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Preliminar Maca

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					LUCUMA EXPORT MARKET - USA

    PHASES I, II & III REPORT

       04 Diciembre 2006
                            INTRODUCCIÓN


La siguiente presentación ha sido preparada siguiendo estrictamente los puntos
definidos en los Términos de Referencia para la consultoría:

“Estudio para la selección de un mercado objetivo para la exportación de Lúcuma y
la elaboración de plan de acción para promover las exportaciones del referido
producto al mercado seleccionado”.

El presente documento constituye el informe preliminar de la consultoría, que
incluye, como se estipula en el contrato, sólo los puntos 1-4 descritos en los
Términos de Referencia.

El informe consta de un total de 37 vistas (diapositivas) elaboradas por la empresa
consultora – Tiara International Conuslting, con apoyo de au asociada para temas
agrarios, ACM Perú.




May 13, 2010                                                                          2
           ANÁLISIS DE LOS CULTIVOS DE LÚCUMA
              EXISTENTES Y SU PRODUCCIÓN
1.1 Evaluar la extensión de tierras cultivadas con Lúcuma .
        – Total hectáreas de lúcuma: Si bien las cifras oficiales señalan alrededor de 850 ha,
          ese dato no se ajusta a la realidad del cultivo.
        – Los especialistas, conjuntamente con los asociados de Prolúcuma, consideran que
          existen por encima de 1500 ha plantadas (entre 1700 y 1800).
        – Sólo en Huaral hay más de 100 (Prolucuma Huaral).
        – Total de hectáreas en producción actualmente 500 – 600 ha hasta 800 quizás y total
          de hectáreas en crecimiento 700 a 800 ha.
        – Los beneficiarios consideran que es importante el tema de calidad y saber cuál es la
          oferta de calidad y no saber cuántas hectáreas hay en general.


1.2 Evaluar la producción de Lúcuma en términos de rendimiento por hectárea.
        – En Promedio se ha llegado hasta 15 toneladas y pudiera ser más si es que no
          existiera alternancia y se tuvieran ecotipos seleccionados por lugar de producción,
          con poca variabilidad genética.
        – Existen 120 biotipos de Lúcuma y hay casos que muestran en una misma chacra
          hasta 36 variedades; esta gran diversidad genética genera una baja producción.
        – Cada viverista ofrece sus selecciones al mercado, pero hay poco respaldo científico
          en esas ventas y es poco lo que hace el SENASA para garantizar la pureza y la
          sanidad vegetal en los plantones.

1.3 Estimar el crecimiento de las áreas cultivadas en los últimos diez años.
        – La data es insuficiente para poder determinar este punto.
May 13, 2010                                                                                     3
           ANÁLISIS DE LOS CULTIVOS DE LÚCUMA
           EXISTENTES Y SU PRODUCCIÓN (CONT.)


1.4 Estimar el crecimiento de la producción de Lúcuma el mismo periodo.
       –   La producción total por hectárea (el rendimiento/ha) se va a incrementar en el Perú
           en los próximos años, dado que las plantaciones mdernas sembradas en los últimos
           5-8 años empezarán a alcanzar sus máximos rendimientos, elevando el ratio
           promedio de Tm/ha. Sin embargo, es difícil obtener una cifra confiable de esto.

1.5 Estimar el costo de producción de Lúcuma.
       –   El riego tecnificado es recomendable en algunas áreas de la costa y es el costo más
           alto dentro de los componentes de los costos de instalación.
       –   US$ 2500/ha (riego tecnificado) vs. US$ 850/ha con baja tecnologia (riego por
           gravedad).
       –   Si bien algunas plantaciones en la costa son conducidas por riego por gravedad, dado
           que el Peru es una de las zonas más secas de todo el hemisferio, en el mediano
           plazo, será imprescindible la instalación de riego tecnificado.
       –   El costo del manejo en comparación con otros frutales es mucho menor,
           especialmente porque la lúcuma se considera un cultivo rústico que requiere
           aplicaciones de controladores fitosanitarios en menor frecuencia.
       –   Costo de mantenimiento fluctúa entre US$ 1000 a US$ 1200 el primer año;
           dependiendo del sistema de riego que se haya considerado. Los costos de
           mantenimiento del cultivo (s/incluir cosecha) son de unos US$ 850 del segundo año
           en adelante.


May 13, 2010                                                                                      4
           ANÁLISIS DE LOS CULTIVOS DE LÚCUMA
           EXISTENTES Y SU PRODUCCIÓN (CONT.)


1.6 Enumerar los beneficios medicinales del uso de Lúcuma como                complemento
    dietético.
       –   Este punto no se consideró aplicable. En todo caso, de manera popular se conoce
           que la pepa de la lúcuma es buena para controlar la caída del cabello. Fruta con gran
           cantidad de proteínas, carbohidratos y azúcares. También contiene vitaminas y
           minerales. En todo caso no se considera la lúcuma un cultivo cuya aceptación en el
           mercado este estrechamente vinculada a sus propiedades nutraceúticas, por lo que
           este tema no se desarolló a profundidad. Más aun, para explotar estas cualidades,
           las supuestas propiedades deberán estar respaldadas por estudios clínicos a nivel
           internacional


1.7 Estimar el crecimiento del área de cultivo contra el incremento de
    rendimiento/ha
       –   La data es insuficiente para poder determinar este punto.




May 13, 2010                                                                                       5
                                   Total de Hectarias                         Rendimiento
                                     cultivadas con     Total producción en   promedio por
                  Departmento           Lúcuma                   Tm             Hectaria
                   Amazonas
                     Ancash               15                    82                5467
                    Apurimac               8                    29                3739
                    arequipa              10                    46                4600
                   Ayacucho               43                   355                8256
                   Cajamarca              44                   245                5568
                      Cusco                3                    24                8000
                  Huancavelica            14                    62                4429
                    Huanuco                5                    72               14400
                        Ica               15                    98                6533
                      Junin                8                    33                4125
                   La Libertad            36                   298                8278
                  Lambayeque              13                   113                8692
                       Lima               268                  2883              10757
                      Loreto               7                    40                5714
                  Madre de Dios
                   Moquegua                3                    18                6000
                      Pasco
                      Piura               53                   202                3811
                      Puno
                   San Martin
                      Tacna
                     Tumbes
                     Ucayali
                      Total               545                  4600
               Promedio Nacional                                                  8444
May 13, 2010                                                                                 6
                  Departmento    Precio promedio x Kg
                   Amazonas
                     Ancash               0.79
                    Apurimac              1.27
                    arequipa              0.76
                   Ayacucho               1.54
                   Cajamarca              0.76
                     Cusco                0.85
                  Huancavelica            1.16
                    Huanuco               1.22
                       Ica                1.52
                      Junin               0.98
                   La Libertad            1.26
                  Lambayeque              0.79
                      Lima                1.18
                     Loreto                0.4
                 Madre de Dios
                   Moquegua                2.5
                     Pasco
                      Piura               0.63
                      Puno
                   San Martin
                      Tacna
                    Tumbes
                     Ucayali
               Promedio Nacional          1.15

May 13, 2010                                            7
                               Área Con Aptitud
                                   Fruticola      Area Cultivada   Porcentaje
                  Tumbes             80000             2745            3.4
                    Piura           255000            30325           11.9
               Lambayeque           270000             6672            2.5
                La Libertad         240000             8337            3.5
                 Cajamarca          155000            11144            7.2
                 Amazonas           235000             9442             4
                San Martin          355000            25389            7.2
                  Ancash            180000             3275            1.8
               Lima y Callao        215000            28151            3.1
                     Ica            165000            10062            6.1
                  Huanuco           345000            18717            5.4
                   Pasco             85000             7908            9.3
                    Junin           372000            36500            9.8
               Huancavelica          73000             3224            4.4
                 Ayacucho           143000             5509            3.9
                 Apurimac            43000             1862            4.3
                   Cusco            500000             8877            1.8
                    Puno            291000             4370            1.5
               Madre de Dios        865000             1709            0.2
                  Arequipa          385000             4090            1.1
                 Moquegua            40000             1111            2.8
                   Tacna            120000             4116            3.4
                   Loreto           1147000           41777            3.6
                  Ucayali           1050000           43542            4.1
                  Nacional          7609000           318854           4.2
May 13, 2010                                                                    8
           VENTAJAS Y DESVENTAJAS DE LA LÚCUMA

    Ventajas:

       –   De acuerdo a los actuales clientes, el sabor y el aroma son los prinicplaes atractivos. También el
           color.
       –   Las tendencias mundiales hacia lo étnico y el probar productos nuevos son una ventaja para la
           lúcuma.
       –   La parte industrial no aumenta no tiene un alto impacto en el costo de producción de derivados. Es
           decir, daría igual procesar una lúcuma o un mango; por lo que se considera que los costos de
           procesamientos no incrementan el precio comparándolo con otras frutas.
       –   El árbol es rústico, tiene pocas plagas y enfermedades
       –   Frutal semi caducifolio, adaptado desde el nivel del mar hasta los 2800 msnm.
       –   El cultivo de la lúcuma se adapta a diferentes clases de suelo, teniendo tolerancia media a la
           salinidad. El ph óptimo de este es 7 (neutro).
       –   Este cultivo por sus características es posible de llevarlo de forma casi orgánica, con un mínimo
           indispensable de agroquímicos.




May 13, 2010                                                                                               9
VENTAJAS Y DESVENTAJAS DE LA LÚCUMA (CONT.)


    Desventajas:

       – Producto caro: tiene baja productividad y altos costos de instalación porque se
         demora 4 a 5 años en entrar en producción (costo acumulado de instalación y
         mantenimiento). El costo final de producción por kilo repercute en su potencial precio
         de venta.
       – Heterogeneidad de producto: Eso también se debe a que los pequeños productores
         tienen pocas hectáreas con una alta diversidad genética, enfrenteda además a una
         diversidad de limas y a tecnologías de manejo, que finalmente producen calidades
         distintas.
       – No está estandarizada la planta ni el producto cosechado. Los parámetros de
         distinción entre primera, segunda y tercerca, varían.
       – El precio de la pulpa ofrecido en los mercados internacionales, es demasiado caro y el
         cliente pierde interés.
       – Falta de estrategias de promoción y difusión de la información por parte de Prolúcuma.
       – Falta de cantidad de hectáreas y estacionalidad hace difícil poder programar los
         volúmenes de exportación.
       – En verano la Lúcuma es muy rica amarilla pero en invierno cambia, puede ofrecer 4
         colores: blanquisca, blanca dulce, blanca desabrida y marronesca – los expertos
         recomiendan que hay que agostar la planta y no dejar que la fruta salga en invierno.




May 13, 2010                                                                                 10
               Productividad de la Lúcuma en Condiciones Óptimas

        25


        20


        15
   TM




        10


         5


         0
                1     2     3    4     5         6   7   8   9     10
                                           Año




May 13, 2010                                                            11
                       LA LÚCUMA Y SUS DERIVADOS

2.1 y 2.2 Identificar las características, nombres y ventajas de los derivados de la
    Lúcuma.

       – Pulpa: producto libre de cutículas, cáscara y pepa. Se ha logrado hasta un 65% de
         rendimiento; dependiendo de la temporada. Conversion 2 a 1 de fruta a pulpa.
       – Congelado:
                trozos IQF
                trozos congelado en bloques
                pasta - de producción
                    – manual
                    – mecánica.
       – Harina: Conversion de fruta fresca a harina es 5 a 1. Contiene humedad de 10%
         máximo. Adecuadamente almacenado (cerrado herméticamente, en ambiente fresco,
         seco y oscuro) puede durar hasta doce meses.
       – Liofilizado: tiene un sabor más intenso que la harina y conserva el aroma.
         Conversion de fruta fresca a liofilizado es 5 a 1 igual que para la harina. Es un
         producto con un mercado más específico; dado que es un poco complicado de utilizar.
         La mayoría de sistemas agroindustriales para producir derivados lácteos (yogures y/o
         helados) utilizan pulpas de frutas congeladas. Su humedad final es de 4% máximo.
       – Pulpa congelada: congelada por el sistema de túnel por aire forzado, logrando una
         temperatura estable de -18 °C. en el centro térmico del producto.




May 13, 2010                                                                                 12
               LA LÚCUMA Y SUS DERIVADOS (CONT.)

2.3 Hacer una evaluación de la producción de cada derivado.
       –   En parte ha sido respondido en el punto 2.1 – 2.2. Más aún, los volúmenes producidos y exportados
           son aún muy pequeños y dispersos, para poder capitalizar sobre este tipo de evaluación. Ver
           siguiente cuadro

2.4 Hacer una evaluación de las propiedades químicas de cada derivado individual.
       –   No se tiene suficiente información para hacer este tipo de comparación, sin embargo en el siguiente
           punto se describen algunas propiedades generales de cada derivado.


2.5 Valor agregado en cada derivado.
       –   El valor agregado es un procesamiento simple dado que ya sea harina, liofilizado o pulpa se utilizan
           como insumos para producir helados, yogurts; etc.
       –   Por un lado el mercado prefiere harina dado que en el caso de los helados es más fácil adicionar
           colorante y sabor estandarizado. Además no necesita de una logística tan complicada.
       –   El liofilizado tiene un sabor más intenso; al compararlo con la harina ésta pierde color, sabor y olor y
           tiene que se mezclado para poder obtener el producto deseado; sin embargo con liofilizado son
           pocas las propiedades fisicas que se pierden.
       –   El producto de mayor potencial parece ser el de pulpa congelada porque las empresas de derivados
           lácteos está más acostumbrada a incorporar ese tipo de materia prima en su proceso.

2.6 Equipamiento e infraestructura necesarios para la produccion de los distintos derivados.
       –   Se definió la maquinaria y equipo necesario para cada uno de los derivados exportados.               La
           consultora está introduciendo esta información para generar los flujos de caja respectivos.




May 13, 2010                                                                                                    13
            Cuadro N° 5: Evolución de las exportaciones de Lúcuma por Presentación (en US$ FOB) - Año 2000 a Junio 2006

               DESCRIPCIÓN          2,000      2,001      2,002      2,003       2,004      2,005      2,006      Total
        CHOCOLATE                     44,148      4,965          0          0           0          2        513     49,628
        CONGELADA                      2,156      5,080          5        488      13,497          4          0     21,230
        FLAN                               0          0          0      1,000       3,874      4,564      1,868     11,306
        FRESCA                           994        387      3,613     43,702      11,951      1,054      6,477     68,178
        GALLETA                       21,226     78,229    122,985     25,580       8,828     21,586      5,493    283,927
        HARINA                         8,178      5,902      7,906     18,295       3,285     18,883      4,153     66,601
        HELADO                           624          2          6        104       3,402      7,397      1,898     13,432
        MERMELADA                          0         48      2,501          0       2,357         22        727      5,654
        OTROS                            214      1,289      1,297      3,114       3,042      3,354      1,044     13,354
        PASTA                              7      7,851        252      8,355       1,094      1,847         34     19,440
        POLVO                              0         50        476      1,538         901      9,869        856     13,690
        PULPA                            157     24,208     13,364     12,328     117,749     51,122     21,072    240,001
        PURE                               0          8         21        540           9          7          1        585
        Total general                 77,704    128,019    152,426    115,044     169,988    119,710     44,133    807,025
        Fuente: SUNAT
        Elaborado por: PROLUCUMA




               Cuadro N° 6: Evolución de las exportaciones de Lúcuma por Presentación (En Kg.) - Año 2000 a Marzo 2006

               DESCRIPCIÓN          2,000      2,001      2,002       2,003      2,004      2,005      2,006      Total
        CHOCOLATE                     11,933      2,342          0           0          0          0        271     14,547
        CONGELADA                      1,028      2,125          3         325      3,640         12          0      7,134
        FLAN                               0          0          0         777      1,561      2,245        709      5,292
        FRESCA                           672        217      1,898      17,010      4,151        506      2,522     26,977
        GALLETA                       13,026     55,117     97,432      20,214      7,480     14,609      3,041    210,920
        HARINA                           793      1,393      1,980       4,967        589      3,068        627     13,416
        HELADO                           113         12          1          28      1,310      3,318      1,163      5,945
        MERMELADA                          0         20        663           0        397         18        125      1,223
        OTROS                            148        283      1,034       1,338      1,265      1,724        874      6,666
        PASTA                              7      2,201        110       3,168        207        561         11      6,264
        POLVO                              0         10         72         196        117        784         94      1,273
        PULPA                             54     16,700      7,060       6,351     55,566     12,833      7,631    106,195
        PURE                               0         12          8         180          9          6          5        220
        Total general                 27,773     80,433    110,262      54,555     76,292     39,685     17,072    406,072
        Fuente: SUNAT
        Elaborado por: PROLUCUMA


May 13, 2010                                                                                                                 14
               LA LÚCUMA Y SUS DERIVADOS (CONT.)

2.7 Capital de inversion y costos requeridos para la produccion de cada derivado

       – Precio de Lúcuma puesta en planta es mínimo de S/. 1.50/kg. Hay empresas que
         pagan en cualquier época S/. 2.00/kg. sólo por fruta de 4 a 6.5 cm. En algunas
         oportunidades a los productores se les paga sólo S/. 1.45/kg. dependiendo del tamaño
         de la fruta. Otras empresas llegan a pagar hasta S/. 2.7 -2.8; sin embargo en
         temporada baja han llegado ha pagar hasta S/. 3.3.
       – Para procesar pulpa se descarta el 50% y sólo el otro 50% es producto terminado; es
         decir el rendimiento es de 2 a 1 en pulpa.
       – Para pulpa, la inversion es mínima, la mano de obra no es cara para 200 cajas en un
         dia (5 kgs, 1 ton. de prod. terminado) se necesitan 30 personas, todo es manual.
       – Mano de obra, pulpear, congelar US$ 1.70 (Costo valor agregado S/. 4)
       – En resumen, los costos de producción es aproximadamente S/.6/kg.




May 13, 2010                                                                               15
                      Gráfico N° 1: Evolución de las exportaciones de Lúcuma (US$
                                                  FOB)
                                         Año 2,000 a Junio 2,006

           180,000

           160,000
           140,000

           120,000
    US $




           100,000

            80,000
            60,000

            40,000

            20,000

                0
                       2,000   2,001     2,002    2,003     2,004    2,005    2,006


     Fuente: SUNAT
     Elaboración: Prolúcuma



May 13, 2010                                                                          16
          Gráfico N° 2: Principales presentaciones exportadas de la Lúcuma -
                                 Año 2000 a junio 2006

        100%
         90%
         80%
         70%
         60%
         50%
         40%
         30%
         20%
         10%
          0%
                  2,000        2,001      2,002   2,003    2,004     2,005     2,006

               CHOCOLATE     CONGELADA   FLAN     FRESCA   GALLETA    HARINA     HELADO
               MERMELADA     OTROS       PASTA    POLVO    PULPA      PURE




    Fuente: SUNAT
    Elaboración: Prolúcuma



May 13, 2010                                                                              17
        LISTADO DE DERIVADOS DE LÚCUMA
    Y SUS PRECIOS DE EXPORTACIÓN UNITARIOS

    DERIVADOS                  2001          2005
                               US$/KG US$/KG

Pulpa                          1.39          2.26
Harina                         4.11          6.09
Embarque Mixto                 0             4.49
Pasta                          3.22          2.97
Congelada                      2.29          0
Dulce                          4.06          2.47
Al Natural                     1.62          1.65
Otras Presentaciones           6.25          5.78
Presentación No Especificada   2.40           0




May 13, 2010                                        18
      IDENTIFICACIÓN Y ANÁLISIS DE MERCADOS
                   POTENCIALES
3.1 Se realizará un taller (taller I) participativo con los principales agentes
   vinculados al sector, que son parte de la cadena de valor de los productos
   derivados de la Lúcuma con el propósito de tomar en cuenta la problemática y
   la agenda actual para la selección de mercados.
       – El taller se realizó por la mañana del día Martes 8 de Agosto de 2006. Particparon
         agroindustriales, exportadpres, productores, asociados de Prolúcuma y técnicos
         especialistas en el tema de lúcuma.

3.2    Se hará un análisis de la información,            documentación     y   bibliografía
      (publicaciones) disponible para determinar:
       – La información científica y técnica de producción de lúcuma y sus derivados es
         sumamente restringida, por no decir nula. Por ende, la mayoría de interpretaciones
         se hicieron considerando las experiencias de los asistentes a los talleres.

       3.2.1 Las formas y presentaciones más convenientes para la exportación de
              Lúcuma procesada.
                  Pulpa de Lúcuma Congelada
                  Harina de Lúcuma
                  Liofilizado de Lúcuma




May 13, 2010                                                                             19
      IDENTIFICACIÓN Y ANÁLISIS DE MERCADOS
               POTENCIALES (CONT.)

3.3 Se levantará información estadística confiable y desagregada. Esto incluirá precio FOB y
    CIF, volumen y destinos.
     – Precio de venta al público es de US$ 2.20 ó US$ 2.30/libra de pulpa. Es decir el precio
         por un kilogramo es de unos US$ 5.
     – Hay productores que compran lúcuma de Noviembre a Febrero y lo vende en
         Setiembre u Octubre; entonces se         tiene un costo de almacenamiento en frío
         adicional, de US$ 30 mensuales. El producto congelado dura hasta 1.5 años en
         almacen.
     – Los costos involucrados son: costo de bajar el contenedor; almacenaje; comisiones de
         venta y de crédito; costo de bolsas y cajas; costo de transporte; exportación, costo de
         FDA (riesgo no tarifario de hasta US$ 800); costo de “intensive search” en USA (más
         de US$ 1,000 para ver si el contenedor contiene droga). En caso que el contenedor
         queda en “hold” hay que pagarle los gastos a la naviera porque el producto no se
         puede bajar del barco. A veces la autorizacion del FDA se puede demorar más de un
         mes. En cargas secas se tiene más problemas que en cargas congeladas. En
         congelado se puede quedar la carga inmobilizada de 15 a 20 días.
     – No hay seguro contra las inspecciones - el importador asume todos los costos.
     – En un contenedor se pueden transportar de 4 a 5 TM de pulpa. Por lo general los
         importadores compran producto un mes antes que se le acabe el contenedor anterior,
         por lo que generalmente se tiene una rotación de 3 a 4 meses.
     – Aproximadamente US$ 50,000 es el costo de un contenedor lleno de producto. El
         flete no tiene un impacto fuerte; en cambio el precio final si tiene gran impacto en
         poder acceder al mercado o no.
     – Todos estos datos se incluirán en los flujos a desarrollar en el modelo financiero final.

May 13, 2010                                                                                  20
    EXPORTACIONES DE DERIVADOS DE LÚCUMA -
                     2001




                              Pulp-52.47
                              Harina-13.35
                              EmbMix-0
                              Pasta-17.51
                              Congld-11.33
                              Dulce-2.45
                              Al Natl-0.86
                              Oth Presn-1.56
                              Prsn NoSp-0.46



May 13, 2010                                   21
   EXPORTACIONES DE DERIVADOS DE LÚCUMA -
                    2005




                              Pulp-45.90
                              Harina-19.13
                              Emb Mix-16.09
                              Pasta-2.83
                              Congld-0
                              Dulce-9.11
                              Al Natl-1.65
                              Oth Prsn-5.78
                              Prsn NSp-0



May 13, 2010                                  22
  EXPORTACIONES DE LÚCUMA A VARIOS PAÍSES
             EN UN AÑO TÍPICO




                               USA - 28
                               JAPÓN - 17
                               ESPAÑA 9
                               OT-AMCA
                               OT-UE-5
                               OT-UE-0.5
                               OTROS




May 13, 2010                                23
ÍNDICE DE CRECIMIENTO DE LAS EXPORTACIONES
       DE LOS DERIVADOS DE LA LÚCUMA


Tasa de Crecimiento Compuesto Anual
(TCCA)                                2001-04   2001-05

TCCA de Ingresos por Exportaciones    53.19%     9.86%
TCCA de Exportaciones en Ton          46.08%    (6.14%)




May 13, 2010                                              24
               PRECIOS PROMEDIO DE EXPORTACION
                      DE LA LÚCUMA - $/KG


                  4
                 3.5
                  3
                 2.5
                  2
                                                          $/KG
                 1.5
                  1
                 0.5
                  0
                       2001   2002   2003   2004   2005


May 13, 2010                                                     25
REVISIÓN DEL MERCADO ACTUAL Y PROYECTADO



                EXPORTACIONES PERUANAS DE JUGOS / CONCENTRADOS (Tm)
                                  (Proyección al 2008)

                          2001       2002       2003     2004     2005     2006     2007     2008

               Varias      3,244      3,321      3,892    4,359    4,882    5,467    6,124    6,859
               pulpas *

               Pulpa de          3          1      16       64      320       480      800      960
               Lucuma


               Total       3,247      3,322      3,908    4,423    5,202    5,947    6,924    7,819




               Source: ComexPeru


May 13, 2010                                                                                          26
                 EXPORTACIONES PERUANAS DE JUGOS / CONCENTRADOS (En
                                   miles de dólares)

                            2001       2002    2003      2004      2005       2006       2007     2008

           Varias           6,488      6,642   7,784     8,718      9,764     10,935     12,247   13,717
           Pulpas


           Pulpa de                9      3       40       160        800      1,200      2,000    2,400
           Lúcuma


           TOTAL            6,497      6,645   7,824     8,878     10,564     12,135     14,247   16,117




               * Precios: US$ 2.5 lúcuma (del 2005) y US$ 2 promedio para otras pulpas
               ** 80% de la producción es proyectada para fines de exportación.




May 13, 2010                                                                                               27
               PRODUCCIÓN ESTIMADA DE PULPA DE LUCUMA (TM)

                  2001     2002      2003      2004      2005     2006          2007       2008

                 6        15        20        80        400      600       1,000          1,200




           PARTICIPACIÓN ESTIMADA DE PROLUCUMA EN LAS EXPORTACIONES
                      PERUANAS DE JUGOS / CONCENTRADOS

                         2001     2002      2003      2004    2005     2006        2007      2008
         Participación   0.12%    0.04%     0.41%   1.45%     6.15%    18.07%     11.55%    12.28%
         de Prolucuma
             En las
         exportaciones
           de jugos /
         concentrados

               *El porcentaje de participación de Prolucuma en las exportaciones de jugos/
               concentrados es obtenida de la división de las exportaciones proyectadas de pulpa de
                                                                                             .
               lúcuma entre las exportaciones de Jugos/ Concentrados de todas las demás frutas


May 13, 2010                                                                                          28
      IDENTIFICACIÓN Y ANÁLISIS DE MERCADOS
               POTENCIALES (CONT.)

       3.3.1 Selección de una terna de los potenciales países/mercados donde el
          producto pueda ingresar exitosamente.
                   El principal destino es EEUU; sin embargo han habido unas exportaciones a
                    Chile y Japón, el resto de la produccion se vende en el mercado local.
                   Se investigarán los usos más importantes del producto en USA y también las
                    exportaciones chilenas (mercados y usos).
                   A partir de las experiencias de exportaciones actuales, la consultora preparó
                    expresamente una matriz para evaluar los mercados potenciales de manera
                    participativa.

3.4 Se realizará una presentación y se elaborarán documentos informativos sobre
    los mercados seleccionados y los criterios utilizados para la selección de la
    terna de mercados.
       – Se hizo una presentación en el taller I y se discutieron los temas referidos en el
         programa que se adjunta.




May 13, 2010                                                                                    29
                        PROGRAMA DEL TALLER I

I.- Coordinación y Presentación de los Puntos a Discutir:     9:10 am
II.- Discusión sobre el punto 1:                              9:45 am

1.      ANÁLISIS DE LOS CULTIVOS DE LÚCUMA EXISTENTES Y SU PRODUCCIÓN:
1.1     Evaluar la extensión de tierras cultivadas y rendimientos de Lúcuma.
1.2     Estimar el crecimiento de las áreas cultivadas y producción de Lúcuma en los últimos
        diez años
1.3     Estimar el costo de producción de Lúcuma.
1.4     Estimar el crecimiento del área de cultivo contra el incremento de rendimiento por
       hectárea.

III.- Coffee Break:                                           11:15 am
IV.- Discusión sobre el punto 2:                              11:45 am

2.       LÚCUMA Y SUS DERIVADOS
2.1     Identificar las características y ventajas de los derivados de la Lúcuma.
2.2     Hacer una evaluación de la producción y propiedades químicas de cada derivado
       individual.
2.3      Valor agregado en cada derivado.
2.4      Equipamiento e infraestructura necesarios para la producción de los distintos derivados.
2.5      Capital de inversión y costos requeridos para la producción de cada derivado.

V.- Conclusiones:                                             1:00 pm
May 13, 2010                                                                                   30
               SELECCIÓN DE UN MERCADO OBJETIVO

4.1 Resultados del taller previo.

       – Como resultados iniciales se expuso la información obtenida en una reunión
         de trabajo que se estableció el 13 de Julio, en las instalaciones del AGAP y
         Prolúcuma con los directivos de dicha institución, así como con la presencia
         de representantes de Prompex y de la empresa Liofilizadora del Pacífico.
       – En dicha reunión se le encargó a la consultora que estudiara las
         posibilidades de mercado con los fabricantes de helados, yogurt, cereales y
         milk-shake en los países seleccionados.
       – En el taller II se hizo una presentación y se discutieron los temas referidos
         en el programa que se adjunta.
       – En el taller II se contó con la presencia de productores, asociados a
         Prolúcuma, exportadores, industriales y técnicos especialistas en el tema
         de producción de lúcuma.




May 13, 2010                                                                        31
                 ASISTENTES A LOS TALLERES I Y II

   No.                      Empresa                        Representante                Asistencia
       1   Frigorifico esmeralda                   Hugo Valdez Osorio                    Asistió
       2   NISA                                    Gastón Urbina                        No asistió
       3   NISA                                    Javier Delgado                       No asistió
       4   MINAG                                   Jorge Amaya                          No asistió
       5   INIA                                    Willy Daga                            Asistió
       6   AGAP                                    Sandro Farfan                        No asistió
       7   Belmont Foods                           Juan Daniel Payet                     Asistió
       8   Liofilizadora del Pacifico              Lorena Olavarria                      Asistió
       9   Prolucuma Huaral - Presi                Ing. Luis Enrique Olivares Alegria    Asistió
      10   Prolucuma Huaral - VicePresi            Abraham Salinas                       Asistió
      11   Prolucuma Huaral - Secretario           Guillermo Suarez Toledo               Asistió
      12   Prompex                                 Juan Carlos Mandujano                No asistió
      13   Representante del Senor Jaime Zignago   Valentin Garcia                      No asistió
      14   Inmobiliaria Gallos SA                  Gonzalo Roselló                      No asistió
      15   El Lúcumo                               Telésforo Sojo Sullón                 Asistió
      16   El Lúcumo                               Maria Barreto Grundel                No asistió
      17   El Lúcumo                               Stefan Bederski Fischer              No asistió
      18   ACM                                     Tony Salas                            Asistió
      19   ACM                                     Gisela Camminati                      Asistió
      20   ACM                                     Cesar Paredes                         Asistió
      21   ACM                                     Rosario Alva                          Asistió
      22   Tiara                                   Trevor Norris                         Asistió

May 13, 2010                                                                                         32
  SELECCIÓN DE UN MERCADO OBJETIVO (CONT.)


4.2 Elaboración de material de trabajo e informativo para los participantes de este
    taller decisivo.
     – Ver Programa del Taller II

4.3 Coordinaciones logísticas para la realización del taller
     – Taller II realizado de 2-6 pm en el Hotel Basquiat Inn ubicado en Av. Dos
       de Mayo 1421 (alt. Cdra. 14 Javier Prado Oeste)

4.4 Identificación y convocatoria a los principales agentes del sector.
     – Ver lista de Participantes y Asistentes

4.5 Presentación de una terna de los potenciales países/mercados a exportar y el
    análisis que condujo a su selección.
     – Ver Matriz Resultado del Taller II

4.6 Selección del mercado objetivo al cual se orientará el plan de acción.
     – Ver Matriz Resultado del Taller II



May 13, 2010                                                                       33
                      PROGRAMA DEL TALLER II


I.- Coordinación y Presentación de los Puntos a Discutir:    2:05 pm
II.- Discusión sobre el punto 3:                             2:15 pm

3.  IDENTIFICACIÓN Y ANÁLISIS DE MERCADOS POTENCIALES
3.1 Se hará un análisis de la información, documentación y bibliografía (publicaciones)
    relevante disponible para determinar las formas y presentaciones más convenientes
    (pulpa, harina, etc.) para la exportación de Lúcuma procesada.
3.2 Se levantará información estadística confiable y desagregada. Esto incluirá precio FOB
    y CIF, volumen y destinos.
3.3 Selección de una terna de los potenciales países/mercados donde el producto pueda
    ingresar exitosamente – definición de criterios críticos.

III.- Coffee Break:                                          2:45 pm
IV.- Discusión sobre el punto 4:                             3:00 pm

4.    SELECCIÓN DE UN MERCADO OBJETIVO
Seleccionar entre la terna de candidatos definida cual será el (los) mercado(s) objetivo para
la elaboración del plan de acción de exportación de Lúcuma, utilizando una cartilla-matriz
elaborada por TIARA y ACM.

V.- Conclusiones y Clausura:                                 5:30 pm

May 13, 2010                                                                                    34
            ELEMENTOS DE IDENTIFICACIÓN Y
    CRITERIO DE ANÁLISIS PARA EL MERCADO POTENCIAL


       Desarrollo de una matriz con un sistema de puntaje que tome en
        consideración los siguientes parámetros:
              Opinión y percepción del cliente sobre el producto.
              Segmentación del mercado basado en:
                Nivel de Ingresos
                Diversidad Étnica
                Ubicación Geográfica
              Actual demanda del mercado para los derivados de lúcuma o
               productos similares como frutas tropicales y pulpas.
              Sistema existente para la tasación de productos similares a la lúcuma.
              Elasticidad de la demanda para lúcuma, sus derivados y productos
               similares.

       Definición de la distinta ponderación de cada una de las variables/factores
        presentados para la selección del mercado ideal para desarrollar el plan de
        acción.




May 13, 2010                                                                       35
   CRITERIOS PARA LA SELECCIÓN DEL MERCADO - LÚCUMA

   ORDENE LOS PAISES SEGÚN LOS SIGUIENTES CRITERIOS
                                                                                                      USA          JAPÓN      UK          FRANCIA     ALEMANIA     ESPAÑA      COREA
   POBLACIÓN (MILLONES DE HABITANTES)                                                                  294.49        127.78     60.57         60.64        82.71     40.4814      49.08
   TAMAÑO DE LA ECONOMÍA - PBI (US$ BILLONES)                                                          11,483         3,603     1,727         1,683        2,293        921        675
   PBI PER CAPITA (US$)                                                                                38,994        28,196    28,513        27,759       27,720      22,758     13,746


   SEGMENTACIÓN DEL NIVEL DE INGRESOS
     POBLACIÓN CON INGRESOS MAYORES A US$ 200K                                                          2.25%         1.50%     1.00%         0.75%        1.25%       0.15%      0.10%
     POBLACIÓN CON INGRESOS ENTRE US$ 150k & US$ 200K                                                   2.50%         1.85%     1.15%         0.90%        1.40%       0.55%      0.25%
     POBLACIÓN CON INGRESOS ENTRE US$ 100K & US$ 150K                                                   8.50%         4.95%     3.50%         3.25%        3.75%       1.37%      0.75%
     POBLACIÓN CON INGRESOS ENTRE US$ 50K & US$ 100K                                                   14.25%         9.68%    11.15%         8.95%        9.15%       5.95%      2.11%
     POBLACIÓN CON INGRESOS ENTRE US$ 25K & US$ 50K                                                    16.43%        15.12%    17.70%        21.66%       16.25%      23.52%      3.34%
     POBLACIÓN CON INGRESOS MENORES A US$ 25K                                                          21.15%        22.72%    41.00%        46.30%       41.00%      52.00%     74.68%
     POBLACIÓN CON INGRESOS MAYORES A US$ 50K                                                          62.42%        62.16%    41.30%        32.04%       42.75%      24.48%     25.32%
     DEMANDA DE MERCADO PARA HELADO (US$ MM)                                                            5,292         2,296     1,088         1,090        1,486        727        882
     DEMANDA DE MERCADO PARA YOGURT (US$ MM)                                                            7,056         3,061     1,451         1,453        1,982        970       1,176

   TAMAÑO DE MERCADO PARA OTROS PRODUCTOS (US$ MM)                                                      1,235          536         254         254          347         170        206
   TAMAÑO DE MERCADO PARA SABORES DE HELADO Y YOGURT                                                    1,358          589         279         280          381         187        226
   (10% DEL MERCADO DE HELADO/YOGURT)
   PERCEPCIÓN DEL SABOR DE LA LÚCUMA                                                                        30%        45%         25%         35%          37%         60%        75%
   ACTITUD FAVORABLE DEL CONSUMIDOR                                                                         35%        55%         35%         45%          47%         70%        85%

   EVALÚE EL SISTEMA DE PRICING EXISTENTE
     NIVELES DE PRECIO Y MÁRGENES                                                                           7.50       8.50        7.25        7.10         7.60        6.00       7.25
     COSTO DE PROMOCIÓN PARA LLEGAR AL CONSUMIDOR                                                           5.00       4.00        4.00        3.00         4.00        5.00       8.00
     FACILIDAD DE ACCESO A RED DE DISTRIB. DE LOS FABRICANTES DE HELADO Y YOGURT                            7.00       5.00        6.25        5.00         6.00        6.00       6.50
     FLETE                                                                                                  9.00       5.00        4.00        4.00         4.00        5.00       5.00
     ARANCELES                                                                                          10.00          8.00        7.00        7.00         7.00        7.00       8.00
     BARRERAS NO ARANCELARIAS (FDA, POLÍTICAS, NOVEL FOODS, CERTIFC. ETC.)                                  8.50       8.50        5.50        5.50         5.50        5.50       9.00

   VENTAS ACTUALES DE LÚCUMA Y SUS DERIVADOS (US$ MM)                                                       0.04       0.02         -           -            -           -          -
   DEMANDA POTENCIAL DE LÚCUMA Y SUS DERIVADOS (US$ MM)                                                 13.58         15.31        7.26        7.26         9.91        4.85       5.88
   VALOR DEL 2% DE PARTICIPACIÓN DE MERCADO (US$)                                                       27.17         30.61     14.51         14.53        19.82        9.70      11.76



   VARIABLES NORMALIZADAS                                                          PONDER. (0 - 25)

     PBI PER CAPITA                                                                                         1.00       0.72        0.73        0.71         0.71        0.58       0.35
     NIVEL DE INGRESOS SOBRE US$ 50K                                                                        1.00       1.00        0.66        0.51         0.68        0.39       0.41
     TAMAÑO DEL MERCADO PARA HELADO                                                                         1.00       0.43        0.21        0.21         0.28        0.14       0.17
     TAMAÑO DEL MERCADO PARA YOGURT                                                                         1.00       0.43        0.21        0.21         0.28        0.14       0.17
     SEGMENTO DE MERCADO PARA OTROS PRODUCTOS                                                               1.00       0.43        0.21        0.21         0.28        0.14       0.17
     SEGMENTO DE MERCADO PARA SABORES                                                                       1.00       0.43        0.21        0.21         0.28        0.14       0.17
     ACTITUD FAVORABLE DEL CONSUMIDOR                                                                       0.41       0.65        0.41        0.53         0.55        0.82       1.00
     PRICING EN EL MERCADO                                                                                  0.88       1.00        0.85        0.84         0.89        0.71       0.85
     COSTO DE PROMOCIÓN                                                                                     0.63       0.50        0.50        0.38         0.50        0.63       1.00
     ACCESO A LA DISTRIBUCIÓN                                                                               1.00       0.71        0.89        0.71         0.86        0.86       0.93
     FLETE                                                                                                  1.00       0.56        0.44        0.44         0.44        0.56       0.56
     ARANCELES                                                                                              1.00       0.80        0.70        0.70         0.70        0.70       0.80
     BARRERAS NO TARIFARIAS (FDA, POLÍTICAS, NOVEL FOODS, ETC.)                                             0.94       0.94        0.61        0.61         0.61        0.61       1.00
     DEMANDA ACTUAL DE LÚCUMA Y SUS DERIVADOS                                                               1.00       0.54         -           -            -           -          -
     DEMANDA POTENCIAL DE LÚCUMA Y SUS DERIVADOS                                                            0.89       1.00        0.47        0.47         0.65        0.32       0.38
     VALOR DEL 2% DE PARTICIPACIÓN DE MERCADO                                                               0.89       1.00        0.47        0.47         0.65        0.32       0.38

   PUNTAJE DE LOS PAISES RESPECTIVOS                                                                   272.86        184.44    120.19        114.55       129.33      119.70     145.45

May 13, 2010                                                                                                                                                                              36
                  MATRIZ DE RESULTADOS – TALLER II

 Variables a Ponderar - cuáles son las más importantes, las que determinarán si
 debo escoger a un país específico para para definir mi estrategia de penetración de
 mercado...

                                                                                                Países Seleccionados

PAISES                                                                       USA      JAPÓN     UK       FRANCIA ALEMANIA    ESPAÑA    COREA
                                                              PONDER. (0 -
VARIABLES NORMALIZADAS                                           25)

 PBI PER CAPITA                                                  18.5          1.00      0.72     0.73       0.71     0.71      0.58      0.35
 NIVEL DE INGRESOS SOBRE US$ 50K                                 17.9          1.00      1.00     0.66       0.51     0.68      0.39      0.41
 TAMAÑO DEL MERCADO PARA HELADO                                  17.4          1.00      0.43     0.21       0.21     0.28      0.14      0.17
 TAMAÑO DEL MERCADO PARA YOGURT                                   3.8          1.00      0.43     0.21       0.21     0.28      0.14      0.17
 SEGMENTO DE MERCADO PARA OTROS PRODUCTOS                        16.6          1.00      0.43     0.21       0.21     0.28      0.14      0.17
 SEGMENTO DE MERCADO PARA SABORES                                20.3          1.00      0.43     0.21       0.21     0.28      0.14      0.17
 ACTITUD FAVORABLE DEL CONSUMIDOR                                10.5          0.41      0.65     0.41       0.53     0.55      0.82      1.00
 PRICING EN EL MERCADO                                           12.5          0.88      1.00     0.85       0.84     0.89      0.71      0.85
 COSTO DE PROMOCIÓN                                              20.9          0.63      0.50     0.50       0.38     0.50      0.63      1.00
 ACCESO A LA DISTRIBUCIÓN                                        22.0          1.00      0.71     0.89       0.71     0.86      0.86      0.93
 FLETE                                                            8.5          1.00      0.56     0.44       0.44     0.44      0.56      0.56
 ARANCELES                                                       10.4          1.00      0.80     0.70       0.70     0.70      0.70      0.80
 BARRERAS NO TARIFARIAS (FDA, POLÍTICAS, NOVEL FOODS, ETC.)      22.5          0.94      0.94     0.61       0.61     0.61      0.61      1.00
 DEMANDA ACTUAL DE LÚCUMA Y SUS DERIVADOS                        17.9          1.00      0.54        -        -        -         -         -
 DEMANDA POTENCIAL DE LÚCUMA Y SUS DERIVADOS                     22.1          0.89      1.00     0.47       0.47     0.65      0.32      0.38
 (VALOR DEL 2% DE PARTICIPACIÓN DE MERCADO)

PUNTAJE DE LOS PAISES RESPECTIVOS                                            235.47    166.02   114.49     105.96   120.11    108.23    129.82
 May 13, 2010                                                                                                                           37
                                 CONCLUSIONES

   El Proyecto deberá incluir los siguientes temas de análisis:
   Se deberá promover la homogenizacion en los conceptos de calidad de producto, a partir
    de normativas de estandarizacion de producto – que significa “calidad” – y de la
    información de documentos técnicos del cultivo.
   Necesidad de un interlocutor (Prolúcuma) que pueda implementar las estrategias que el
    proyecto finalmente defina. Prolúcuma no muestra aún las capacidades para poder cumplir
    con ese papel – hay necesidad de fortalecer sus capacidades institucionales.
   La lúcuma es un producto “caro” comparado con los precios de otros frutales, dado que
    tiene baja produccion por hectarea – el proyecto deberá plantear a qué precio se puede
    ofrecer el producto si se incrementa sus rendimientos.          El precio en el mercado
    internacional de pulpas congeladas sí se considera un “deal braker”.
   Se definieron seis factores claves para la toma de decision del mercado los cuales señalan a
    USA y Japón como principales paises para comercializar los derivados de lúcuma y éstos
    serán tomados en cuenta para el plan de acceso.
   Para que el proyecto sea efectivo, se deberá plantear políticas públicas vinculadas a la
    promocion de la inversion privada.
   Se acordó que los participantes completaran los datos económicos para elaborar los flujos
    de caja respectivos a producción de campo, planta y agroexportación industrial.




May 13, 2010                                                                                  38
LUCUMA EXPORT MARKET - USA

      PHASES II & III REPORT
                                  TARIFF ISSUES

                  U.S.-Peru Trade Promotion Agreement (USPTA),
                 Andean Trade Promotion and Drug Eradication Act (ATPDEA),
               The Free Trade Agreement (FTA)/Trato del Libre Comercio (TLC):

      –   Presently there are no tariffs on products such as Lucuma from Peru. Although Peru
          and the United States have negotiated a holistic free trade agreement (FTA/TLC), as
          of December 2006 it has not been fully ratified by both countries for unrelated internal
          political reasons which occurred in both countries since its negotiation.
      –   Nonetheless, exports from Peru are currently tariff free due to the ongoing Andean
          Trade Promotion and Drug Eradication Act (ATPDEA) which is due to expire at the end
          of 2006.
      –   Due to the election results in the USA of November 2006, which changed the majority
          in the US Senate and House of Representatives to the Democrat Party, the future of
          the ratification process of the Free Trade Agreement (FTA/TLC) is unclear.
      –   However, it is likely (and assumed for this report) that either the ATPDEA will be
          extended (likely) or the Free Trade Agreement will be ratified prior to the swearing-in
          of the new Democrat Majority (possible) or the new U.S. Congress will ratify it
          immediately (unlikely).
      –   Should there be no preferential trade agreement in force, many of the
          assumptions, particularly those dependent to pricing must be reconsidered.
      –   As an “exotic” product, the absence of a trade agreement would affect Lucuma much
          less than other Peruvian Exports (such as cotton garments).

May 13, 2010                                                                                    40
                           FDA REGULATIONS


 Food & Drug Administration (FDA) regulations:

      –   The Public Health Security and Bioterrorism Preparedness and
          Response Act of 2002 requires domestic and foreign facilities that
          manufacture, process, pack, or hold food for human or animal consumption
          in the U.S. to register with the FDA.

      –   Under the same Bioterrorism Act, foreign companies are required to submit
          Prior Notice to the FDA before food is imported or offered for import into
          the U.S.




May 13, 2010                                                                       41
               USE OF DIFFERENT FORMS OF LUCUMA
                    IN DIFFERENT SEGMENTS


 Processed lucuma are used as raw materials for the food industry, as
  well as the foodservice industry:

      1. frozen lucuma pulp & fruit chunks: pulped and frozen - used as an
         ingredient for ice-cream, yogurt, juices, cocktails, various desserts, jams,
         sweet fillings, and confectionery
      2. lucuma “coulis” sauce: used as ice-cream sauce/topping and decoration of
         dishes - would mainly be used by the foodservice industry
      3. aseptic or sterilized lucuma pulp (bag-in-box pack): does not require
         refrigeration - used as a raw material in dessert, yogurt and ice-cream
      4. thick lucuma “filling”: sweetened product - used directly as a filling for
         doughnuts, cookies, waffles, truffles, etc.
      5. lucuma purée: for direct consumption, marketed through supermarkets,
         especially as a baby and children‟s food
      6. dried lucuma (chunks or flour): used as a raw material for ice-cream,
         cereal mixes (muesli), and desserts in general



May 13, 2010                                                                            42
               POTENTIAL MARKET SEGMENTS


 Ice cream

 Yogurt

 Flavored milk & milkshakes

 Sweet spreads

 Confectionery

 Bread & bakery products

 Breakfast cereal

 Foodservice & restaurants


May 13, 2010                               43
          INDUSTRY COMMERCIAL EVENTS IN USA


   Americas Food & Beverage Show & Conference in Miami, FL – November 8~10, 2006
   National Ice Cream Retailers Convention in Savannah, GA – November 8~11, 2006
   Expo Comida Latina in New York, NY – November 14~15, 2006
   Dairy Forum in Orlando, FL – January 14~17, 2007
   Winter Int‟l Fancy Food & Confection Show in San Francisco, CA – January 21~23, 2007
   World Ag Expo in Tulare, CA – February 14~16, 2007
   North America Pizza & Ice Cream Show in Columbus, OH – February 25~26, 2007
   Western Candy Conference in San Diego, CA – March 21~25, 2007
   SupplySide East Show in Secaucus, NJ – April 30~May 2, 2007
   Spring International Fancy Food & Confection Show in Chicago, IL – May 6~8, 2007
   Dairy-Deli-Bake Seminar & Expo in Anaheim, CA – June 3~5, 2007
   Summer Int‟l Fancy Food & Confection Show in New York, NY – July 8~10, 2007
   American Bakery Expo in Las Vegas, NV – September 8~10, 2007
   National Confectioners Assoc. All Candy Expo in Chicago, IL – September 17~19, 2007
   World Dairy Expo in Madison, WI – October 2~6, 2007
   International Baking Industry Expo in Orlando, FL – October 7~10, 2007
   Worldwide Food Expo in Chicago, IL – October 24~27, USA




May 13, 2010                                                                               44
               DEMAND FOR SIMILAR PRODUCTS


 Mangoes

 Peaches

 Strawberries

 Others




May 13, 2010                                 45
    RANKING OF ICE CREAM FLAVORINGS IN USA

 A survey ranked ice cream eating preferences among Americans, and
  the percentage of respondents favoring each flavor.

    Rank              Flavor                  Percent
     1.               Vanilla                 29.0%
     2.               Chocolate                8.9%
     3.               Strawberry               5.3%
     4.               Butter Pecan             5.3%
     5.               Neapolitan               4.2%
     6.               Chocolate chip           3.9%
     7.               French vanilla           3.8%
     8.               Cookies 'n' cream        3.6%
     9.               Fudge ripple             2.6%
    10.               Praline                  1.7%

Source: International Ice Cream Association




May 13, 2010                                                          46
                 ICE CREAM STATISTICS FOR THE
                       UNITED STATES - I
 Total U.S. production of ice cream and related frozen desserts in 2004
  amounted to about 1.6 billion gallons, translating to about 21.5 quarts
  per person.

 Total US Production of Frozen Desserts (Hard & Soft) in Million Gallons

      Regular    Low & Nonfat   Frozen             Water   Other Frozen     Total Frozen
     Ice Cream    Ice Cream     Yogurt   Sherbet   Ices    Dairy Products     Products
1999     972.2     421.1         90.9      54.5    70.3          13.9          1622.8
2000     979.6      404.1        94.5      51.9    65.8          11.6          1607.6
2001     970.1     402.6         52.6      64.4    71.2          10.5         1571.4
2002    1005.0     359.6         70.8      57.0    67.6           8.7          1568.6
2003    1015.1     373.9         68.0      56.2    67.5           7.9          1588.6
% 2002-3 1.0%        3.8%       -4.0%     -1.4%    -0.0%        -9.3%            1.3%


 In 2004, total U.S. sales of ice cream and frozen desserts reached
  $21.4 billion. Of that total, $8.1 billion was spent on products for "at
  home" consumption, while $13.3 billion was spent on "away from
  home" frozen dessert purchases (scoop shops, foodservice and other
  retail sales outlets.)


May 13, 2010                                                                               47
       Per Capita ICE CREAM STATISTICS FOR THE
                   UNITED STATES - II


               Regular Ice   Reduced Fat Ice                    Other Frozen
 Year          Cream (lbs)     Cream (lbs)     Sherbet (lbs)   Products (lbs)
1995              15.5             7.4              1.3             4.8
1996              15.6             7.5              1.3             3.8
1997              16.1             7.8              1.3             3.2
1998              16.3             8.1              1.3             3.4
1999              16.7             7.5              1.3             3.1
2000              16.7             7.3              1.2             2.9
2001              16.3             7.3              1.2             2.2
2002              16.7             6.5              1.3             2.1
2003              16.4             7.5              1.2             2.0
2004              13.8             7.2              1.1             1.9
2005              14.4             5.9              0.9             1.5



May 13, 2010                                                                48
                    CUSTOMER ANALYSIS –
                ICE CREAM MANUFACTURERS - I

 Dreyers Grand Ice Cream (subsidiary of Nestle)
      –   Company website: http://www.dreyers.com/
      –   5929 College Ave., Oakland, CA 94618
          Tel: 510-652-8187
      –   2005 sales: $188.7 million
      –   Dreyers Grand is one of the three largest ice cream producer in the U.S.
      –   The company‟s ice cream brands include: Dreyers, Edy‟s, Healthy Choice,
          and Haagen-Dazs
      –   Dreyers Grand has about 15% market share




May 13, 2010                                                                         49
                     CUSTOMER ANALYSIS –
                ICE CREAM MANUFACTURERS - II

 Good Humor-Breyers Ice Cream / Unilever Ice Cream
      –   Company website: http://www.icecreamusa.com
      –   PO Box 19007, Green Bay, WI 54307
          Tel: 920-499-5151
      –   Unilever is one of the three largest manufacturer of branded packaged ice
          cream and frozen novelty products in the U.S.
      –   The company‟s ice cream brands include: Breyers, Good Humor, Klondike,
          Popsicle, and Ben & Jerry‟s
      –   Unilever has about 15% market share

 Ben & Jerry’s Homemade (subsidiary of Unilever)
      –   Company website: http://www.benjerry.com
      –   30 Community Drive, South Burlington, VT 05403
          Tel: 802-846-1500
      –   2005 sales: $272 million
      –   Ben & Jerry‟s is a maker of super premium ice cream
      –   The company also operates/franchises more than 430 scoop shops in North
          America


May 13, 2010                                                                          50
                    CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - III

 Blue Bunny (Wells’ Dairy Inc.)
      –   Company website: http://www.bluebunny.com
      –   1 Blue Bunny Dr., Le Mars, IA 51031
          Tel: 712-546-4000
      –   2005 sales: $850 million
      –   Blue Bunny is one of the three largest manufacturer of ice cream and
          frozen desserts in the U.S.
      –   The company‟s ice cream brands include: Blue Bunny, Bomb Pop, Carb
          Freedom, Sweet Freedom, Health Smart, and Incrediples
      –   Blue Bunny has about 15% market share




May 13, 2010                                                                     51
                    CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - IV

 Kemps (business segment of HP Hood)
      –   Company website: http://www.kemps.com
      –   1270 Energy Lane, St. Paul, MN 55108
          Tel: 651-379-6500
      –   Estimated 2005 sales (Hoovers): $750 million
      –   Kemps manufactures and markets milk, ice cream, and related dairy
          products
      –   The company‟s ice cream brands include: Kemps, Caribou Coffee, Pillsbury,
          and Twins
      –   Kemps has about 6%~8% market share




May 13, 2010                                                                      52
                    CUSTOMER ANALYSIS –
                ICE CREAM MANUFACTURERS - V

 CoolBrands International
      –   Company website: http://www.eskimopie.com
      –   4175 Veteran's Memorial Highway, 3rd Fl., Ronkonkoma, NY 11779
          Tel: 631-737-9700
      –   2005 sales: $385.1 million
      –   CoolBrands manufactures and distributes ice cream and other frozen treats
      –   The company‟s ice cream brands include: Eskimo Pie, Godiva, Disney,
          Crayola, Yoplait, Better for Kids, Snapple on Ice, No Pudge, Tropicana, Care
          Bears, Trix, WholeFruit, Fruit-a-Freeze, and the Sopranos
      –   CoolBrands has about 4%~5% market share




May 13, 2010                                                                        53
                    CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - VI

 Blue Bell Creameries
      –   Company website: http://www.bluebell.com
      –   1101 S. Horton, Brenham, TX 77833
          Tel: 979-836-7977
      –   Estimated 2005 sales (Hoovers): $280 million
      –   Blue Bell is a regional ice cream manufacturer in the southern U.S.
      –   The company makes ice cream, yogurt, frozen treats, sherbet, low-fat ice
          creams, and sugar-free ice creams
      –   Blue Bell manufactures 18 year-round ice cream flavors and 29 rotational
          flavors
      –   Blue Bell has about 4% market share




May 13, 2010                                                                         54
                    CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - VII

 Roberts Dairy
      –   Company website: http://www.robertsdairy.com
      –   2901 Cuming St., Omaha, NE 68131
          Tel: 402-344-4321
      –   Estimated 2005 sales (Hoovers): $276.9 million
      –   Roberts Dairy produces fluid milk, cultured and frozen dairy products
      –   The company brands include: Roberts and Hiland-Roberts as well as private
          labels
      –   Roberts Dairy has about 1%~2% market share




May 13, 2010                                                                     55
                     CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - VIII

 Stonyfield Farm
      –   Company website: http://www.stonyfield.com
      –   10 Burton Dr., Londonderry, NH 03053
          Tel: 603-473-4040
      –   Estimated 2005 sales (Hoovers): $140 million
      –   Stonyfield is a producer of natural and organic yogurt and ice cream
      –   The company is a leader among health-food store brands
      –   Group Danone owns approximately 85% of Stoneyfield Farm
      –   Stonyfield has less than 1% market share




May 13, 2010                                                                     56
                    CUSTOMER ANALYSIS –
               ICE CREAM MANUFACTURERS - IX

 Ciao Bella Gelato
      –   Company website: http://www.ciaobellagelato.com
      –   231 40th St., Irvington, NJ 07111
          Tel: 973-373-1200
      –   Ciao Bella is a manufacturer of gelato and sorbet
      –   The company offers unique flavors such as blueberry, chocolate jalapeno,
          fromage blanc, ginger, mango, lychee, passion fruit, cassis, and zabaione
      –   The company‟s brands include: Ciao Bella, Sarabeth‟s, and Gotham
      –   Ciao Bella manufactures 46 gelato flavors, 33 sorbet flavors, 7 frozen
          yogurt flavors, and 8 seasonal flavors
      –   Ciao Bella has less than 1% market share




May 13, 2010                                                                          57
                    CUSTOMER ANALYSIS –
                ICE CREAM MANUFACTURERS - X

 Zambeedo Ice Cream
      –   Company website: http://www.zambeedo.com
      –   38245 Murrieta Hot Springs Rd., #F-105, Murrieta, CA 92563
          Tel: 951-461-9932
      –   Zambeedo is a manufacturer of specialty ice cream
      –   The company‟s products are sold through health and natural food stores
      –   Zambeedo‟s unique flavors include Crème de Rose, Crème de Menthe, and
          Crème de Chai
      –   Zambeedo has less than 1% market share




May 13, 2010                                                                       58
                     CUSTOMER ANALYSIS –
                   ICE CREAM RETAIL CHAIN - I

 Baskin Robbins (Dunkin’ Brands)
      –   Company website: http://www.baskinrobbins.com
      –   130 Royall Street, Canton, MA 02021
          Tel: 781-737-3000
      –   Estimated 2005 sales (QSR): $555 million
      –   Baskin Robbins operates the world‟s largest chain of ice cream specialty
          shops
      –   The company owns more than 5,600 retail shops in 40 countries
      –   Baskin Robbins serves 22 permanent ice cream flavors, 12 seasonal
          flavors, 15 regional flavors, 3 sherbet/sorbet flavors, and 3 frozen yogurt
          flavors




May 13, 2010                                                                            59
                     CUSTOMER ANALYSIS –
                  ICE CREAM RETAIL CHAIN - II

 Carvel Corporation (FOCUS Brands)
      –   Company website: http://www.carvel.com
      –   200 Glenridge Point Pkwy, Suite 200, Atlanta, GA 30342
          Tel: 404-255-3250
      –   Estimated 2005 sales: $86.5 million
      –   Carvel sells soft serve ice cream and other frozen treats, including
          character-shaped frozen ice cream cakes
      –   The company has a chain of more than 540 franchised ice cream shops in
          more than 25 states, primarily in the Northeast
      –   Carvel also sells ice cream cakes through approximately 8,500
          supermarkets nationwide




May 13, 2010                                                                       60
                     CUSTOMER ANALYSIS –
                  ICE CREAM RETAIL CHAIN - III

 Coldstone Creamery
      –   Company website: http://www.coldstonecreamery.com
      –   9311 E. Via de Ventura, Scottsdale, AZ 85258
          Tel: 480-362-4800
      –   Coldstone sells custom ice cream creations through it chain of “upscale”
          retail locations
      –   The company operates more than 1,350 stores
      –   At Coldstone retail locations, customers combine their favorite ice cream
          flavor with any number of “mix-ins” (i.e. candies, chocolate, fruits, nuts,
          sauces, etc.) to create their personalized ice cream
      –   Coldstone makes 33 different ice cream flavors
      –   The company offers 11.5 million possible ice cream creations




May 13, 2010                                                                            61
                     CUSTOMER ANALYSIS –
                  ICE CREAM RETAIL CHAIN - IV

 International Dairy Queen (Berkshire Hathaway)
      –   Company website: http://www.dairyqueen.com
      –   7505 Metro Blvd., Edina, MN 55439
          Tel: 952-830-0200
      –   2005 sales: $108.1 million
      –   Dairy Queen is a leading franchiser of frozen treat stores, which also serves
          a full line of typical “fast food”
      –   The company has more than 5,600 locations
      –   Dairy Queen is popular for their ice cream treats, such as “sundaes” and
          “soft ice cream” cones




May 13, 2010                                                                         62
                      CUSTOMER ANALYSIS –
                   ICE CREAM RETAIL CHAIN - V

 MaggieMoo’s
      –   Company website: http://www.maggiemoos.com
      –   10025 Governor Warfield Pkwy, Suite 301, Columbia, MD 21044
          Tel: 410-740-2100
      –   Estimated 2005 sales: $60 million
      –   MaggieMoo‟s retail shops serves super premium ice cream
      –   The ice cream is made fresh daily at the retail location
      –   MaggieMoo‟s allows customers to mix in fruits, nuts, or candies to create
          custom ice cream flavors




May 13, 2010                                                                          63
                    CUSTOMER ANALYSIS –
                 ICE CREAM RETAIL CHAIN - VI

 Marble Slab Creamery
      –   Company website: http://www.marbleslabcreamery.com
      –   3100 S. Gessner, Suite 305, Houston, TX 77063
          Tel: 713-780-3601
      –   Estimated 2005 sales (QSR): $90 million
      –   Marble Slab operates a chain of more than 540 franchised frozen treat
          outlets in 35 states
      –   The company serves about 40 flavors of homemade ice cream upon which
          “mix-ins” are combined to create personalized ice cream flavors




May 13, 2010                                                                      64
                     CUSTOMER ANALYSIS –
                 ICE CREAM RETAIL CHAIN - VII

 TCBY – The Country’s Best Yogurt (Mrs. Fields Famous Brands)
      –   Company website: http://www.tcby.com
      –   2855 E. Cottonwood Pkwy, Suite 400, Salt Lake City, UT 84121
          Tel: 801-736-5600
      –   TCBY franchises serve frozen yogurt treats at its retail locations
      –   The company has more than 1,300 locations nationwide
      –   TCBY serves 17 different hand-scooped frozen yogurt flavors and 41 soft-
          served flavors




May 13, 2010                                                                         65
           FLAVORED MILK & YOGURT STATISTICS
                        FOR USA


               Flavored Whole    Other Flavored                    Total of All Milk
                     Milk             Milk          Yogurt            Products
 Year            (million lbs)    (million lbs)   (million lbs)     (million lbs)
1995                      704             1,914            1,646             58,433
1996                      662             2,075            1,588             58,912
1997                      676             2,154            1,574             58,758
1998                      788             2,256            1,639             58,618
1999                      877             2,339            1,717             59,257
2000                      892             2,444            1,837             59,085
2001                      973             2,553            2,003             59,021
2002                     1,030            3,010            2,135             59,369
2003                     1,049            3,141            2,387             59,745
2004                      857             3,440            2,709             60,012
2005                      754             3,554            2,556             59,900


May 13, 2010                                                                      66
                  MARKET SEGMENT – YOGURT –
                     MANUFACTURERS - I

 Yoplait (General Mills)
      –   Company website: http://www.yoplait.com
      –   1 General Mills Blvd., Minneapolis, MN 55426
          Tel: 763-764-7600
      –   2006 sales: $1,096 million
      –   Yoplait manufactures and markets yogurt products
      –   The company sells 95 different flavors of yogurt and 14 flavors of drinkable
          yogurt
      –   Yoplait has about 34% market share




May 13, 2010                                                                         67
                  MARKET SEGMENT – YOGURT –
                     MANUFACTURERS - II

 Dannon (Danone)
      –   Company website: http://www.dannon.com
      –   100 Hillside Ave., 3rd Fl., White Plains, NY 10603
          Tel: 914-872-8400
      –   Estimated 2005 sales: $572.2 million
      –   Dannon manufactures and markets yogurt products
      –   The company offers 42 different yogurt flavors and 16 drinkable yogurt
          flavors
      –   Dannon has approximately 31% market share




May 13, 2010                                                                       68
                  MARKET SEGMENT – YOGURT –
                     MANUFACTURERS - III

 Horizon Organic (Dean Foods)
      –   Company website: http://www.horizonorganic.com
      –   PO Box 17577, Boulder, CO 80308
          Tel: 888-494-3020
      –   Horizon Organic is the number one certified organic dairy brand in the U.S.
      –   The company produces 22 different flavors of organic yogurt as well as 3
          drinkable yogurt flavors




May 13, 2010                                                                        69
                  MARKET SEGMENT – YOGURT –
                     MANUFACTURERS - IV

 Light n’ Lively (Kraft)
      –   Company website: http://www.kraftfoods.com
      –   3 Lakes Dr., Northfield, IL 60093
          Tel: 847-646-2000
      –   Kraft sells cottage cheese and yogurt under its Light n‟ Lively brand


 Mountain High Yoghurt
      –   Company website: http://www.mountainhighyoghurt.com
      –   1325 West oxford Ave., Englewood, CO 80110
      –   Mountain High produces and sells all natural European style yogurt
      –   The company offers 19 different flavors of yogurt




May 13, 2010                                                                      70
                  MARKET SEGMENT – YOGURT –
                     MANUFACTURERS - V

 Silk (WhiteWave Foods / Dean Foods)
      –   Company website: http://www.silksoymilk.com
      –   12002 Airport Way, Broomfield, CO 80021
          Tel: 202-635-4000
      –   Silk is the best-selling soy-based dairy-alternative product brand in the
          U.S.
      –   The company manufactures 9 different flavors of soy yogurt


 Stonyfield Farm
      –   Company website: http://www.stonyfield.com
      –   10 Burton Dr., Londonderry, NH 03053
          Tel: 603-437-4040
      –   Stonyfield produces natural yogurts, organic yogurts, soy-based yogurs,
          and drinkable yogurts
      –   The company offers 18 flavors of natural yogurt, 20 flavors of organic
          yogurt, 6 flavors of soy yogurt, and 8 flavors of drinkable yogurt


May 13, 2010                                                                          71
          MARKET SEGMENT – MILK & MILKSHAKE –
                   MANUFACTURERS - I

 Nestle USA
      –   Company website: http://www.nesquik.com
      –   800 N. Brand Blvd., Glendale, CA 91203
          Tel: 818-549-6000
      –   2005 sales (Nesquik): $18.5 million
      –   Nestle manufactures ready-to-drink milkshake products under its NESQUIK
          brand
      –   NESQUIK milkshakes are available in 9 different flavors
      –   Nestle‟s NESQUIK milkshake has about 28.5% market share




May 13, 2010                                                                    72
          MARKET SEGMENT – MILK & MILKSHAKE –
                  MANUFACTURERS - II

 The Hershey Company
      –   Company website: http://www.hersheysmilk.com
      –   100 Crystal A. Dr., Hershey, PA 17033
          Tel: 717-534-4200
      –   2005 sales (milk & milkshake): $17.25 million
      –   Hershey‟s manufactures ready-to-drink milkshakes and flavored milk drinks
      –   The company produces 5 different flavors of milkshakes and 3 flavors of
          flavored milk
      –   Hershey‟s Milkshake has about 17.3% market shake and Hershey‟s Milk has
          another 9.3% market share




May 13, 2010                                                                     73
          MARKET SEGMENT – MILK & MILKSHAKE –
                  MANUFACTURERS - III

 The Hain Celestial Group
      –   Company website: http://www.tastethedream.com
      –   58 S. Service Rd., Melville, NY 11747
          Tel: 631-730-2200
      –   2005 sales (Rice Dream): $8.1 million
      –   The Hain Celestial Group manufactures a refrigerated non-dairy beverage
          under its Rice Dream brand.
      –   The firm was created by the fusion of Hain (“health foods”) and the
          previously privately held “Celestial Seasonings” tea company of Boulder
          Colorado. The combined fir´m´s penetration in free standing “health food”
          stores (driven by the former Hain company), as well as in “health/gourmet”
          sections (driven by the former Celestial Seasonings company) of chain and
          non-chain supermarkets is a core asset.
      –   The beverage is available in 2 flavors
      –   Rice Dream has about 12.5% market share




May 13, 2010                                                                      74
          MARKET SEGMENT – MILK & MILKSHAKE –
                  MANUFACTURERS - IV

 Odwalla (subsidiary of Coca-Cola)
      –   Company website: http://www.odwalla.com
      –   120 Stone Pine Rd., Half Moon Bay, CA 94019
          Tel: 650-726-1888
      –   2005 sales (Super Protein): $4.3 million
      –   Odwalla manufactures juice beverages, smoothies, milkshakes, spring
          water, nutritional bars, and soy-based drinks
      –   The company makes 36 different flavors of juices, smoothies and
          milkshakes
      –   Odwalla‟s Super Protein milkshake has about 6.7% market share




May 13, 2010                                                                    75
          MARKET SEGMENT – MILK & MILKSHAKE –
                  MANUFACTURERS - V

 Kern’s Beverages
      –   Company website: http://www.kerns.com
      –   5994 West Las Positas Blvd., Suite 209, Pleasanton, CA 94588
          Tel: 888-655-3767
      –   2005 sales (Horchata): $2.8 million
      –   Kern‟s manufactures fruit nectars and horchata (a light-tasting milk and
          rice drink popular in Mexico and other Latin American countries)
      –   Kern‟s Horchata has about 4.3% market share




May 13, 2010                                                                         76
          MARKET SEGMENT – MILK & MILKSHAKE –
                  MANUFACTURERS - VI

 Shamrock Farms
      –   Company website: http://www.shamrockfarms.net
      –   2228 N. Black Canyon Hwy., Phoenix, AZ 85009
          Tel: 602-272-6721
      –   2005 sales (milkshakes): $1.45 million
      –   Shamrock Farms is the largest family-owned and operated dairy in the
          Southwest
      –   The company produces and distributes a full line of dairy products,
          including fresh milk, sour cream, cottage cheese, whipping cream, ice
          cream, and more
      –   Shamrock MMMMILK and MMMMILKSHAKES are available in 12 different
          flavors
      –   Shamrock Farms milkshake has about 2.2% market share




May 13, 2010                                                                      77
          MARKET DEMAND FOR FRUITS, JUICES &
              SWEET SPREADS SEGMENTS

 Statistics for 2004:

Processed Fruit Consumption   -   24.52 mm tons
Fresh Fruit Consumption       -   38.17 mm tons
Fruit Juice Consumption       -   12.5 mm tons

Sweet Spread Market Demand -      $1,800 mm




May 13, 2010                                      78
               MARKET SEGMENT – SWEET SPREADS –
                      MANUFACTURERS – I

 The J. M. Smucker Company
      –   Company website: http://www.smucker.com
      –   1 Strawberry Lane, Orrville, OH 44667
          Tel: 330-682-3000
      –   2005 sales: $2,154.7 million
      –   Smucker‟s is the number one U.S. producer of jams, jellies, and preserves
      –   The company also manufactures dessert toppings, juices, and specialty
          fruit spreads
      –   Smucker‟s supplies industrial fruit fillings for yogurts and pastries as well




May 13, 2010                                                                              79
               MARKET SEGMENT – SWEET SPREADS –
                      MANUFACTURERS – II

 Welch Foods (subsidiary of National Grape Cooperative Assoc)
      –   Company website: http://www.welchs.com
      –   3 Concord Farms, 575 Virginia Rd., Concord, MA 01742
          Tel: 978-371-1000
      –   2005 sales: $577.8 million
      –   Welch Foods produces Welch‟s brand fruit-based products
      –   The company‟s products include bottled & canned juices, fruit snacks,
          sparkling juices, frozen juices, juice concentrates, jams, jellies, preserves,
          and juice bars
      –   Welch Foods is the operating subsidiary of the National Grape Cooperative
          Association




May 13, 2010                                                                               80
                          CONFECTIONERY DEMAND IN USA - I
Table 2a. Quantity and Value of Shipments of Confectionery Products: 2005 and 2004
[Quantity in thousands of pounds. Value in thousands of dollars]
                                                                                                                   2005                            2004
Product description                                                                              Quantity            Value             Quantity      Value
                                                                                           6,493,573
          Shipments...............................................................................................16,880,338           6,208,003     16,465,387


                                                                        3,529,387              9,982,793
Chocolate and chocolate-type confectionery.......................................................…                                     3,321,509     9,637,758
                                                                                                 557,171
   Solid........................................................................................................     1,380,880         515,558       1,324,781
                                                                                        226,685
   Solid with inclusions...........................................................................                  695,998           232,100       717,137
                                                                1,373,626              3,780,645                                   1,314,552
   Enrobed or molded with candy, fruit, nut or granola center...................................................................................     3,748,341
                                                                     318,904               920,831
   Enrobed or molded with bakery product center.....................................................................................   291,074       825,854
                                                                                              627,028
   Panned.....................................................................................................       1,584,268         572,468       1,477,856
                                                                                    425,973
   Assortments and other........................................................................                     1,620,171         395,757       1,543,789


                                                                               2,375,779             4,782,775
Nonchocolate-type confectionery............................................................................                            2,260,636     4,508,332
                                                                                            581,815
   Hard candy............................................................................................            1,341,513         568,283       1,247,816
                                                                            662,395               1,534,055
   Chewy candy, including granola bars...........................................................................                      585,572       1,336,842
                                                                                             553,105
   Soft candy..............................................................................................          865,636           558,409       895,279
                                                                                           6,898
   Iced/coated................................................................................................       34,495            n/a           n/a
                                                                                              392,094
   Panned......................................................................................................... 764,620             370,594       746,049
                                                                                      179,472
   Licorice and licorice type..........................................................................              242,456           n/a           n/a


                                                                382,258                1,616,032
Chewing gum, bubble gum, and chewing gum base...............................................................................           427,674       1,829,463


                                                                                       206,149
Confectionery, n.s.k. 1/.................................................................                            498,738           198,184       489,834


3. confectionery industry (i.e. chocolate):
 May 13, 2010                                                                                                                                                  81
                     CONFECTIONERY DEMAND IN USA - II
                     Table 3. Consumption of Selected Ingredients by the U.S. Confectionery Industry: 2005 and 2004
                     [Quantity in thousands of pounds. Value in thousands of dollars]
                                                                         2005                                                              2004

                                                                                           Quantity             Value            Quantity              Value
                                                                                              n/a 4,131,733
                               Materials consumed...................................................................                    n/a 3,963,981
                                                                                  2,404,237            663,189             2,367,551
                     Sugar (cane-beet).....................................................................................…                       658,321
                                                                                        697,169          603,160
                     Cocoa beans.........................................................................…                        729,265          571,046
                                                                     1,402,857            172,264             1,363,482            162,671
                     Corn syrup including HFCS and dextrose.........................................................................…
                                                                                        n/a               n/a
                     Chocolate liquor, imported.........................................................................…               n/a              n/a
                                                                                        n/a               n/a
                     Chocolate liquor, domestic.........................................................................… 13,070                     17,603
                                                                                n/a               n/a                    n/a
                     Cocoa powder composition coatings.........................................................................…                         n/a
                                                                                  127,185             84,114
                     Cocoa cake or powder.........................................................................…               130,340            90,882
                                                                                        241,620           435,780
                     Cocoa butter..........................................................................…                      247,822          393,380
                                                                                  216,288           203,350
                     Chocolate coatings, milk.........................................................................… 237,847                    227,348
                                                                            111,047           100,913                114,889
                     Chocolate coatings, other than milk..........................................................................… 106,991
                                                                                          228,785          112,547
                     Fats and oils.........................................................................…                      221,772          102,107
                                                                                                n/a
                     Gum base..........................................................................…           n/a              66,934           62,565
                                                                                1,083,423            517,852
                     Milk and milk products..........................................................................… 1,052,761                   481,863
                                                                                    327,843           158,983
                     Peanuts, shelled basis..........................................................................…            326,548          150,387
                                                                                        53,731
                     Almond kernels..................................................................…105,141                       50,675           81,024
                                                                             35,104          100,366                  38,421
                     Other nuts and nut meats (kernels)..................................................................…                           97,970
                                                                                           5,601            5,322                   5,511
                     Coconut meat.....................................................................................................…               5,192
                                                                                  501,978           728,999
                     Other edible materials 1/...................................................................…                493,913          710,371
                                                                                                n/a           2,133                      n/a           2,048
                     Materials, n.s.k. .......................................................................................................................................…


                     1/Includes corn starch, essential oils, eggs and egg products, fruits, jams, and other materials on which specific da


      May 2004
billion in13, 2010                                                                                                                                                                82
               MARKET SEGMENT – CONFECTIONERY –
                      MANUFACTURERS – I

 The Hershey Company
      –   Company website: http://www.hershey.com
      –   100 Crystal A Dr., Hershey, PA 17033
          Tel: 717-534-4200
      –   2005 sales (chocolate): $2,780.9 million
      –   Hershey is the largest chocolate candy manufacturer in the U.S.
      –   The company‟s confectionery brands include: Hershey‟s Kisses, Reese‟s,
          Twizzlers, Mounds, and York Peppermint Patty
      –   Hershey has about 44.7% market share




May 13, 2010                                                                       83
               MARKET SEGMENT – CONFECTIONERY –
                      MANUFACTURERS – II

 Mars Inc. (Masterfoods)
      –   Company website: http://www.mars.com
      –   6885 Elm St., McLean, VA 22101
          Tel: 703-821-4900
      –   2005 sales (chocolate): $1,706.7 million
      –   Mars is the number two chocolate candy manufacturer in the U.S.
      –   The company‟s confectionery brands include: 3 Musketeers, Dove, Milky
          Way, Skittles, Twix, and Starburst
      –   Mars has about 27.4% market share




May 13, 2010                                                                      84
               MARKET SEGMENT – CONFECTIONERY –
                     MANUFACTURERS – III

 Nestle USA
      –   Company website: http://www.nestleusa.com
      –   800 N. Brand Blvd., Glendale, CA 91203
          Tel: 818-549-6000
      –   2005 sales (chocolate): $548.8 million
      –   Nestle is the number 3 chocolate candy manufacturer in the U.S.
      –   The company‟s confectionery brands include: Crunch, Smarties, and KitKat
      –   Nestle has about 8.8% market share




May 13, 2010                                                                     85
               MARKET SEGMENT – CONFECTIONERY –
                      MANUFACTURERS – IV

 Godiva Chocolatier, Inc. (subsidiary of Campbell Soup)
      –   Company website: http://www.godiva.com
      –   355 Lexington Ave., Fl. 16, New York, NY 10017
          Tel: 212-984-5900
      –   2005 sales (total): $825 million
      –   Godiva makes and sells premium chocolate concoctions, including bonbons,
          flavored coffee, cookies, ice cream, and liqueur
      –   The company also operates 275 boutique retail stores in the U.S.

 Ghirardelli Chocolate Company
      –   Company website: http://www.ghirardelli.com
      –   510-483-6970
          Tel: 1111 139th Ave., San Leandro, CA 94578
      –   2005 sales (total): $150 million
      –   Ghirardelli makes premium chocolate products such as its signature
          chocolate squares, baking chocolate, and chocolate beverage mixes
      –   The company also operates 12 retail shops



May 13, 2010                                                                     86
               MARKET SEGMENT – CONFECTIONERY –
                      MANUFACTURERS – V

 Lindt & Sprungli USA
      –   Company website: http://www.lindt.com
      –   One Fine Chocolate Place, Stratham, NH 03885
          Tel: 603-778-8100
      –   2005 sales (global): $1,707.4 million
      –   Lindt is Switzerland‟s oldest chocolate company and sells premium
          chocolates worldwide
      –   The company‟s brands include: Caffarel, Lindor, Lindt, and Swiss Tradition

 See’s Candies
      –   Company website: http://www.sees.com
      –   210 El Camino Real, South San Francisco, CA 94080
          Tel: 650-583-7307
      –   2005 sales: $325 million
      –   See‟s makes more than 100 varieties of premium chocolate truffles,
          caramels, toffee, and other candies
      –   The company has more than 200 franchised retail shops



May 13, 2010                                                                           87
   BREAD & BAKERY SEGMENT STATISTICS – USA


 2004 Revenue totaling $33.52 billion, a 2% increase from the previous
  year. This is 6.9% of total US food manufacturing revenue.

 2005 Domestic demand totaling $34.60 billion, a 2.2% increase from
  the previous year.

 Bread and Bakery Product Manufacturing in the US - Product/Service
  Segmentation (June 2005)
      –   Fresh and frozen bread and rolls              77.4 %
      –   Frozen cakes, pies and other pastries*        13.5 %
      –    Other bakery products                         9.1 %

* Frozen cakes, pies and other pastries - includes frozen bakery products (except bread), such
    as soft cakes (including fruit), pies (including fruit, cream and custard) doughnuts,
    danishes, cream puffs, eclairs, fruit muffins and other pastries for immediate human
    consumption


May 13, 2010                                                                                88
           MARKET SEGMENT – BREAD & BAKERY –
                   MANUFACTURERS – I

 Sara Lee Food & Beverage
      –   Company website: http://www.saralee.com
      –   3 First National Plaza, Chicago, IL 60602
          Tel: 312-726-2600
      –   2005 sales (total): $4,254 million
      –   Sara Lee is the market leader of bread and bakery products in the U.S.
      –   The company produces fresh sliced bread, buns, rolls, bagels, and frozen
          bakery desserts such as pies, cakes, and cheesecakes
      –   The Food & Beverage subsidiary also manufactures packaged deli meats
          and cheeses and baked goods
      –   Sara Lee‟s bakery brands include: Sara Lee, Healthy Choice, Holsum, and
          Roman Meal
      –   The company has approximately 6.1% market share




May 13, 2010                                                                         89
           MARKET SEGMENT – BREAD & BAKERY –
                  MANUFACTURERS – II

 Bimbo Bakeries USA (subsidiary of Grupo Bimbo)
      –   Company website: http://www.bimbobakeriesusa.com
      –   14401 Statler Blvd., Fort Worth, TX 76155
          Tel: 817-864-2500
      –   2005 sales: $1,257.1 million
      –   Bimbo Bakeries is the U.S. subsidiary of Mexico‟s Grupo Bimbo S.A.
      –   The company manufactures tortillas, bagels, snack cakes, muffins, and
          pizza crusts
      –   Bimbo Bakeries brands include: Bimbo, Mrs. Baird‟s, Oroweat, Francisco,
          Tia Rosa, and Marinela
      –   The company has approximately 3.6% market share




May 13, 2010                                                                        90
           MARKET SEGMENT – BREAD & BAKERY –
                  MANUFACTURERS – III

 Interstate Bakeries Corporation
      –   Company website: http://www.interstatebakeriescorp.com
      –   12 E. Armour Blvd., Kansas City, MO 64111
          Tel: 816-502-4000
      –   2005 sales: $3,403.5 million
      –   Interstate Bakeries is one of the largest wholesale bakers in the U.S.,
          operating 52 bakeries nationwide
      –   The company‟s bread brands include: Wonder, Merita, and Home Pride
      –   Interstate Bakeries also produces snack cakes, doughnuts, and sweet-
          goods under the brands Hostess, Dolly Madison, and Drake‟s
      –   The company filed for Chapter 11 bankruptcy in 2004 and is still in the
          process of reorganization




May 13, 2010                                                                        91
           MARKET SEGMENT – BREAD & BAKERY –
                  MANUFACTURERS – IV

 Dunkin’ Donuts (Dunkin’ Brands)
      –   Company website: http://www.dunkindonuts.com
      –   130 Royall St., Canton, MA 02021
          Tel: 781-737-3000
      –   2005 sales (U.S. total): $3,400 million
      –   Dunkin‟ Donuts is the world‟s largest coffee and baked goods chain
      –   The company sells 52 varieties of donuts in addition to an array of bagels,
          breakfast sandwiches, and other baked goods
      –   The company has over 4,000 Dunkin‟ Donuts locations




May 13, 2010                                                                            92
           MARKET SEGMENT – BREAD & BAKERY –
                  MANUFACTURERS – V

 Krispy Kreme Doughnuts, Inc.
      –   Company website: http://www.krispykreme.com
      –   370 Knollwood St., Suite 500, Winston-Salem, NC 27103
          Tel: 336-725-2981
      –   2005 sales: $707.8 million
      –   Krispy Kreme operates a chain of more than 310 shops and more than 80
          smaller format satellite locations throughout the U.S.
      –   In addition to its original glazed doughnut, the company serves cakes, filled
          doughnuts, crullers and fritters




May 13, 2010                                                                         93
               BREAKFAST CEREALS SEGMENT –
                MARKET DEMAND – 1995-2005

 2005 – US Cereal Industry (i.e. ready-to-eat, hot cereal, cereal bars)
  revenue totaling $9.39 billion, a 3.5% increase from the previous year.
  This accounts for 2.5% of total food manufacturing revenue in the
  United States

 Domestic demand totaling $9.08 billion, a 3% increase from the
  previous year

          Industry                     Industry Gross
Year      Revenue ($ mil)   % Change   Product ($ mil)   % Change
 1995        13210.8           -2.2       10267.8           0.3
 1996        10283.6         -22.2         7307.6         -28.8
 1997        10108.1           -1.7        7283.5          -0.3
 1998        10596.6            4.8        7806.7           7.2
 1999        11668.9          10.1         8891.0          13.9
 2000        11702.5            0.3        8926.8           0.4
 2001        11813.9            1.0        9006.2           0.9
 2002          9098.5        -23.0         6792.4         -24.6
 2003          9077.8          -0.2        6563.6          -3.4
Average Annual Growth          -2.5                        -2.8

May 13, 2010                                                           94
       MARKET SEGMENT – BREAKFAST CEREALS –
                MANUFACTURERS – I

 Kellogg Company
      –   Company website: http://www.kelloggcompany.com
      –   1 Kellogg Sq., Battle Creek, MI 49016
          Tel: 269-961-2000
      –   2005 sales: $10,177.2 million
      –   Kellogg is the number one U.S. breakfast cereal maker
      –   The company‟s brands include: All Bran, Apple Jacks, Cocoa Krispies, Corn
          Flakes, Corn Pops, Crispix, Crunch, Froot Loops, Frosted Mini-Wheats, Fruit
          Harvest, Honey Smacks, Kellogg‟s Organics, Mini-Swirlz, Raisin Bran, Rice
          Krispies, and Scooby Doo Berry Bones
      –   Kellogg has about 23.7% market share




May 13, 2010                                                                        95
       MARKET SEGMENT – BREAKFAST CEREALS –
                MANUFACTURERS – II

 General Mills, Inc.
      –   Company website: http://www.generalmills.com
      –   1 General Mills Blvd., Minneapolis, MN 55426
          Tel: 763-764-7600
      –   2005 sales: $11,640 million
      –   General Mills is the number two cereal maker in the U.S.
      –   The company‟s brands include: Cheerios, Chex, Total, Kix, Wheaties, and
          Lucky Charms
      –   General Mills has about 18% market share




May 13, 2010                                                                        96
       MARKET SEGMENT – BREAKFAST CEREALS –
               MANUFACTURERS – III

 Kraft Foods, Inc.
      –   Company website: http://www.kraft.com
      –   3 Lakes Dr., Northfield, IL 60093
          Tel: 847-646-2000
      –   2005 sales (corporate total): $34,113 million
      –   Kraft Foods is the number one food company and number three cereal
          company in the U.S.
      –   The company manufactures cereals under its Post brand
      –   Post cereal brands include: Honey Bunches of Oats, Grape Nuts, Raisin
          Bran, 100% Bran, Shredded Wheat, Toasties, Bran Flakes, Fruit & Bran,
          Fruity & Cocoa Pebbles, Honeycomb, Strawberry Blasted Honeycomb,
          Golden Crisp, Waffle Crisp, Oreo O‟s, and Alpha-Bits
      –   Kraft has about 14% market share




May 13, 2010                                                                      97
       MARKET SEGMENT – BREAKFAST CEREALS –
               MANUFACTURERS – IV

 Quaker Oats (subsidiary of PepsiCo)
      –   Company website: http://www.quakeroats.com
      –   P.O. Box 049003, Chicago, IL 60604
          Tel: 312-821-1000
      –   2005 sales (PepsiCo): $32,562 million
      –   PepsiCo is the fourth largest cereal maker in the U.S., selling breakfast
          cereal through its Quaker subsidiary
      –   Quaker Oats cereal brands include: Cap‟n Crunch, Life, Quisp, Mother‟s
          Natural, Quaker, and Kretschmer
      –   PepsiCo has about 11.4% market share




May 13, 2010                                                                          98
    LUCUMA – US CUSTOMER BUYING PATTERN - I


 The main challenges that U.S. buyers face:

      –   U.S Consumers in general have not been introduced to Lucuma flavoring

      –   A few restaurants and a couple of ice cream parlors owned by Peruvians
          offer Lucuma ice cream & chocolate truffles

      –   Lucuma is very expensive if purchased through a distributor/importer in the
          U.S. – more than six to eight times the price of that in Peru

      –   Fresh lucuma is not available in the U.S. so users must purchase lucuma
          derivatives – some would prefer to use fresh lucuma

      –   Inconsistent quality is sometimes a problem for the customers – they
          sometimes receive frozen lucuma pulp with blemishes and freezer burns




May 13, 2010                                                                        99
  LUCUMA – US CUSTOMER BUYING PATTERN - II


 Goya, a well known manufacturer and marketer of frozen food, Caribbean and
  Latin American Cuisine appears to have a good experience of Lucuma Sales to
  Ice Cream Segment

 Goya started marketing frozen lucuma as recently as the 2006 spring in the US

 They are selling frozen lucuma pulp at $3.99 per 14 OZ

 They claim to have sold as much as 2,500 cases so far (with each case
  containing 24 - 14 oz cans

 They have sold so far 21,360 Kgms of Lucuma

 They feel that the ice cream industry seems to like lucuma flavoring

 This augurs well for potential lucuma sales


May 13, 2010                                                                 100
               CRITERIA FOR MARKET SELECTION &
                 DESIGNING A SCORING SYSTEM



 This has been already carried out in the earlier meeting with the
  “Lucuma Group” on August 9, 2006




May 13, 2010                                                          101
               DISTRIBUTION CHANNEL ANALYSIS - I


 American Fruits & Flavors
      –   Company website: http://www.americanfruits-flavors.com/
      –   10725 Sutter Ave., Pacoima, CA 91331
          Tel: 818-899-9574
      –   AFF is an ingredients supplier to the beverage, bakery, dairy,
          confectionery, frozen novelties, snack foods, and jams industries
      –   The company specializes in fruit flavorings, vegetable flavorings, fruit
          bases, fruit concentrates, natural sweeteners, and tropical blends




May 13, 2010                                                                         102
           DISTRIBUTION CHANNEL ANALYSIS - II


 Bioactive Resources
      –   Company website: http://www.bioactiveresources.com/
      –   138 Sylvania Place, South Plainfield, NJ 07080
          Tel: 908-561-3114
          E-mail: divyad@bioactiveresources.com
      –   Bioactive Resources is an ingredients supplier for the nutritional
          supplement, food, beverage, snacks, and cosmetics industries
      –   The company carries fruit and vegetable derivatives


 Carlos Steffens Inc.
      –   Company website: http://www.steffenscorp.com
      –   3061 Independence Dr., Suite F, Livermore, CA 94550
          Tel: 925-243-6539
      –   Carlos Steffens is an ingredients broker specializing in concentrated fruit
          juices, fruit purees, and pastes




May 13, 2010                                                                            103
          DISTRIBUTION CHANNEL ANALYSIS - III


 Carmi Flavor & Fragrance
      –   Company website: http://www.carmiflavors.com/
      –   6030 Scott Way, Commerce, CA 90040
          Tel: 323-888-9240
          E-mail: jennifermontgomery@carmiflavors.com
      –   Carmi is a flavor developer and ingredients supplier serving the bakery,
          beverage, confectionery, dairy, and ice cream industries
      –   The company carries various fruit flavorings


 Country Pure Foods
      –   Company website: http://www.juice4u.com/
      –   681 W. Waterloo Rd., Akron, OH 44314
          Tel: 330-753-2293
      –   Country Pure Foods is an independent juice processor, manufacturing an
          assortment of juices




May 13, 2010                                                                         104
           DISTRIBUTION CHANNEL ANALYSIS - IV


 Diana Naturals
      –   Company website: http://www.diana-naturals.com
      –   707 Executive Blvd., Valley Cottage, NY 10989
          Tel: 845-268-5200
      –   Diana Naturals is an ingredient supplier to the health food industry
      –   The company specializes in the production and marketing of natural fruit
          and vegetable ingredients


 Dynamic Health Laboratories
      –   Company website: http://www.dynamic-health.com/
      –   110 Bridge St., Brooklyn, NY 11201
          Tel: 718-472-4009
      –   Dynamic Health Laboratories is a contract manufacturers of juices, juice
          blends, purees, and concentrates
      –   The company carries a variety of exotic juices and purees including: goji,
          mangosteen, acai, noni, camu camu, aloe vera, papaya, and mango


May 13, 2010                                                                           105
               DISTRIBUTION CHANNEL ANALYSIS - V


 Encore Fruit Marketing
      –   Company website: http://www.encorefruit.com/
      –   120 West Bonita Ave., Suite 204, San Dimas, CA 91773
          Tel: 909-394-5640
      –   Encore Fruit Marketing is an ingredient broker specializing in fruit purees,
          fruit juices, frozen fruits, dried fruits, and fruit concentrates


 Food Partners
      –   Company website: http://www.foodpartners.net/
      –   340 W. Central Ave., Suite 200, Winter Haven, FL 33880
          Tel: 863-298-8771
      –   Food Partners is an ingredient distributor focusing on tropical fruit juices
          and related by-products
      –   The company‟s products include: acerola, black current, guabana, guava,
          kiwi, mango, papaya, passion fruit, and prickly pear




May 13, 2010                                                                             106
           DISTRIBUTION CHANNEL ANALYSIS - VI


 FruitSmart Inc.
      –   Company website: http://www.fruitsmart.com/
      –   14502 N. Rothrock Road, Prosser, WA 99350
          Tel: 509-786-3500
      –   FruitSmart is an ingredients supplier and processor specializing fruit
          ingredients


 International Flavors & Fragrances
      –   Company website: https://www.iffxpress.com/
      –   150 Docks Corner Road, Dayton, NJ 08810
          Tel: 732-329-5466
      –   International Flavors & Fragrances is a flavor developer and ingredients
          suppler for the confectionery, beverage, dairy, bakery, and other food
          industry segments




May 13, 2010                                                                         107
          DISTRIBUTION CHANNEL ANALYSIS - VII


 iTi Tropicals
      –   Company website: http://www.ititropicals.com/
      –   Lawrenceville, NJ
          Tel: 800-223-5484
      –   iTi Tropicals is an importer of tropical fruit purees, concentrates, and fruit
          pieces
      –   The company‟s products include: acelora, aloe vera, coconut, guava,
          mango, papaya, passion fruit, and tamarind


 RFI Ingredients
      –   Company website: http://www.rfiingredients.com
      –   300 Corporate Drive, Suite 14, Blauvelt, NY 10913
          Tel: 845-358-8600
      –   RFI Ingredient is an ingredient developer and broker for the food and
          beverage industries
      –   The company carries powders, purees, and concentrates of acai, acerola,
          camu camu, graviola, guava, mango, papaya, passion fruit, and star fruit

May 13, 2010                                                                               108
               DISTRIBUTION CHANNEL ANALYSIS -
                        NODAL POINTS

 Initially it is essential to develop a proper taste and flavoring appealing to the
  US Palate

 It is useful to spend some time and money with companies carrying out special
  research in these areas in the US

 Once this is done, the next step would be to offer the products to various
  manufacturers to try the products

 Only after this, the Distribution Channel should be offered the product to store
  and sell after creating suitable demand in the market

 Being a relatively new product, it is totally dependent on the response of
  manufacturers of ice cream, yogurt, bakery products, sweet spreads, flavored
  milk and breakfast cereals

 A good market research after developing proper taste and flavorings is
  therefore essential



May 13, 2010                                                                           109
                      COMPETITIVE ANALYSIS - I


 Lucuma has to develop a Market Entry Strategy against stiff competition from
  all other flavorings

 In Fruit Pulp Category alone, it meets with competition from the following:
      –   Mangoes – this is currently placed in “special gourmet” category
      –   Pineapple – this is gradually making its way felt in selected gourmet ice cream
          manufacturers
      –   Selected tropical fruits – it is left to the imagination of some of the gourmet ice cream
          providers to come up with these fruit pulps

 In addition, it is facing competition from the regular flavorings such as Vanilla
  (29.6%), Chocolate (8.9%), Strawberry (5.3%), Butter Pecan (5.3%),
  Neapolitan (4.2%), Chocolate Chip (3.9%), French Vanilla ((3.8%), Cookies „n
  Cream (3.6%), Fudge Ripple (2.6%) & Praline (1.7%)

 The above add up to 68.3% and the balance is shared hundreds of products
  accounting for 31.7%

 Lucuma will have to start as one of the products in the 31.7% category

 It is well known that Baskin Robbins have over 50 flavorings in their regular
  retail chain

May 13, 2010                                                                                     110
               COMPETITIVE ANALYSIS - II


 It is estimated that the Market Demand for various flavorings in
  different segments are as below:

                                       In Millions of US$
Ice Cream Segment              -                985
Yogurt                         -                372
Flavored Milk                  -                617
Sweet Spreads                  -                364
Confectionery Products         -                729
Bakery Products                -              1,598
Breakfast cereals              -              1,961
TOTAL – ALL SEGMENTS           -              6,626




May 13, 2010                                                         111
        ASSESSMENT OF CAPITAL INVESTMENT - I


 Incremental Capital Investment needed has been calculated at 12.97%
  of incremental sales revenue in Year – 5

 For a Sales Revenue of $11.293 million in Year 5, the Incremental
  Investment would be $1.465 million

 The model automatically triggers the investment for the incremental
  sales revenue well in advance

 Depreciation has been assumed to be 12.5% of Capital Investment




May 13, 2010                                                            112
       ASSESSMENT OF CAPITAL INVESTMENT - II


 Incremental Manpower required to handle additional exports has been
  arrived at on the basis of 1 person for every $50K exports carried out

 The total personnel costs would be $7.5K p.a. per individual

 The number of incremental jobs created and the incremental wage bill
  for the first 5 years would be as below:


        CALENDAR YEAR     2007     2008     2009    2010       2011       2015
NUMBER OF INCREMENTAL
JOBS CREATED EACH YEAR        69      72       75          4          5          5

TOTAL COSTS OF LABOR         521    1,063   1,626   1,660      1,694      1,842




May 13, 2010                                                                 113
     STRATEGIC OPTIONS – DEMAND IN VARIOUS
              SEGMENTS IN 2006 - I

PROJ. MARKET DEMAND FOR ICE CREAM IN MM LBS       7,234
PROJ. MKT DEMAND FOR YOGURT - MM LBS              2,731
PROJ MKT DEMAND FOR FLAVORED MILK - MM LBS        4,532
SWEET SPREAD INDUSTRY - JAMS, HONEY, PRESERVES
ETC. - MM$                                        1,820
CONFECTIONARY INDUSTRY - MM$                     15,547
CONFECTIONARY INDUSTRY - OTHER EDIBLE OILS,
JAMS, OILS & OTHER MATERIALS - MM LBS              508
BAKERY PRODUCTS - MM$                            35,361
BAKERY PRODUCTS WHERE LUCUMA COULD BE USED -
MM$                                               7,992
PROJ. BREAKFAST CEREALS REVENUES - MM$            9,806




May 13, 2010                                         114
        STRATEGIC OPTIONS – GROWTH RATES OF
                 VARIOUS SEGMENTS

 Ice Cream Segment           1.09%

 Yogurt Segment              1.00%

 Flavored Milk Segment       2.89%

 Sweet Spreads Segment       1.10%

 Confectionery Segment       1.20%

 Bakery Products Segment     2.20%

 Breakfast Cereals Segment   1.83%



May 13, 2010                                  115
    STRATEGIC OPTIONS – PRODUCT STRATEGIES


 Develop Product Flavorings appealing to the US Palate

 Approach Two Companies such as Carmi Flavor & Fragrance and
  International Flavors & Fragrances, well experienced in this field to
  provide quotes

 A consumer panel is to be formed and product testing should take
  place

 Different forms of the product to be tried to see whose applicability has
  the most favorable response from the consumer panel

 Spending as much as $350K towards developing the optimal blend of
  taste, aroma and feel for the product

 Based on Consumer Panel‟s reactions, a suitable product or a set of
  products would be selected

May 13, 2010                                                              116
STRATEGIC OPTIONS – PRODUCTION STRATEGIES


 In the collaborative meetings, one suggestion was that some groups of
  growers (within or external to PROLUCUMA) combine forces and make
  a binding commitment to produce standardized products which would
  resolve a key issue in the current marketplace.
 As suggested by ACM Consulting, this structure could be a “fielcomiso”
  (land traust) whereby particpants place their land under contract and
  for a specified time (say 5 years) decline rights to cease production of
  Lucuma.
      –   As a consequence, the producers in this category would be givern priority
          rights for sales opportunities identified by PROLUCUMA or Government
          Entities.
      –   Production would be combined to create a significant exportable offer, with
          participants receiving a corrresponding shareholding in the aggregated
          entity.
      –   Should the industry decide to explore this path, Tiara/ACM is willing to
          undertake the financial analysis and develop the marketing strategy for
          such an entity.


May 13, 2010                                                                       117
STRATEGIC OPTIONS – PROMOTION STRATEGIES


 Participation in 10 Trade Shows at a total cost of $200K

 Making presentations similar to what Brazil did for their special “berry
  product”, “CIAO” last year in US Trade Shows

 Participation in “Food Network” Show, i.e., Channel 46 to display the
  variety of food recipes using “Lucuma”. The cost should not exceed,
  say $40K

 Free Sampling & Demonstration in 50 selected restaurants, 4 times a
  year at a unit cost of $325 per restaurant would involve an overall cost
  of $65K

 Advertising in 6 different magazines to a tune of $450

 Overall cost of promotional strategies would be in the region of $755K


May 13, 2010                                                              118
     STRATEGIC OPTIONS – PRICING STRATEGIES


 It is recommended to have a “Conservative Approach” here

 There is significant evidence that the Distributors in the US are
  charging substantially higher price for “Lucuma Pulp” that they have
  imported from Peru

 It is also known that some of users of Lucuma for their ice-creams and
  chocolate truffles are importing directly from their own sources in Peru
  at $2.50 per Kgm.

 We have therefore assumed an import price (fob Peru) at $2.50 per
  Kgm

 The model treats “escalating price” as an option in this regard and
  shows the relevant results

May 13, 2010                                                             119
               STRATEGIC OPTIONS - DISTRIBUTION


 There are quite a few distributors, ready to take on the “Distribution”
  as seen in the earlier slides

 However, the Strategy recommended here is to initially develop an
  “Optimal Product” and then offer it to ice cream and yogurt
  manufacturers and retail chains

 Similarly, develop the products suitable for Confectionery, Bakery and
  Breakfast Cereals Segments and then offer it to the respective
  manufacturers and marketers

 Thereafter, offer the product both directly through the distribution
  channel and also to the manufacturers depending on their order of
  preference



May 13, 2010                                                                120
                 STRATEGIC OPTIONS –
               PROJECTED MARKET SHARES


PROJECTED MARKET SHARE IN ICE CREAM SEGMENT    0.23%
PROJECTED MARKET SHARE IN YOGURT SEGMENT       0.15%
PROJ. MKT SHR IN FLAVORED MILK SEGMENT         0.17%
PROJ MKT SHR OF LUCUMA IN SWEET SPREAD SGMT    0.15%
PROJ. MARKET SHARE IN CONFECTIONARY SEGMENGT   0.20%
PROJ. MKT SHR IN BAKERY SEGMENT                0.23%
PROJ. MKT SHARE IN CEREALS SEGMENT             0.29%




May 13, 2010                                      121
STRATEGIC OPTIONS – ASSUMPTIONS RELATING
TO LUCUMA CONTENT SHARE FOR EACH SEGMENT


PERCENTAGE OF LUCUMA PULP IN ICE CREAM           17.50%
PERCENTAGE OF LUCUMA PULP IN YOGURT              12.50%
PERCENTAGE OF LUCUMA IN FLOVORED MILK            10.00%
% OF SWEETENED LUCUMA IN SWEET SPREAD INDUSTRY   22.50%
% - SWEETENED LUCKUMA IN CONFECTIONARY           15.00%
% OF ASEPTIC LUCUMA IN BAKERY PRODUCTS           11.00%
% OF FREEZE-DRIED LUCUMA IN BREAKFAST CEREALS    9.00%




May 13, 2010                                         122
STRATEGIC OPTIONS – ADDITIONAL MODEL DATA


 No of Years to Achieve Market Share       -     3 Years

 Cost of Goods Sold (COGS) per Kgm -           $1.70

 Ratio of Selling Price to COGS        -        68.0%




May 13, 2010                                                123
     STRATEGIC OPTIONS – PROJECTED REVENUE
       STREAMS FROM DIFFERENT SEGMENTS

         CALENDAR YEAR       2007    2008    2009     2010     2011     2015
PROJ. INCRMNTL REVENUE
FROM ICE CREAM SGMT - M $    1,123   2,270    3,442    3,479    3,517    3,672
PROJ. INCR REVENUE FROM
YOGURT SGMT - M$              213     456      731      780      834     1,086
PROJ. INCRMNTL REVENUE
FROM FLV'D MILK SGMT - M $    307     631      974     1,003    1,032    1,156
PROJ. LUCUMA SALES IN
SWEET SPREAD SGMT - M $       208     421      638      645      652      681
PROJ. INCRMTL REVENUE
FROM CONFECTIONARY SGMT
- M$                           58     116      177      179      181      190
PROJ. LUCUMA SALES IN
BAKERY SGMT - MM$             695    1,420    2,178    2,225    2,274    2,481
PROJ. LUCUMA SALES IN
CEREALS SGMT - MM$            869    1,770    2,703    2,752    2,803    3,014
PROJ. TOTAL EXPORTS
REVENUE OF ALL SGMTS - M$    3,473   7,085   10,842   11,064   11,293   12,280



May 13, 2010                                                               124
STRATEGIC OPTIONS – PROJECTED REVENUE STREAMS, COGS,
  OPERATING COSTS, CONTRIBUTION MARGIN & EARNING
                STREAMS BEFORE TAX

          CALENDAR YEAR        2007     2008       2009     2010       2011       2015
 PROJ. TOTAL EXPORTS
 REVENUE OF ALL SGMTS - M$      3,473    7,085     10,842   11,064     11,293     12,280
 PROJ COST OF GOODS SOLD
 FOR ALL SGMTS - M$             2,361    4,818      7,373    7,524      7,679      8,351
 CONTRIBUTION MARGIN FROM
 ALL SGMTS - M$                 1,111    2,267      3,470    3,541      3,614      3,930
 NUMBER OF INCREMENTAL
 JOBS CREATED EACH YEAR           69       72         75           4          5          5


 TOTAL COSTS OF LABOR            521     1,063      1,626    1,660      1,694      1,842
 PROMOTIONAL ONE TIME
 COSTS - M$                      350           -
 PROMOTIONAL COSTS - FOR
 THE FIRST FEW YEARS - M$         65       65         65       65         65             -
 PROMOTIONAL RECURRING
 COSTS - M$                      690      690        690      690        690        218
 TOTAL OPERATING COSTS FOR
 LUCUMA INDUSTRY-M$             1,626    1,818      2,381    2,415      2,449      2,060
 NET OPERATING INCOME
 BEFORE TAX & DEPRECIATION -
 M$                             (515)     449       1,088    1,126      1,165      1,869

 May 13, 2010                                                                        125
STRATEGIC OPTIONS – PROJECTED EXPORTS OF LUCUMA IN
TONS, CAPITAL INVESTMENT STREAMS & WORKING CAPITAL

      CALENDAR YEAR    2007    2008       2009       2010       2011       2015
TOTAL LUCUMA TONS
EXPORTED               1,389   2,834      4,337      4,426      4,517      4,912
INCREMENTAL CAPITAL
INVESTMENT NEEDED -
M$                     1,465          -          -          -          -          -
CUMULATIVE CAPITAL
INVESTMENT - M$        1,465   1,465      1,465      1,465      1,465      1,465
DEPRECIATION OF
CAPITAL INVESTMENT -
M$                       183     183        183        183        183             -
WORKING CAPITAL
NEEDED - M$            1,347   2,748      4,206      4,292      4,381      4,764
INCREMENTAL WORKING
CAPITAL - M$           1,347   1,401      1,458         86         89        100
WORKING CAPITAL
INTEREST COSTS - M$      121     247        379        386        394        429




May 13, 2010                                                                  126
 STRATEGIC OPTIONS – PROJECTED CASH FLOWS


 CALENDAR YEAR     2007      2008      2009      2010     2011    2015    2021
AFTER TAX
CASHFLOW FOR
INDUSTRY -
NOMINAL - M$      (2,304)      196       536       556      577     965   1,243
CUMU. AFT TAX
CASH FLOW -
NOMINAL - M$      (2,304)   (2,108)   (1,572)   (1,016)   (439)   3,102   9,947
AFT TAX CASH
FLOW FOR THE
INDUSTRY - REAL
- M$              (2,237)      185       490       494      497     740     798
CUMU. AFTER TAX
CASH FLOW -
REAL - M$         (2,237)   (2,052)   (1,562)   (1,068)   (570)   2,260   6,981




May 13, 2010                                                                 127
   STRATEGIC OPTIONS – PROJECTED RESULTS &
            ECONOMIC INDICATORS

TOTAL EXPORTS OF LUCUMA PRODUCTS - M$        170,970
TOTAL FREE CASH FLOW LUCUMA PROJECT - M$       9,947
NO OF NEW JOBS CREATED - LUCUMA PROJECT         280
NET PRESENT VALUE FOR THE INDUSTRY - M$        2,340
INTGERNAL RATE OF RETURN - NOMINAL              26%
INTERNAL RATE OF RETURN - REAL                  22%
SIMPLE PAYBACK PERIOD - NOMINAL - YEARS         5.58
SIMPLE PAYBACK PERIOD - REAL - YEARS            5.90
PRESENT WORTH PAYBACK PERIOD (PWP) - YEARS      7.17
PRESENT WORTH INDEX - (PWP)                     2.14




May 13, 2010                                       128
                              Strategic Graphs

 The following grapghs show the results of the Tiara Modeling

 The grapghs show results with and without the suggested 2% annual
  price increase as market penetration, demand and channel efficiency
  increase
      –   The 2% Price Increase converts the DRA (Decision and Risk Analysis) for
          “Peru Lucuma S.A.” (the entire industry as if it were a firm) from an
          approcimately 32% risk (considering 2187 iterations of the 7 key variables)
          to an approximately 8.5% risk (using the same 2817 iterations)




May 13, 2010                                                                       129
               Tornado: Lucuma Variables
                No Annual Price Increase




May 13, 2010                               130
               Tornado: Lucuma Top 7 Variables
                   No Annual Price Increase




May 13, 2010                                     131
         S-Curve: Lucuma Decision & Risk Analysis
                 No Annual Price Increase




May 13, 2010                                        132
                           Strategic Graphs

               The following Tornado Diagram and “S-Curve”

                       (Decision and Risk Analysis)

               show the effect of a 2% annual price increase




May 13, 2010                                                   133
                 Tornado: Lucuma Variables
               With 2% Annual Price Increase




May 13, 2010                                   134
               Tornado: Lucuma Top 7 Variables
                  2% Annual Price Increase




May 13, 2010                                     135
         S-Curve: Lucuma Decision & Risk Analysis
                With Annual Price Increase




May 13, 2010                                        136
                   Some Traditional
        and Non-Traditional Lucuma Presentations




May 13, 2010                                       137
                     Conclusion: Key Findings
               from Study and Collaborative Meetings
 The Lucuma industry has “niche” opportunities in the USA, and can achieve
  significant profitability at “relatively” or “very” low risk by reaching minute
  market shares in key products such as Ice Cream, Flavored Milk and as a
  “Bakery Ingredient”
      –   A key variable in diminishing the risk profile is a 2% price increase annually.
      –   Initially, larger food firms should not be targeted, direct contacts in the gourmet
          sector are essential to introduce the product while strengthening the supply chain

 Without “standardization,” of quality variables such as color, flavor, sugar
  content (as well as dependable supply to the USA) Lucuma will remain a
  “marginal” export product

 PRO-LUCUMA, must be strengthened (or a new stronger entity created) so well
  over 50% of acreage is represented.
      –   This will allow increased marketing and political strength
      –   This will allow much better data collection to ensure industry benchmarking and
          profitability
      –   This will allow communication of market demands, and allow growers to meet it with
          appropriate quality and standardized offer.

 A public Private partnership is essential to achieve quality, supply and
  promotion goals. Likely participants will include PROMPEX and the Private
  Sector (whether under the aegis of the gremio PRO-LUCUMA, or large scale
  individual firms)


May 13, 2010                                                                                    138
                                       Next Steps

 Despite the completion of the project, Tiara is willing to re-run the DRA based
  on improved data which may come available based on tighter industry
  coordination, and furthermore modify any strategic conclusions and
  recommendations

 Furthermore, Tiara is willing to re-present this presentation, with any
  modifications described above, in January 2007 at no additional cost.

 PROMPEX and PROLUCUMA, and key industry players must convene and decide
  what political and financial resources are available for solidifying the industry,
  and what strategy recommendations they wish to adopt.
      –   Upon this decision, further study should be undertaken based on the “new realities”
          concluded by the relevant parties
      –   Now that the “ideal” plan has been developed, Tiara International Consulting is willing,
          as an additional study, to adopt a plan based on decisions taken by the relevant
          participants.
      –   The “Land-Trust” concept mentioned earlier should be considered. If accepted it must
          be developed with sound economic study and marketing plan (based on the acreage of
          willing participants)

 If within a “reasonable time” (e.g. 1 quarter) inertia or other factors delay the
  adoption of a holistic plan, individual firms can and should seek opportunities in
  the meantime to tap the markets and contacts identified. This is a sub-optimal
  solution.


May 13, 2010                                                                                   139
                    Gracias por su atención...




                                      TIC LLC
                                      Tiara International Consulting LLC
                                      www.ticllcglobal.com




                This document is an exclusive joint property of TIC LLC
                 and ACM Perú SAC. Neither the whole document, nor
               any of its written parts, charts or photos can be used for
                  any purpose, different from the one defined by both
                     companies, or by previous notice and written
                                 authorization by them.


May 13, 2010                                                                140

				
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