World Peanut Magazine 06. 2023

Nº 06

The Chinese Covid Restrictions Are Ending –Will the Rabbit Finally Wake Up?

Following the hike in commodity prices in the wake of the Ukraine war, every peanut-producing country saw a reduction in planted area and therefore lower production forecasts. At this point, market-related questions rest on the demand side.

The potential impact of inflation on peanuts led some to believe that consumption could decrease; nevertheless neither the United States nor Europe is showing significant signs of demand reduction.

Then there is China, the biggest producer as well as the biggest consuming market. As estimates point to a production 15% lower than 2022, the only explanation for the current very quiet market appears to be the impact of the Covid isolation policy. This, however, is ending and the question is what impact this will have on the market. After the current uncertain health situation, will China be the aspirator everybody is expecting it to be? Or are there changing consumption patterns that are reducing drastically the demand for peanuts? We shall see…

By January 22, in China we will have the Year of the Rabbit, a symbol of longevity, peace and prosperity.

For the time being, 2022 is ending with sea-freight tariffs reducing toward normality, while inflation worldwide is also going down. Two positive signs after two very difficult years.

On the other side, extremely dry weather in Argentina is something to follow closely as there is no room for crop failure.

In this issue of World Peanut Magazine, we discuss a very interesting project developed by Mars Wrigley and India’s Icrisat with the goal of developing aflatoxin-resistant varieties. We celebrate the upcoming gathering of the International Peanut Forum, organized by the American Peanut Council, scheduled for April in Lisbon. We also continue with the industrial processing series to look at optical sorting machinery and, finally, we discuss a traditional South American peanut confectionery product, the Mantecol.

All of us at CAM and WPM wish you an exciting 2023!

_ Market Trends

This section of the wpm deals with the dynamics of the demand and supply of peanuts in the international markets. We will try to keep track of the changes in peanut consumption in the main areas of the world, the factors that can affect production, and the price shifts of the various peanut products.

_ Industrial Processing

This area of the magazine focuses on shellers as well as companies transforming peanuts into consumer products. We will focus on current industry standards, quality issues, new technologies and the different industrial solutions adopted by producing countries. A special section will be dedicated to new products and tools for peanut processing developed by the best manufacturers.

_ Science and Technology

The activities of the universities and other research institutes engaged in scientific research on peanuts are of paramount importance for the future of the business. We will follow the main discoveries, from the latest issues concerning peanut genetics to the development of projects on pathogens or the impact of peanut consumption on human health. The consequences of scientific research on the future of the industry are hard to overstate, so we will be putting them in perspective in order to try to understand where the sector is heading in the long term.

_ Laws and Regulations

The Laws and Regulations section of World Peanut Magazine analyses the impact of new legislation and regulations affecting the production and trade of peanuts. The main issues treated in this section are governmental measures directly affecting international trade (such as the introduction of tariffs or quotas), health safety issues (such as the establishment of Maximum Residue Limits for certain substances) but also legislation impacting distribution, packaging and sales.

_ Peanut as a Superfood

This section offers peanut professionals news and insights into the world of peanut consumption and all its aspects. Typical news is related to findings concerning the nutritional values of peanuts, the impact of peanut consumption on human health, and the development of peanut-based food.

_ Peanut Farming

The primary production is where the peanut business starts, of course, so we will have a dedicated section for all events, activities, techniques and equipment related to growing peanuts in different parts of the world. The general idea is to bring farming in the producing countries closer to all peanut professionals so that they can have a better grasp of the business from a grower’s perspective and maybe on what the future of peanut farming may look like.

A Peanut Future Without

Every peanut professional around the world knows that aflatoxins are a major threat to food security for peanuts. Aflatoxins are caused by elements brought about by the fungus Aspergillus favus and while its severity may vary across the seasons and the areas of the world, no producing country is completely immune from this problem. However, it is possible that in the not-so-distant future, the damages done by aflatoxin may be dramatically reduced thanks to a project put together by the India-based International Crops Research Institute for the Semi-Arid Tropics (icrisat) and Mars Wrigley (one of the world’s largest snacking companies). A team of scientists from both organizations have been working on ways to reduce or even eliminate aflatoxin from peanuts. We conversed with Victor Nwosu, Senior Fellow, and Eric Dowd, Senior Manager Mints, Nuts Flavor, two scientists at Mars Wrigley involved with the project.

A project developed by Mars and icrisat identified the genetic mechanism and candidate genes for aflatoxin resistance in peanuts and is now using this information in developing commercial varieties

Victor, Eric, would you like to give us an overview of this project with icrisat ?

Eric — Sure, just to give you some background, icrisat is a strategic collaborator of ours, and the history of our cooperation with them comprises various projects and goes back about a decade. One of the areas we worked together was the sequencing and mapping of the peanut genome a few years back. Another area was the development of high-oleic peanut varieties for India. That was a long-term project in terms of breeding and marker-assisted selection with three of those varieties being released in India for commercial cultivation. Thus began a new era of high oleic peanut cultivation in India. Two of these varieties namely Grinar 4 (ICGV 15083), and Grinar 5 (ICGV 15090), released in 2020 belong to Virginia Bunch and GG40 (ICGV 16668), released in 2022 belongs to Spanish Bunch. You can see that we go back a few years. Along the way, I think in 2016, we also began working with icrisat to identify the genetic mechanisms behind aflatoxin resistance. You probably know that understanding those mechanisms is one major gaps that we have in the industry. So, we picked that task, which quickly became a significant initiative, also in terms of necessary resources, to map a MAGIC (Multi-Parent Advanced Generation Inter Cross, a type of resource used for dissecting the genetic structure of traits and improving breeding) population and figure out the mechanisms underpinning resistance genes using modern genomics approaches. Identifying

Victor

Nwosu, Senior Fellow, and Eric Dowd, Sr. Manager Mints, Nuts Flavor, two scientists at Mars Wrigley involved with the project.

low aflatoxin contamination peanut lines from the MAGIC population and the discovery of genes and superior haplotypes from genomics approaches were significant achievements for the project team as well as the industry. In the last couple of years, we have been completing that work, and have been able to identify all mechanisms that underpin the resistance in peanuts. However, going forward, say until 2025, there are two important issues to resolve. One is to see the agronomic performance of identified low aflatoxin contamination lines from the MAGIC population. Currently some of these lines are going through multilocation trials within India to see if the resistance holds up and to test the agronomic performance. The goal is to observe positive yield results. If this is the case, the lines will be able to go into production. The second thing has to do with the genetic mechanism, candidate genes and superior haplotypes we have identified; along with that, this team is trying a new breeding method known as haplotype-based breeding, which is being used for the first time in this crop. So, we started doing backcrossing and marker selection to selectively breed these traits for low aflatoxin. By 2025 you should be able to see these introgressions in market-preferred types. As you can imagine that is a lot of work and a lot of pressure tests to check if the resistance holds up. It everything proves out according to the experiment, all information will go into a publication and shared with the industry

Victor — Let me just add something regarding the resistance mechanisms. Aflatoxin resistance is one of the most complex traits; and therefore, it took a long time to properly understand. We started with inbred lines from infection and colonizationresistance strains because the aspergillus must infect and colonize the crop before it can multiply and subsequently synthesize aflatoxins. So, it is really three mechanisms we are looking at: infection, colonization, and then synthesis of the aflatoxin itself. That is how the strains were identified. Just one mechanism is hardly enough: a variety may not be easily infected, perhaps the aspergillus does not grow well in it and, as it does not colonize effectively, it will not produce aflatoxin. But really it is the combination of those three things that we were looking at. In some cases, people look just at colonization and notice they do not colonize very well, and they say it is resistant, but infection may still happen, and when there is infection and you put the product in the warehouse and conditions are favorable, they may multiply and overwhelm the system. Therefore, studying all three mechanisms wasn’t easy, it took many years.

Eric — Right, what we have seen is that the three mechanisms did not exist all in one variety. So, we had to use these tools to bring them together and this was challenging.

Aflatoxin is a problem for many countries all around the world. Is the project specifically designed to solve the problem in India? Is there a location issue?

Victor — Not at all, the mechanism is the same and works regardless of the place. We will also share our research for the good of agriculture and science through publication. So, the benefit will be global. We will make it available. We do not do work aimed at favoring one origin or the other. We always look for globally impactful solutions.

So, in terms of timeframe, we are looking at 2025 to complete the project?

Eric — Yes, 2025 is when we start to see some of the LMCs resolved for some of the crosses that we used to identify the genes/markers. And at that point, if everything goes well, we will have backcrosses for some of the preferred market types. They won’t be available for release yet, but they will be at a point where they can be tested in multiple locations. By then, we should have good information on whether it is working, and if it is stable, and then in another couple of years, we can proceed with market-preferred types.

Victor — Exactly, we are pressure-testing those lines right now, and once we pressure-test them, we can release some germplasm and the relevant information. So, it can be distributed, and people can use it for breeding in various countries. That is one way of sharing knowledge besides the publication. Once we identify the right lines, we do not really have to wait for the ones that give the best yields, but we must have germplasm to use as a resource. People will be able to request materials from the germplasm collection for use in breeding programs on a global scale.

I understand that some research centers are looking at different avenues to reduce aflatoxin, such as chemical treatments of some sort. Do you think that has a future?

Victor — We have investigated it, and we feel these attempts have not been successful. For example, there have been studies where they have fed detoxified materials to poultry, but that caused serious damage to the liver and did not really solve the problem. Some people have tried to use an acid treatment with limited results.

Now a regulation issue: what is your take on the attempts by the Codex Alimentarius to set a standard in terms of aflatoxin limits in Ready to Eat Peanuts? The opinions are very different depending on the country…

Victor — This is beyond my expertise, so I will put this disclaimer upfront. I do know that European standards are between 8 and 10 parts per billion for peanuts destined for further processing, with the rest of the world roughly twice as high between 15 and 20 ppb. Agriculture and trade tend to benefit from regulatory harmonization, which would obviously be constructive in the case of a break-through technology that supports peanut health.

Anything you would like to add about the project

Victor — The only thing I would like to point out is that we are doing this for global benefit. We have a global business; we have consumers all over the world and we want to give them the very best products. The only way to do that is to make sure that in all sources around the world we do everything we can do to reduce the risk of aflatoxin in the supply chain. This is what we focus on, and we want to share the result.

Eric — An important thing to remember is that with aflatoxin a lot is done at the field level, so achieving resistance at the plant level is a phenomenal way to solve the problem and avoid snowballing through the supply chain.

12

charts tables

peanut exports of brazil - kernels (mt)

total period - 2021. 239.334 / 2022. 269.025

eu 27 imports, tm (prepared - hs 2008.11)

total period - 2021. 17.406 / 2022. 16.150

eu 27 imports, tm (shelled - hs 1202.42)

total period - 2021. 387.148 / 2022. 452.579 11.500 11.000 10.500

china future prices (settle value - rbm)

peanut exports of argentina - kernels (mt)

total period - 2021. 638.660 / 2022. 633.785

mintec benchmark prices for peanuts delivered to rotterdam. Courtesy of Mintec Global

The introduction of electronic sorting machines in peanut plants increased efficiency and product quality.

Most modern peanut plants use optical sorting processes to significantly enhance their efficiency and product quality. Before the deployment of these machines became widespread the selection was largely performed manually, hence the term Hand Picked Selection.

Even though in many countries the introduction of optical sorting in peanut plants is a relatively recent phenomenon, the initial idea goes back almost a century. In 1931 the Electric Sorting Company began the distribution of the first color sorting machines, designed to select beans in Michigan. The basic idea, then and today, is to use cameras and other optical devices that can identify colors and shapes to separate products in a line flow, for example, in a conveyor belt, according to the characteristics determined by the specific needs of the factory.

The sorting systems are made of four essential components.

1. Feed System

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The feed system is designed in such a way as to allow the presentation of the product to the optical devices in an even fashion, facilitating the identification of the defined features of the product. A critical variable is speed: a product flow too slow will reduce efficiency, while if the speed of the conveyor belt is very high, the optical devices may have difficulties sorting the proper items.

2. Optical System

The optical system is a central part of the process: it must scan the product flow, check every kernel (or whatever fruit, vegetable or grain), and identify the desired features set by the operator based on the specific sorting needs. Since the dawn of sorting equipment, this system has been made of traditional cameras, but many of the newest generations of sorting machinery are equipped with infrared and ultraviolet cameras, which enhance the accuracy and speed of product recognition.

3. Processing System

The processing system is key: it considers the images of the optical system and, based on the criteria set by the operators, defines whether a product should stay in the flow or be diverted to a different process within the plant. The development of Artificial Intelligence software in the last few years has allowed the creation of highly sophisticated processing systems which greatly enhance the efficiency of sorting machinery.

4. Separation System

The separation system is activated by the processing system when the user-defined threshold is met. While the “good” products are allowed to stay in the main flow, the ones that meet the separation criteria are separated through the use of different devices. In the case of small kernels like peanuts, compressed air will be sufficient; when dealing with bigger products, such as potatoes, a mechanical device will be deployed.

How SORTEX see optical sorting in the future?.

Penna Product Manager at Bühler UK Limited

Melvyn Penna product manager at BÜHLER UK LIMITED, has been working within SORTEX since 1989, helping the development of optical sorting in multiple industries, including the peanut market. Responsible for the latest project launched by BÜHLER Optical Sorting Division, the SORTEX H SpectraVision model, and also for the development of the MerlinAi engine, Melvyn has devised these new developments in order to be prepared for the future of the industry that BÜHLER projects. He tells us about them below.

As optical sorting technology has developed over the last few years, the main areas of improvement have been in sorting efficiency and increasing yields; the use of improved sorting algorithms and AI has seen significant increases in performance. Bühler believes the next few years will bring three new areas into focus.

Firstly, there will be a shift toward seeing things that currently can’t be seen meaning new detection technologies are required and Bühler is constantly researching and developing in this area. The dedicated shell-detection camera BioCam, launched in 2017, is a good example of this, and we recently released the mold-detecting camera OptiCam so we can expect much more over the next 10 to 15 years.

Melvyn

Secondly, there will be the ability to detect trends that we are only just beginning to be able to do today, ultimately turning optical sorters into data-gatherers capable of long-term monitoring. By creating a digital ecosystem, harvest patterns and early-identification of processline problems can be detected and rectified, saving time, money and offering peace of mind to owners and plant managers.

Finally, there is development of AI systems to further refine sorting performance, maintain consistency, and analyze data gathered from machines.

At a peanut shelling plant, cleaning, sizing, shelling, vibration, etc are process steps that prepare the kernels to be clean enough to be fed to the color sorting in peanut shelling plants.

The main purposes of this process are:

_ To remove damaged kernels (decay, mold, insect damage, sprout)

_ To remove foreign materials (sticks, stones, other seeds, plastics, glass, bones)

Optical sorters utilize reflected light to analyze products that have been singled out and presented to the viewing area. Specially designed optical filters narrow the reflected light into specific wavelengths that accentuate the difference between the acceptable product and the product to be rejected.

There are a wide range of damaged kernels and foreign materials to be removed, which means that, for example, Filter A could be suitable to accentuate the difference between good kernels and sticks, but not be as good for stones. Other filters can do that job, or other cameras, or a combination of different technologies.

Hence it becomes important to design the sorting steps with a strategic approach taking into account the local specifics: productions, type of damaged kernels, type of foreign materials, previous cleaning processes, etc.

The traditional color sorting machines used only the visual spectrum of the light, but nowadays the technology is enhanced to analyze other parts of the spectrum (infrared and ultraviolet cameras, for example), looking for better differentiations between accepted and rejected goods.

Also, laser cameras are capable of increasing the distinction between good peanuts and some foreign materials that are hard to detect, like corn, soybeans, glass, plastics and bones.

The sorting strategy applied by peanut plants today is able to reach extra clean products, with less than 5 impurities per 25Tm container, something that was unimaginable just 10 years ago.

Consumers look for a good product, safe and free from contaminants and foreign materials. Optical sorting is the way to achieve this goal.

Color Sorting in Peanut Blanching and Roasting Plants

Blanching and roasting are added-value processes that will be addressed in future issues of WPM. Nevertheless, it is important to mention in this article that sorting steps are also important for these processes, to remove:

_ Damaged kernels 2 (kernels with damage under the skin)

_ Unblanched kernels 4 (kernels not properly blanched)

_ Foreign material  5 (at this stage it is more of an extra safety step as there should not be many)

These sorting requirements are normally easier than the ones at the shelling plant, because there is a natural difference between the blanched kernels (white) and unblanched/damaged kernels (black/red), making the separation easier.

1 - Sound kernel with skin

- Damaged kernel

- Sound blanched kernel

- Unblanched kernel

- Foreign material

Brendan O'Donnell, Global Director of Nuts at Tomra Foods talks about sorting machines in the next 10 to 15 years.

As far as peanut consumers are concerned, there is a clear trend toward two requirements: firstly, high quality, and, secondly, food security. At the same time, from the point of view of producers, we can detect an increase in labor costs, which leads to pressure to optimize production costs. Hence the need to increase automatic equipment and solutions.

At Tomra Food we work to make sure that both objectives are met. We bet on the future. Investing 8% of revenues in Research & Development allows us to position ourselves as a state-of-the-art company that is able to develop technologically advanced solutions.

Our systems guarantee an exceptional level of detection of foreign

materials and peanuts’ own defects. Furthermore, they are capable of aflatoxin detection so that high-quality products can be separated from the ones destined for oil production.

An additional feature of our offer is the Tomra Insight: a deep data analysis tool. This cloud-based platform is a clear step toward the future for shelling companies. Tomra Insight converts sorting machines into connected devices, allowing our customers to obtain more information about what their equipment is seeing and achieve significant improvements for their business. In this fashion, we can get better control of the process, increase its efficiency, and add valuable help for decision-making with the objective of improving the profitability of the plant.

The IPF provides an ideal opportunity to network and conduct business, as well as a platform to discuss issues and opportunities.

We are looking forward to bringing the world’s peanut industry together again at the International Peanut Forum (IPF) in Lisbon, Portugal from April 26-28, 2023. Detailed information and links for registration, hotel accommodation and sponsorship opportunities can be found on our IPF webpage.

The IPF provides an ideal opportunity to network and conduct business with current and potential customers and suppliers, as well as a platform to discuss issues and opportunities for the peanut industry with farmers, shellers, exporters, brokers, dealers, manufacturers and service suppliers from around the world. The IPF theme for 2023 is "Connecting the Peanut World" and the conference program is designed to cater for all sectors of the peanut supply chain –whether you’re a supplier, buyer or service provider, or in the purchasing, R&D or marketing areas, there is something for everyone. Key speakers will share their knowledge of how we can help shape the future of the peanut industry and increase consumption around the world.

The 2023 IPF will take place at the Sheraton Lisboa Hotel & Spa in Lisbon. event will open on the afternoon of Wednesday 26 April, with morning conference sessions held on 27 and 28

April, leaving the afternoons free for individual business meetings. Table-top exhibits will be open throughout the event for delegates to learn more about the latest services and technologies on offer and there are plenty of networking opportunities during the coffee breaks, lunches and evening receptions.

Time-stressed delegates can take advantage of the IPF app to network online prior to the event to set up meeting times, exchange information and keep up to date with the conference schedule and speakers, highlighting those topics they don’t want to miss.

IPF delegates are encouraged to stay at the Sheraton Lisboa and guests should register through the dedicated IPF booking site to ensure they get the IPF discounted rate. The hotel will honor the IPF room rate for a few days prior to and following the forum for those delegates wishing to extend their stay and explore the sights of Lisbon. Book early to ensure you get a room within our block.

If you’d like to increase your company’s visibility within the global peanut industry, consider sponsoring the Forum to promote your services, products and brand to key decision makers. Sponsor’s logos are included on all IPF mailings and promotional materials both before, during and following the event. There are options to suit all budgets and information on the categories, benefits and prices can be found found here.

Don’t miss out on the world’s leading peanut event – Register now!

We look forward to seeing you in Lisbon this April.

The Sweet Side of Peanuts

If we had to name two ways in which Argentinians like to consume peanuts we should probably mention: a) crunching salted peanuts while drinking a beer and b) tasting a delicious Mantecol bar. It is made mainly of peanuts and honey and in South America, it became synonymous with peanut confectionery. Miguel, tell us the story of this wonderful product.

Well, Mantecol is a product that has been distributed in Argentina since 1939, that is one of the reasons it is so well-known. It became an icon in Argentina and in South America and it has a very special role in the peanut confectionery category. Mantecol starts in 1939 with the arrival in Argentina of my grandfather, Miguel Georgalos. When an adolescent, he emigrated from Greece to Poland looking for new opportunities, and new challenges. He started working in the house of relatives of his who owned a small bakery. When World War II starts, he is forced to leave Poland and gets onboard a ship without even knowing its destination, which turns out to be Buenos Aires.

Miguel Georgalos. Georgalos Founder

Miguel arrives in Argentina with not much more than a change of clothes and lots of dreams. He did not speak Spanish of course, only Greek, and he quickly had to start thinking of ways to make a living. In the harbor, he met a fellow Greek who took him into his home, and they soon become best friends (since then our two families have had a special bond, which we maintain even today). In Poland, Miguel had learned from his relatives the recipe for a sweet bar, known in Arab countries as Halva. Its main ingredient is a paste made out of sesame seeds, but sesame was not to be found in Argentina; so he thought of using peanuts. Not only did peanuts turn out to adapt perfectly to the recipe, but they also matched the taste of his customers. So, this product immediately became Miguel’s way to make a living. In those days the product was being distributed only locally, within the area of Buenos Aires where he lived. This is the origin of the Mantecol. This is also the history of peanuts used for confectionery in Argentina, he really always tried to add value to peanuts, and use all their potential. We consider the year of the foundation of our company when Miguel arrived in Buenos Aires and started distributing Mantecol in his neighborhood in 1939, but Georgalos was formally incorporated later. This story is also why I always say that Mantecol is in our DNA because the company grew from the distribution of this single product thanks to its acceptance by the market and excellent sales performance. Things did not go as we would think today: starting with a business plan, and a project and then implementing all the activities from there. Quite the contrary; it was born out of the ideas of an immigrant like many others that this country received and gave the opportunity to thrive. In the 60s, sales became so significant that Miguel starts to worry about the sourcing of the main ingredient: peanuts. He traveled to Cordoba and bought a lot in the area of Rincon, close to Rio Segundo, a few kilometers from the city of Cordoba. While he was growing peanuts in Rincon, he had the opportunity to install a new factory for Mantecol in Rio Segundo. This is also when the relationship with the peanut sector grows stronger. Peanut producers were very concentrated in oil production and Miguel starts participating actively in the Argentina Peanut Chamber; you certainly know a lot about it…

Mantecol is an iconic brand in Argentina and to consumers across South America.

// As a matter of fact, I believe Miguel Georgalos had a leading role in the founding of the Chamber… Exactly… in those days there was a group of pioneers, of entrepreneurs working for the development of the sector and Miguel was very active…

// Decades later Georgalos went through some difficulties… Yes, we had a few problems: there was the generational change of leadership in the company, and at the same time we had to face one of the frequent economic crises that Argentina goes through; the overall situation made it very difficult for the company. The decision was whether to sell some assets in order to save the overall project or close the company altogether. The decision was to go with the former option, and the most valuable asset we had at the time was the Mantecol brand. So, we reached a deal with Cadbury, the UK food company: they were setting up a significant industrial facility in Argentina and were looking for strong brands to enlarge their portfolio and market their products in the region. In 2001 the operation was done. We agreed to a non-competition agreement for seven years, which prevented us from marketing a similar product. But in 2008 we went back to the peanut confectionery segment with a new brand: Nucrem; as I was saying this kind of product was in our DNA. Finally, a few months ago, July 8, 2022 was the historic day when we were able to buy the Mantecol brand back. It was an important moment as this brand is such a symbol for the company and for our family. It is very important to remember that Mantecol is 60% made of peanuts, so I like to think it was a historic day for the whole sector.

We talked to Miguel Zonnaras, current CEO of Georgalos, about this historic peanut product.

// So, what is the fundamental factor behind the commercial success of Mantecol? My personal opinion (I imagine marketing experts may have a different take on this) is that peanuts are a highly accepted product in this market; we simply like peanuts and all the products that are made with this wonderful nut. I am referring not only to consumers in Argentina but rather all the part of South America that goes from Peru down to Chile and Argentina, where Mantecol has been marketed for years. To be honest an additional factor of success has probably been the early start. When Miguel started distributing Mantecol, there were not that many industrialized products in the stores, competition was not even close to what it is now… So, in this situation of limited supply, Mantecol was able to achieve a very significant space and build a strong brand. Many of these early products had a very good chance to achieve recognition from consumers. That was the winning combination: the peanut flavor and a very early start that enabled Mantecol to get important recognition from consumers. Of course, we then had to work hard to maintain that recognition.

// Any chance of reaching other markets with Mantecol? Maybe Europe or the US? We must remember how important the brand and the industrial process are for the success of a consumer product. From the industrial standpoint, of course, many factories make peanut-based confectionery in these countries. In North America, as in Asia, some products can be considered similar to Mantecol, even though the ingredients and proportions may vary a little. The case of Europe is a little different; they tend to make these bars with more ingredient diversity and several different flavors. Of course, a lot of what is produced in Europe is made with Argentinian peanuts by the way. As far as brands are concerned, competing with established brands in those countries is not easy; it is a lot easier for local

companies to adapt this kind of product in their market and use their own brands. Nowadays Georgalos is concentrated in those South American markets where we can achieve a high potential. Then we have the markets we term “Nostalgic”: consumers from Argentina and other parts of this region who moved to the US or Europe but still want the products they grew up with. Places like Florida, Israel, Spain and others.

// As Mantecol is peanut-based it carries a lot of energetic value. That could make it an interesting product for athletes. As a matter of fact, I believe that in the past Mantecol was the sponsor of a soccer team from Buenos Aires, the All Boys… The experience with All Boys has a family history attached to it. The first factory my grandfather set up was in the building where the All Boys team had their headquarters, and a significant share of the sales was within the All Boys stadium, in the Floresta borough of Buenos Aires. Therefore, the relationship with this team was very strong and went beyond business. As far Mantecol as an energetic food and its potential appeal to sportspeople in general, yes, we think this is a very important opportunity. One of the markets that we sought to develop in the last few years is high-performance athletics. Some sportspeople need to absorb significant energy very quickly as they perform. Mantecol can accomplish this task very well. We have been observing that many consumers buy Mantecol not only because they like it, but because of its nutritional value. Largely thanks to peanuts.

// Nothing better than food that is healthy and tastes good at the same time. Indeed!

Cámara Argentina del Maní 20 de Septiembre 855 “A”. (X5809AJI) General Cabrera · Córdoba, Argentina Tel +54 358 4933118 cam@camaradelmani.org.ar www.camaradelmani.org.ar