(Yicai Global) Oct. 16 -- Cargill expects more positive result from this year’s China International Import Expo because Chinese demand for protein-rich foods such as meat and soybeans is rising and the US agricultural giant has released new products despite the pandemic’s impact, Liu Jun, president of Cargill China told Yicai Global.
The firm has landed USD5.5 billion in contract value on soybeans, cotton, beef and ore at the CIIE, of which over USD2 billion was at the first expo and more than USD3 billion at the second, said Ma Zheng, vice president of Cargill China.
The company will participate in the third fair which will take place in Shanghai between Nov. 5 and Nov. 10, to showcase its vegetable-based faux meat, pullets raised without antibiotics, healthy vegetable oil, diet drink concentrates, and healthcare products, based on the theme of 'Innovate for a Healthier Future.'
The coronavirus has greatly impacted consumers, who are now paying more attention to health, hygiene and food security, and this has boosted e-commerce, Liu stated, noting Cargill, with its 155-year history, is now seeking changes.
The firm is selling its meat products on Taobao and other e-commerce platforms and will open an online store for healthcare products next month. The company and its partners offer synthetic meats, such as chicken nuggets, dumplings and hot pot dishes, and is trying to reach consumers through e-commerce channels.
China-US trade frictions and the virus will hit Cargill's short-term business, but will not hurt its performance overall, Liu noted, "We won't change our strategies for future development and investment in China, and that's why we participated in the first and second CIIE and will continue to take part in the third."
Cargill has also already signed up for the fourth to sixth expos.
Editor: Ben Armour