USA – Cargill Inc., a global leader in agriculture and food production, reported revenues of US$160 billion for fiscal year 2024, which ended on May 31.
This marks a decrease from the US$177 billion recorded in fiscal 2023, as the company faced what it described as an “extremely challenging” marketplace.
The annual report, released on August 13, outlined the obstacles and strategic initiatives Cargill is navigating to sustain its leadership in a volatile global food system.
Brian Sikes, Cargill’s chairman, president, and CEO, highlighted the ongoing disruptions within the global food system, pointing to the impact of conflicts, demographic shifts, and fluctuating economic and environmental conditions.
He noted that the global population is expected to increase by 500 million people by 2030, which will demand an additional 50 million tonnes of agricultural commodities annually.
“Our industry has never faced a challenge of this magnitude. “But in the coming years, agriculture can and must make transformational changes to sustainably feed our immediate future and the generations that follow,” Sikes stated.
However, he noted that Cargill is proud to help make that change happen, using the power of its people, partnerships, and innovation to reimagine what’s possible in food and agriculture.
Strategic Initiatives in Sustainability and Market Access
Cargill has ramped up its sustainability efforts through initiatives like the Cargill RegenConnect program, which supports farmers in adopting climate-friendly practices.
This program aims to improve soil health, water quality, and carbon sequestration while boosting farm productivity. Currently, it has engaged farmers in 24 U.S. states and has a goal to cover 10 million acres of North American farmland with regenerative agriculture by 2030. The initiative has also expanded to six European countries.
In addition to its sustainability efforts, Cargill has pledged to eliminate deforestation and land conversion in its direct and indirect supply chains for row crops in Brazil, Argentina, and Uruguay by 2025.
These countries are critical to global trade flows, with approximately 30% of the world’s soy, corn, wheat, and cotton exports passing through them.
Cargill is also enhancing market access for producers through the expansion of its storage and processing capabilities. This includes the acquisition of soy storage and crushing facilities in South America from Granol, further solidifying its role as a key player in global agricultural markets.
Cargill operates in 70 countries and sells to 125 markets worldwide. In North America alone, the company operates 196 facilities with 348 million bushels of licensed storage, making it the third-largest grain handling company, according to Sosland Publishing Co.’s 2024 Grain & Milling Annual.
Innovations and Global Expansion
Cargill is continuing to innovate and expand its global reach. The company recently opened a new Cocoa Development Center in Indonesia. It launched a cutting-edge pet food plant in China that produces fresh meat pet food for its PetMaster brand.
Additionally, Cargill unveiled a global innovation center dedicated to serving swine customers and the livestock industry in China and across Asia.
“As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends in front of us, maximise our competitiveness, and, above all, continue to deliver for our customers,” the report stated.
“The world around us is changing fast, and we are transforming even faster to fulfill our purpose not only today but for generations to come.”
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