Rural Economy Hits Pandemic-Era Low

🌱 Good afternoon, and welcome to today's fresh newsletter! 

👉 In today's email:

• Rural Mainstreet Economy Hits Pandemic-Era Low

• Del Monte Launches Ready-to-Eat On-the-Go Oats

• SnapDragon Apples Return to Stores Nationwide

• A de Coco: Freshness Redefined, From Harvest to Market in Just 7 Days

RURAL ECONOMY

Rural Mainstreet Economy Hits Pandemic-Era Low as Farmers Face Financial Struggles in 2024

In September 2024, the Rural Mainstreet Index (RMI) dropped to its lowest level since the early pandemic, reflecting ongoing economic struggles in agriculturally dependent rural areas.

According to Creighton University’s survey of bank CEOs, the index covering 10 states reliant on agriculture and energy fell to 37.5 from 40.9 in August, marking the 13th consecutive month below the growth-neutral mark of 50, indicating economic contraction.

Key contributors to this downturn include persistently weak farm equipment sales and declining farmland prices. Although the farm equipment sales index rose slightly to 19.0 in September, it remained far below growth-neutral, marking the 14th month of negative equipment sales.

Rising borrowing costs and financial pressure on farmers are significant factors behind this decline. Additionally, the farmland price index fell to 43.8, with many bankers predicting further declines of up to 5.2% over the next year, and 25% expecting drops between 10% and 20%.

Approximately 40% of farmers are expected to experience negative incomes in 2024, driven by weak commodity prices, high input costs, and declining cash flow.

Ernie Goss, PhD, from Creighton University, highlighted that "weak agriculture commodity prices, sinking equipment sales, and elevated input costs" are key factors contributing to the ongoing economic struggles.

Despite the overall decline, agricultural exports showed a slight increase, offering some hope for the region. In specific states, the RMI varied, with Colorado showing significant improvement, while Kansas and Wyoming continued to face challenges.

Local crop yields are expected to be lower, with farmers like Jeff Bonnett, CEO of Havana National Bank in Illinois, predicting losses due to low corn and soybean prices. 

Meanwhile, banking activity reflected the broader challenges, with the loan volume index dipping, although certificates of deposit (CDs) continued to grow due to higher interest rates.

Confidence in the rural economy hit a low, with the confidence index falling to 22.9, its lowest since November 2023.

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NEW PRODUCTS

Del Monte Launches Ready-to-Eat On-the-Go Oats

Fresh Del Monte has introduced a new line of breakfast products, Del Monte On-the-Go Oats, designed to cater to consumers seeking convenient, nutritious meal options.

This new offering features a combination of vanilla yogurt, oats, and up to two ounces of fresh-cut fruit, providing a ready-to-eat breakfast solution that requires no preparation or cooking.

The product launch aligns with the growing popularity of overnight oats, a category projected to reach $17.8 million in the U.S. by 2030, according to research cited by the company.

The On-the-Go Oats are available in three flavor combinations: Apples & Walnuts, Pineapple, Mango & Coconut, and Blueberries & Almonds.

Each serving is designed to meet the needs of individuals with busy schedules, offering a quick and healthy breakfast option that can be easily incorporated into a hectic morning routine.

Despite the convenience of ready-to-eat options, overall fruit and vegetable consumption in the U.S. remains low.

According to the Centers for Disease Control and Prevention (CDC), only about one in ten adults meets the recommended daily intake of fruits and vegetables. By offering a product that includes fresh-cut fruit, Del Monte aims to encourage healthier eating habits by making it simpler for people to include more fresh fruit in their diet.

Del Monte On-the-Go Oats is now available for distribution across North America, including supermarkets, convenience stores, and other retail locations.

The company hopes that this new product will help bridge the gap between convenience and nutrition, making it easier for consumers to maintain a balanced diet while on the move.

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APPLES

SnapDragon Apples Return to Stores Nationwide with Increased Harvest and Expanded Distribution

SnapDragon apples, known for their distinctive "Monster Crunch," will soon be available in grocery stores nationwide, with this year’s crop seeing a 20% increase in harvest volume.

The apples, grown by Crunch Time Apple Growers, a cooperative of over 150 family farms in New York, benefited from favorable growing conditions, including an early spring, which led to an advanced harvest.

Executive Director Jessica Wells attributed the increase in production to more acres reaching maturity, allowing for broader distribution across a growing number of retailers.

This year’s SnapDragon apples feature particularly vibrant colors and larger fruit sizes compared to previous seasons.

Consumers can expect to find these apples at major grocery chains such as Walmart, Whole Foods, Target, Aldi, and BJ’s, along with local farm markets in regions like New York, Massachusetts, Ohio, and Pennsylvania. Retailers new to the variety will join long-time sellers in offering this popular apple.

Crunch Time Apple Growers is ramping up marketing efforts to boost consumer demand. Strategies include social media promotions, new recipes featuring SnapDragon apples, updated point-of-sale materials, and market-specific advertising. 

One notable aspect of this year’s campaign is the continued partnership with the Buffalo Bills, marking the third year that SnapDragon has been the team’s official fruit.

SnapDragon apples were developed by Dr. Susan Brown at Cornell University and are known for their sweet, snappy flavor and juicy texture, making them a favorite snack, especially when paired with nut butters or cheeses.

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INDUSTRY SPOTLIGHT

A de Coco: Freshness Redefined, From Harvest to Market in Just 7 Days

Since its inception in 1949, A de Coco has steadily grown into one of the most recognized coconut product manufacturers.

As a subsidiary of Coco Colima, the largest coconut producer in Mexico, A de Coco has deep roots in Mexican agriculture.

Over the decades, it has secured its place among the top three plant-based brands in Latin America, offering a wide range of coconut-based products, from fresh coconuts to organic coconut oils and beverages.

Building on this strong foundation, A de Coco has managed to seamlessly bridge its rich agricultural heritage with robust logistics and market reach in the United States, which it has now expanded to.

The company’s production and operations are strategically positioned just 12 hours from the U.S. border. This proximity allows for efficient distribution while maintaining a commitment to freshness and sustainability.

What truly sets A de Coco apart is its vertically integrated operations. From the moment the coconuts are planted to when they are harvested, processed, and distributed, A de Coco oversees every step.

This full integration ensures the utmost quality control and freshness, particularly notable in their young fresh coconut products.

While many competitors take 40 to 60 days to bring coconuts from farms to store shelves, A de Coco accomplishes this in as low as seven days, an impressive feat that underscores their dedication to delivering the freshest products possible.

Certified by FSSC22000 and SMETA, the company also demonstrates a strong commitment to social responsibility.

Through their HOPE initiative, they have made a significant impact by empowering over 1,800 farming families in Mexico. This reinforces their dedication not only to quality but also to the people who help make the brand what it is today.

One of the standout features of A de Coco’s offerings is their Green Dwarf Coconut variety. Originally from Brazil, this variety is now carefully nurtured in their Mexican farms and is prized for its balance of sweetness, pulp quality, and water content.

For consumers in search of fresh and natural hydration, this coconut offers a distinctively rich flavor and a generous amount of coconut water.

A de Coco’s emphasis on freshness is evident in their “harvest-to-market” timeline, ensuring consumers receive products with unparalleled quality in a matter of days.

In addition to their signature coconuts, their product line is diverse, offering organic and conventional brown coconuts, organic virgin coconut oil, coconut water, coconut chips, and even specialty items like coconut flour and sugar.

This variety caters to the growing demand for plant-based, natural products, ensuring that A de Coco has something for every consumer, whether they’re looking for a refreshing beverage, a healthy snack, or cooking essentials.

In today’s competitive market for natural and organic products, A de Coco stands out not just for its rapid distribution timeline but also for its commitment to maintaining the purity and nutritional benefits of its offerings.

Their coconut water, a favorite among health-conscious consumers, is free from added sugars or preservatives, making it an excellent source of natural hydration.

Moreover, what makes A de Coco’s products particularly appealing is their impressive shelf life.

The young coconuts remain fresh for up to 90 days when stored at the correct temperature. This extended freshness offers an advantage over many competitors, whose products often have to endure longer transit times and, as a result, have a shorter lifespan on store shelves.

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TIP OF THE DAY

Use Customer Testimonials To Build Credibility And Trust

Featuring real feedback from satisfied customers in your newsletters and social media adds authenticity and helps potential buyers feel confident in their purchasing decisions.

Encourage your customers to share their experiences by leaving reviews or submitting photos of meals they've made with your produce. You can even offer small incentives like discounts or free produce in exchange for their testimonials.

Highlight a "Customer of the Month" in your content, showcasing their story and how your products have become part of their lifestyle.

By leveraging the voices of your loyal customers, you create social proof that builds trust, enhances your brand image, and influences new customers to choose your produce.