
to
d i s r upt
th e
g l ob al
agr i c u l tu ral
i ndu s try .
Tha t
sa i d ,
the
v ertic a l
f a rm i ng
i ndustry
m ust
sti ll
o v erco me
so me
hu rdl e s
to c a pi t a li z e on
th i s
$50bn
ma rk et oppo rtu n i ty .
Fi r s t,
w e
b elie v e
th at
th e
v erti c al
f ar m
a s a
s u s tai n abl e
e n ter p ri s e
i s
not
a
g i v e n .
I n
ou r
v ie w ,
i ndu s try
p layer s
h ave
to
th re ad
th e n ee dl e ,
s o
to
s pe ak,
as
th ey
i n v e st
i n
te c hnology ,
s h owcas e
th e
abil ity
to
g r ow
mor e than
leafy
g ree n s
at
s c ale ,
e s ta b li s h
a
c u s tom er
n e two r k ,
an d
bu il d
c on s um er
deman d
– all
w h ile
d e m on s trati ng
a
pa t h
to
p r of ita b ility
an d
un l oc k i ng
a
m e nu
of
f i nan c i ng opti on s .
An d
s e c on d,
g i v e n
th e
h eavy
e n er g y
l oad
re qu ire d
to
po w er
th e
c on tr oll e d e n v ir on m e n t,
w e
b elie v e
th e
i ndu s try
n ee ds
to
d e m on s trate
th at
re n e w able
e n er g y s ou r c e s
c an
b e
u s e d
a t
s c ale
( i n
addi ti on
to
i m p r ovi ng
yiel d
pe r
kWh ) ,
w h i c h ,
w h ile diff i c u l t
an d
c os tly ,
co u l d
w ell
re nde r
th e m
c ar b on
n e g ati v e .
Al l
i n ,
we
b e li eve
the
suc c e ss
o f
v ertic a l
f a rmi ng
wou l d
h ave
i m pl i c a t i ons
f o r partic i pants
thr oughou t
the
f resh
sup pl y c h a i n .
E s ta b li s h e d
f ood
retailer s
( W M T ,
KR ) , relati v ely
n e w
e n tr an ts
to
th e
c ate gor y
( AM Z N ,
DG ) ,
a n d
re s ta u r an ts
an d
f oods er v i c e di s tri butor s
( M CD ,
QSR ,
YUM ,
SY Y ,
to
n ame
a
f e w )
c ou l d
re ap
th e
b e n e f i t
of
f re s h er an d
safe r
pr odu c e .
So
too
c o u l d
pa c kag e d - f ood
c om pan ie s
( CAG ,
KHC ,
CPB ,
among oth er s )
f i n d
a
c on s i s te n t
ra w
i npu t
s ou r c e
i n
v erti c al
f ar m s .
I mpor ta n tly ,
w e
b elie v e
th at th e
poten tial
e n v ir on m e n tal
an d
s oc ial
b e n e f i ts
w ou l d
ap p eal
t o
all
pa rti c i p an ts .
N or t h
Am e r i c a
Fo od
&
S t a ple s
R et a iling
NE U TRAL
Unc hang e d
U . S .
Fo od NE U TRAL Unc hang e d
U . S .
Res t a u ra n t s NE U TRAL Unc hang e d
S u s t a i nab le
&
T hema t i c
I nv es t ing
Gal y a
La ska r
+ 1
212
526
7052
g al y a. laska r @ b a r c la y s . co m BC I,
US
N or t h
Am e r i c a
Fo od
&
S t a ple s
R et a iling Karen
S hor t
+ 1
212
526
7146
kare n. s ho r t @ b ar c la y s . co m BC I,
US
U . S .
Fo od And r ew
Laz ar
+ 1
212
526
4668
and r e w . lazar @ b ar c lays . co m BC I,
US
U . S .
Res t a u ra n t s J effr e y
A.
Be r ns t ein
+ 1
212
526
3855
j e ff r e y . b e r ns tei n@ b a r c lays . co m BC I,
US
Bar c lay s
C a p i t al
I n c .
a n d / o r
o n e
o f
i ts
a ff ilia t e s
do e s
a n d
s ee ks
t o
do
bu s i n e ss
w i t h c o m p a n ie s
c o v ere d
i n
i ts
re s ear c h
re po r ts .
A s
a
re s u l t ,
i n v e st o r s
s h o u l d
b e
a w are
t h a t
t h e f ir m
m ay
h a v e
a
c o nf li c t
o f
i n t ere st
t h a t
c o u l d
a ff e c t
t h e
o b j e c t i v i t y
o f
t h i s
re po r t .
I n v e st o r s s h o u l d
c o n s i d er
t h i s
re po r t
a s
o n ly
a
s i ng le
f a c t o r
i n
m a k i ng
t h eir
i n v e st m e n t
d e c i s i o n .
P L E A S E
S EE
A N A L Y S T
C E R T I F I C A T I O N ( S )
A ND
I M PO R T A N T
D I S CL O S U R E S
BE G I NN I N G
O N
P A G E
30 .
CONTE NTS
E X E CU TIVE
S U MM A RY
..................................................... 3
D IG G IN G
IN TO
T HE
WE E D S :
WHA T
A RE
V E RT ICA L
FA RM S ?
.......... 4
TH E
TIM E
IS
RIPE:
WHY
V E RT ICA L
F A RM IN G
I S
POIS E D
FO R G RO WTH
..................................................................... 8
C om b atti ng
C li m ate
Chang e
.......................................................................... 8
… W h ile
G i v i ng
Cu s tom er s
an d
C on s um er s
Su pe ri or
Pr odu c ts
.................................. 10
“ G RO W”
ME
TH E
MO N E Y:
A
$50 B N
MA RK E T
OPPORT U NIT Y
...... 13
CREAM
OF
TH E
C RO P:
W HAT
WILL
I T
T A KE
T O
TH RIVE ?
........... 16
WHO
CA N
REAP
WHA T
TH E Y
S OW?
POTENT IA L
S T OCK
I MPA CTS . 21
U . S.
Food
Re t ailer s
..................................................................................... 21
U . S.
Re s ta u r an ts
&
Foods er v i c e
Di s tri bu ti on
....................................................... 22
U . S.
Pa c kag e d
Food
................................................................................... 23
LAY
OF
TH E
L A ND :
A
H IG H
LEV E L
OVE RVIE W
O F
IND U S TR Y PLA YE RS
................................................................................ 25
Key
U . S.
Pl ayer s
........................................................................................ 25
Key
I n ter n ati on al
P layer s
............................................................................. 27
WHEN
G REE NS
A RE
G R EE N:
A LIG NING
WIT H
T HE
UN ’ S
G OA LS
.... 29
EXECU TIV E
S UM M ARY
G l ob a ll y ,
a g ri c u l tur e a cc ounts
f o r
n ea rl y a qu a rter
o f
greenhou se g a s
em i ss i on s,
u se s
n ea rl y two - thi rds
o f
f reshwa te r , a nd
i n
ma n y c oun tri es i s
a l so
the
b i gg es t
c on tri buto r
to
w ate r
po ll u ti on .
M e an w h ile ,
th e
pr o du c e
s u pp ly
c h ai n
c an
b e exte n s i v e
( i n
t h e
U . S. ,
f r u i ts
a n d
v e g e tables
c a n
tra v el
1 , 500
m ile s
b e for e
re ach i ng
c on s um er s )
an d
a
key
dr i v er
o f
f ood
w aste ( g l ob ally ,
40 – 50 %
of
r oot
c r op s ,
f r u i ts ,
an d
v e g eta b le s
pe ri s h
f r om
h ar v e st
to
di s tri bu ti on ) .
Fu r th er ,
i n
s om e
re g i on s ,
c li m ate c hang e
h as
le d
to
v ola tile
w eat h er
pa tt er n s
th at
h ave
re du c e d
c r op
yiel ds .
I n
s hor t,
s ee n
th r ou gh
th e
le n s
of
c li m ate
c hang e , man y
of
toda y ’s
agr i c u l tu ral
p r ac ti c e s
c ou l d
b e
c on s i d ere d
un s u s tai n able .
T h e
g ravity
of
th e
s i tu ati on
i s
unde r s c or e d ,
i n
ou r v ie w ,
b y
th e
fac t
th at
th e
g l ob al
pop u lati on
i s
e xp e c te d
to
re ach
9 . 7bn
i n
2050
–
a
25 %
i n c rease
f r om
tod ay .
Ag a i nst
thi s
b a c k d ro p,
v ertic a l
f a r m s
a re
a c o m pel li ng
po te n ti a l
so l u ti on .
Th ey
c an
g r ow
th e
same
amoun t
of
c r ops
on on e
ac re
of
l an d
th at
a
c on v e n ti on al
f ar m
c an
g r ow
on
hundr e ds
of
ac re s ,
m i n i m i zi ng
th e
n ee d
for
fu r th er
defor e s ta t i on
an d e v e n
e n abli ng
c ar b on
s e qu e st rati on ,
w i th
70 %
le ss
w ater
an d
n o
s ub s e qu e n t
w ater
pol l u ti on ;
ope rate
24
h ou r s
a
da y ,
7 da y s
a
w ee k
re g ar d le ss
of
w ea th er
pa tt er n s ;
an d
b e
l oc...