Latest / Omni Talk Retail / The Future of Food Retail? PwC’s Harold Dutzler Breaks It Down 🍎📉 | Live at CGF 2025

Transcript

The Future of Food Retail? PwC’s Harold Dutzler Breaks It Down 🍎📉 | Live at CGF 2025 · Omni Talk Retail

• 0:00
  Hello
• 0:00
  everyone.
• 0:00
  This
• 0:00
  is
• 0:00
  Omnitalk
• 0:01
  Retail.
• 0:01
  I'm
• 0:02
  Chris
• 0:02
  Walton.
• 0:02
  And
• 0:02
  I'm
• 0:03
  Anne
• 0:03
  Mazinga.
• 0:03
  And
• 0:03
  we
• 0:03
  are
• 0:04
  coming
• 0:04
  to
• 0:04
  you
• 0:04
  live
• 0:04
  from
• 0:04
  the
• 0:05
  Vusion
• 0:05
  Group's
• 0:05
  booth
• 0:06
  at
• 0:06
  the
• 0:06
  Consumer
• 0:07
  Goods
• 0:07
  Forum
• 0:07
  in
• 0:08
  Amsterdam.
• 0:09
  Come
• 0:09
  on
• 0:09
  by,
• 0:09
  say
• 0:10
  hello.
• 0:10
  We're
• 0:11
  going
• 0:11
  to
• 0:11
  be
• 0:11
  here
• 0:11
  all
• 0:12
  day.
• 0:12
  And
• 0:12
  thanks
• 0:12
  to
• 0:12
  the
• 0:12
  Fusion
• 0:13
  Group
• 0:13
  for
• 0:13
  helping
• 0:14
  to
• 0:14
  make
• 0:14
  our
• 0:14
  coverage
• 0:15
  from
• 0:15
  the
• 0:15
  Consumer
• 0:15
  Goods
• 0:16
  Forum
• 0:16
  possible.
• 0:17
  Now
• 0:18
  joining
• 0:18
  us
• 0:18
  is
• 0:19
  Harald
• 0:19
  Dutzler,
• 0:20
  the
• 0:21
  global
• 0:21
  sector
• 0:21
  leader
• 0:22
  for
• 0:22
  consumer
• 0:22
  goods
• 0:23
  at
• 0:23
  PwC.
• 0:24
  Harold,
• 0:25
  welcome
• 0:25
  to
• 0:25
  Omnitalk.
• 0:27
  Thank
• 0:27
  you
• 0:27
  for
• 0:27
  having
• 0:27
  me
• 0:27
  here.
• 0:27
  It's
• 0:28
  great
• 0:28
  to
• 0:28
  be
• 0:28
  here.
• 0:28
  Well,
• 0:29
  Harold,
• 0:29
  tell
• 0:30
  us
• 0:30
  about
• 0:30
  yourself.
• 0:31
  Sir.
• 0:31
  Tell
• 0:32
  us
• 0:32
  about
• 0:32
  your
• 0:32
  background
• 0:33
  and
• 0:33
  what
• 0:33
  you
• 0:33
  do
• 0:34
  with
• 0:34
  PwC.
• 0:35
  Yeah,
• 0:35
  so
• 0:35
  I
• 0:35
  do
• 0:36
  work
• 0:36
  at
• 0:36
  PwC.
• 0:37
  I'm
• 0:37
  a
• 0:37
  strategy
• 0:38
  consultant
• 0:38
  by
• 0:39
  profession.
• 0:40
  Doing
• 0:40
  that
• 0:40
  for
• 0:40
  25
• 0:41
  years.
• 0:41
  25
• 0:41
  years.
• 0:41
  Okay,
• 0:42
  25
• 0:42
  years.
• 0:42
  Always
• 0:43
  based
• 0:43
  in
• 0:43
  Vienna,
• 0:44
  so
• 0:44
  always
• 0:45
  out
• 0:45
  of
• 0:45
  Austria,
• 0:46
  mostly
• 0:47
  in
• 0:47
  a
• 0:47
  European
• 0:47
  environment,
• 0:48
  sometimes
• 0:49
  a
• 0:49
  global
• 0:49
  environment.
• 0:50
  And
• 0:51
  predominantly
• 0:51
  working
• 0:52
  in
• 0:52
  the
• 0:52
  food
• 0:52
  value
• 0:52
  chain.
• 0:53
  That's
• 0:53
  my
• 0:54
  home
• 0:54
  turf.
• 0:54
  Doing
• 0:55
  supply
• 0:55
  chain
• 0:55
  work
• 0:56
  from
• 0:56
  farm
• 0:56
  to
• 0:57
  fork,
• 0:57
  working
• 0:58
  with
• 0:58
  retailers,
• 0:59
  consumer
• 1:00
  goods
• 1:00
  companies,
• 1:01
  aggregators,
• 1:03
  also
• 1:03
  players
• 1:04
  further
• 1:04
  on
• 1:04
  towards
• 1:05
  the
• 1:05
  agri
• 1:05
  and
• 1:06
  farming
• 1:06
  side.
• 1:06
  Wow.
• 1:07
  Okay,
• 1:07
  so
• 1:07
  along
• 1:08
  the
• 1:08
  entire
• 1:08
  value
• 1:09
  chain.
• 1:09
  Wow.
• 1:09
  Wow.
• 1:10
  What
• 1:10
  brings
• 1:10
  you
• 1:10
  to
• 1:11
  the
• 1:11
  Consumer
• 1:12
  Goods
• 1:12
  Forum?
• 1:12
  I'm
• 1:12
  guessing
• 1:13
  this
• 1:13
  is
• 1:13
  not
• 1:13
  your
• 1:13
  first
• 1:13
  time
• 1:14
  here.
• 1:14
  Is
• 1:14
  that
• 1:14
  guess
• 1:15
  correct?
• 1:15
  That
• 1:15
  guess
• 1:16
  is
• 1:16
  correct.
• 1:16
  True.
• 1:17
  I
• 1:17
  really
• 1:17
  love
• 1:18
  being
• 1:18
  here
• 1:18
  at
• 1:18
  the
• 1:18
  Consumer
• 1:18
  Goods
• 1:19
  Forum
• 1:20
  for
• 1:20
  two
• 1:20
  reasons.
• 1:20
  I
• 1:20
  mean,
• 1:21
  one,
• 1:21
  it's
• 1:21
  my
• 1:21
  passion
• 1:22
  that
• 1:22
  food
• 1:22
  value
• 1:23
  chain.
• 1:23
  Therefore
• 1:23
  it's
• 1:24
  the
• 1:24
  place
• 1:24
  to
• 1:24
  be,
• 1:24
  right?
• 1:25
  That's
• 1:25
  where
• 1:25
  people
• 1:26
  along
• 1:26
  that
• 1:26
  entire
• 1:27
  value
• 1:27
  chain
• 1:27
  meet
• 1:28
  up
• 1:28
  and
• 1:28
  think
• 1:29
  about
• 1:29
  collaborating.
• 1:30
  That's
• 1:30
  what
• 1:30
  it's
• 1:30
  all
• 1:31
  about.
• 1:31
  And
• 1:32
  secondly,
• 1:32
  a
• 1:32
  bit
• 1:32
  of
• 1:32
  institutionally,
• 1:33
  as
• 1:33
  I
• 1:34
  have
• 1:34
  the
• 1:34
  honor
• 1:34
  of
• 1:34
  leading
• 1:35
  consumer
• 1:36
  goods
• 1:36
  globally
• 1:36
  for
• 1:37
  PwC,
• 1:38
  it's
• 1:38
  the
• 1:38
  logical
• 1:39
  place
• 1:39
  to
• 1:39
  be.
• 1:40
  I
• 1:40
  also
• 1:40
  have
• 1:40
  the
• 1:40
  honor
• 1:41
  of
• 1:41
  presenting
• 1:42
  our
• 1:42
  latest
• 1:43
  study
• 1:43
  tomorrow,
• 1:44
  tomorrow
• 1:44
  morning
• 1:45
  with
• 1:45
  an
• 1:45
  exciting
• 1:45
  panel.
• 1:46
  So.
• 1:46
  So
• 1:46
  we'll
• 1:46
  have
• 1:46
  a
• 1:47
  good
• 1:47
  conversation.
• 1:47
  Let's
• 1:48
  talk
• 1:48
  about
• 1:48
  the
• 1:48
  study.
• 1:49
  What
• 1:49
  were
• 1:50
  some
• 1:50
  of
• 1:50
  the
• 1:50
  findings
• 1:50
  from
• 1:51
  the
• 1:51
  most
• 1:51
  recent
• 1:52
  release?
• 1:53
  Oh,
• 1:54
  it's
• 1:54
  hot
• 1:54
  off
• 1:54
  the
• 1:54
  press.
• 1:55
  It
• 1:55
  actually
• 1:55
  came
• 1:55
  out
• 1:56
  yesterday.
• 1:56
  It's
• 1:57
  a
• 1:57
  consumer
• 1:57
  survey.
• 1:58
  We
• 1:58
  did
• 1:58
  it
• 1:58
  with
• 1:58
  more
• 1:58
  than
• 1:59
  20,000
• 1:59
  consumers
• 2:00
  globally.
• 2:01
  And
• 2:01
  it's
• 2:02
  focused
• 2:02
  on
• 2:02
  food
• 2:03
  and
• 2:03
  how
• 2:03
  people
• 2:04
  buy
• 2:04
  food,
• 2:06
  how
• 2:06
  they
• 2:06
  want
• 2:07
  to
• 2:07
  change
• 2:07
  their
• 2:07
  behaviors
• 2:08
  and
• 2:08
  around
• 2:09
  food
• 2:09
  purchases,
• 2:09
  not
• 2:10
  purchases
• 2:10
  in
• 2:10
  general,
• 2:11
  but
• 2:11
  really
• 2:11
  around
• 2:12
  food.
• 2:13
  And
• 2:13
  it's,
• 2:14
  I
• 2:14
  mean,
• 2:14
  the
• 2:14
  first
• 2:14
  important
• 2:15
  message
• 2:15
  from
• 2:15
  there
• 2:16
  is
• 2:16
  price
• 2:17
  dominates.
• 2:18
  Obviously
• 2:19
  the
• 2:19
  interesting
• 2:20
  news
• 2:21
  around
• 2:21
  it
• 2:21
  is
• 2:22
  it
• 2:23
  all
• 2:23
  developed
• 2:23
  also
• 2:23
  actually
• 2:24
  in
• 2:24
  a
• 2:24
  cost
• 2:24
  of
• 2:25
  living
• 2:25
  crisis.
• 2:25
  So
• 2:26
  it's
• 2:26
  not
• 2:26
  only
• 2:26
  price
• 2:26
  is
• 2:27
  important,
• 2:27
  but
• 2:27
  it's
• 2:28
  essential.
• 2:28
  You
• 2:28
  know,
• 2:28
  it's
• 2:29
  not
• 2:29
  a
• 2:29
  choice
• 2:30
  anymore,
• 2:30
  but
• 2:30
  it's
• 2:32
  the
• 2:32
  wallets
• 2:32
  are
• 2:33
  just
• 2:33
  not
• 2:33
  big
• 2:33
  enough.
• 2:33
  After
• 2:34
  inflation
• 2:34
  over
• 2:35
  the
• 2:35
  last
• 2:35
  couple
• 2:35
  of
• 2:35
  years,
• 2:35
  it's
• 2:36
  the
• 2:36
  biggest
• 2:36
  worry.
• 2:37
  But
• 2:37
  at
• 2:37
  the
• 2:37
  same
• 2:38
  time,
• 2:39
  consumers
• 2:39
  in
• 2:39
  particular,
• 2:40
  younger
• 2:40
  consumers
• 2:41
  and
• 2:41
  emerging
• 2:42
  market
• 2:42
  consumers.
• 2:43
  So
• 2:43
  the
• 2:44
  consumers
• 2:44
  of
• 2:44
  tomorrow,
• 2:45
  those
• 2:45
  who
• 2:45
  have
• 2:45
  growing
• 2:46
  wallets
• 2:46
  tomorrow,
• 2:47
  they
• 2:48
  are
• 2:48
  aspirational,
• 2:48
  they
• 2:49
  want
• 2:49
  more.
• 2:50
  Okay,
• 2:50
  yes.
• 2:51
  Within
• 2:51
  it
• 2:52
  needs
• 2:52
  to
• 2:52
  fit
• 2:52
  within
• 2:52
  that
• 2:53
  non
• 2:53
  existing
• 2:53
  wallet.
• 2:57
  They
• 2:57
  don't
• 2:57
  have
• 2:57
  the
• 2:57
  money.
• 2:57
  Exactly.
• 2:58
  And
• 2:58
  we
• 2:58
  hear
• 2:58
  a
• 2:58
  lot
• 2:59
  of
• 2:59
  that
• 2:59
  today.
• 2:59
  So
• 2:59
  that
• 3:00
  the
• 3:00
  price
• 3:00
  is
• 3:01
  a
• 3:01
  given.
• 3:01
  That's
• 3:02
  not
• 3:02
  going
• 3:02
  away.
• 3:02
  You
• 3:03
  can't
• 3:03
  price
• 3:04
  yourself
• 3:04
  out
• 3:04
  of
• 3:05
  it
• 3:05
  in
• 3:05
  this
• 3:05
  environment.
• 3:06
  But
• 3:06
  they
• 3:06
  also
• 3:07
  want
• 3:07
  much
• 3:07
  more
• 3:08
  health,
• 3:08
  functional
• 3:09
  and
• 3:09
  we're
• 3:09
  hearing
• 3:10
  a
• 3:10
  lot
• 3:10
  about
• 3:10
  that
• 3:11
  today
• 3:11
  also
• 3:12
  and
• 3:12
  probably
• 3:13
  the
• 3:13
  rest
• 3:14
  of
• 3:14
  the
• 3:14
  week.
• 3:15
  Sustainability
• 3:16
  to
• 3:16
  some
• 3:17
  extent,
• 3:17
  but
• 3:18
  for
• 3:18
  many
• 3:18
  that's
• 3:18
  a
• 3:19
  too
• 3:20
  far
• 3:20
  away
• 3:20
  concept.
• 3:21
  They
• 3:21
  say
• 3:21
  yes,
• 3:21
  it's
• 3:21
  important,
• 3:22
  but
• 3:22
  how
• 3:23
  it
• 3:23
  exactly
• 3:24
  impacts
• 3:24
  themselves,
• 3:25
  they
• 3:25
  don't
• 3:26
  really
• 3:26
  know.
• 3:26
  And
• 3:27
  how
• 3:27
  exactly
• 3:28
  the
• 3:28
  product
• 3:28
  has
• 3:28
  an
• 3:29
  impact
• 3:29
  on
• 3:29
  sustainability
• 3:30
  and
• 3:30
  on
• 3:30
  the
• 3:30
  environment,
• 3:31
  they
• 3:31
  also
• 3:32
  don't
• 3:32
  really
• 3:32
  know.
• 3:32
  Every
• 3:32
  study
• 3:33
  says
• 3:33
  something
• 3:33
  different,
• 3:34
  every
• 3:34
  claim
• 3:35
  says
• 3:35
  something
• 3:35
  different.
• 3:36
  They
• 3:36
  are
• 3:36
  confused
• 3:37
  about
• 3:37
  that.
• 3:37
  Right.
• 3:38
  And
• 3:38
  that's
• 3:39
  the
• 3:39
  third
• 3:39
  key
• 3:39
  point
• 3:40
  about
• 3:40
  it
• 3:40
  is
• 3:41
  they
• 3:41
  really
• 3:42
  ask
• 3:42
  for
• 3:42
  more
• 3:43
  help.
• 3:44
  It's
• 3:44
  such
• 3:44
  a
• 3:44
  complex
• 3:45
  environment,
• 3:46
  it's
• 3:46
  such
• 3:46
  a
• 3:46
  complex
• 3:47
  purchasing
• 3:47
  decision.
• 3:48
  They
• 3:48
  do
• 3:49
  it
• 3:49
  ten
• 3:49
  times
• 3:49
  a
• 3:49
  day.
• 3:51
  It
• 3:51
  needs
• 3:52
  to
• 3:52
  fit
• 3:52
  in
• 3:52
  their
• 3:52
  wallet.
• 3:53
  They
• 3:53
  are
• 3:53
  hearing
• 3:54
  all
• 3:54
  of
• 3:54
  these
• 3:54
  things
• 3:54
  unhealthy,
• 3:55
  non
• 3:55
  healthy,
• 3:56
  you
• 3:56
  know,
• 3:56
  they're
• 3:56
  getting
• 3:56
  confused
• 3:57
  left
• 3:57
  and
• 3:57
  right.
• 3:57
  So
• 3:58
  help
• 3:58
  consolidating
• 3:58
  all
• 3:59
  that
• 3:59
  information,
• 3:59
  consolidating.
• 4:00
  All
• 4:00
  of
• 4:00
  that
• 4:00
  they
• 4:01
  use.
• 4:01
  They
• 4:01
  use
• 4:02
  on
• 4:02
  average
• 4:02
  four
• 4:02
  apps
• 4:03
  to
• 4:04
  help
• 4:04
  to
• 4:04
  sort
• 4:04
  their
• 4:04
  life.
• 4:05
  Right.
• 4:05
  I
• 4:05
  mean
• 4:05
  running,
• 4:06
  sleeping,
• 4:07
  many
• 4:07
  people
• 4:07
  have
• 4:08
  a
• 4:08
  ring,
• 4:09
  we
• 4:10
  are
• 4:10
  used
• 4:10
  to
• 4:10
  that.
• 4:11
  But
• 4:11
  on
• 4:11
  food,
• 4:12
  that
• 4:13
  doesn't
• 4:13
  really
• 4:13
  exist.
• 4:15
  So
• 4:15
  part
• 4:15
  of
• 4:16
  the
• 4:16
  answers
• 4:16
  they
• 4:16
  are
• 4:16
  giving
• 4:17
  to
• 4:17
  us
• 4:17
  is
• 4:17
  they
• 4:17
  would
• 4:18
  be
• 4:18
  ready
• 4:19
  to
• 4:19
  use
• 4:20
  technology
• 4:21
  much
• 4:21
  more.
• 4:21
  That
• 4:22
  makes
• 4:22
  sense.
• 4:23
  It
• 4:23
  starts
• 4:23
  with
• 4:23
  online
• 4:24
  buying,
• 4:24
  social
• 4:25
  buying,
• 4:25
  but
• 4:25
  also
• 4:25
  other
• 4:26
  things
• 4:26
  of
• 4:26
  technology
• 4:27
  helping
• 4:27
  them
• 4:28
  to,
• 4:28
  you
• 4:28
  know,
• 4:29
  what
• 4:30
  do
• 4:30
  I
• 4:30
  need
• 4:30
  to
• 4:30
  buy
• 4:31
  to
• 4:31
  make
• 4:31
  my
• 4:31
  weekly
• 4:32
  purchase
• 4:32
  with
• 4:32
  a
• 4:33
  certain
• 4:33
  calorie
• 4:34
  amount.
• 4:34
  Enter
• 4:35
  agentic
• 4:35
  AI.
• 4:36
  Right?
• 4:36
  Yes.
• 4:36
  Voila,
• 4:37
  voila.
• 4:38
  Right,
• 4:38
  Voila.
• 4:39
  There's
• 4:39
  no
• 4:39
  real,
• 4:40
  we
• 4:40
  were
• 4:40
  talking
• 4:40
  to
• 4:40
  somebody
• 4:40
  earlier
• 4:41
  too.
• 4:41
  There's
• 4:41
  no
• 4:41
  real
• 4:41
  common
• 4:42
  language
• 4:42
  or
• 4:43
  definitions
• 4:43
  for
• 4:44
  how
• 4:44
  even
• 4:44
  we
• 4:45
  in
• 4:45
  the
• 4:45
  industry
• 4:45
  should
• 4:46
  look
• 4:46
  at
• 4:46
  some
• 4:46
  of
• 4:46
  those
• 4:46
  questions.
• 4:47
  Right.
• 4:47
  So
• 4:48
  I'm
• 4:48
  curious
• 4:48
  then
• 4:48
  on
• 4:49
  that
• 4:49
  point,
• 4:49
  like
• 4:50
  you
• 4:50
  know,
• 4:51
  you
• 4:51
  being
• 4:51
  a
• 4:51
  student
• 4:52
  of
• 4:52
  the
• 4:52
  industry
• 4:52
  like
• 4:52
  you
• 4:53
  have
• 4:53
  been
• 4:53
  for
• 4:53
  the
• 4:53
  past
• 4:53
  25
• 4:54
  years,
• 4:55
  is
• 4:55
  there
• 4:55
  anything
• 4:55
  you've
• 4:55
  seen
• 4:56
  either
• 4:56
  the
• 4:57
  retailers
• 4:57
  themselves
• 4:58
  or
• 4:58
  the
• 4:58
  CBGs
• 4:59
  do
• 4:59
  that
• 5:00
  has
• 5:00
  been
• 5:00
  successful
• 5:01
  in
• 5:01
  this
• 5:02
  arena
• 5:02
  to
• 5:02
  get
• 5:03
  people
• 5:03
  in,
• 5:04
  you
• 5:04
  know,
• 5:05
  to,
• 5:05
  you
• 5:06
  know,
• 5:06
  take
• 5:06
  action
• 5:06
  on
• 5:07
  this
• 5:07
  in
• 5:07
  the
• 5:07
  right
• 5:07
  way?
• 5:08
  I
• 5:09
  think
• 5:09
  they
• 5:09
  all
• 5:09
  work
• 5:09
  on
• 5:09
  that
• 5:10
  they
• 5:10
  want
• 5:10
  or
• 5:10
  the
• 5:10
  other
• 5:10
  way.
• 5:11
  Yeah.
• 5:11
  One
• 5:11
  complexity
• 5:12
  is
• 5:12
  indeed.
• 5:13
  There
• 5:13
  is
• 5:13
  no
• 5:14
  common
• 5:14
  language
• 5:14
  and
• 5:15
  I'm
• 5:15
  not
• 5:15
  talking
• 5:15
  technological
• 5:16
  languages,
• 5:16
  I'm
• 5:17
  not
• 5:17
  a
• 5:17
  tech
• 5:17
  guy,
• 5:18
  but
• 5:18
  a
• 5:19
  common
• 5:19
  language,
• 5:19
  it
• 5:20
  starts
• 5:20
  with
• 5:20
  the,
• 5:20
  the
• 5:20
  of
• 5:20
  rest
• 5:20
  recipes
• 5:21
  or
• 5:21
  it
• 5:21
  starts
• 5:22
  with
• 5:23
  labels.
• 5:23
  Right.
• 5:24
  I
• 5:24
  mean
• 5:24
  there's
• 5:25
  so
• 5:25
  much
• 5:25
  variety
• 5:26
  and
• 5:26
  if
• 5:27
  you
• 5:27
  don't
• 5:27
  have
• 5:27
  that,
• 5:27
  it's
• 5:28
  very
• 5:28
  difficult
• 5:28
  to
• 5:29
  kind
• 5:29
  of
• 5:30
  bundle
• 5:30
  it
• 5:30
  all
• 5:30
  together.
• 5:31
  So
• 5:32
  all
• 5:32
  of
• 5:32
  them
• 5:32
  do
• 5:32
  things.
• 5:33
  I
• 5:33
  just
• 5:34
  saw
• 5:34
  recently
• 5:34
  and
• 5:35
  we
• 5:35
  had
• 5:35
  a
• 5:35
  conversation
• 5:36
  in
• 5:36
  Spain
• 5:37
  with
• 5:37
  a
• 5:37
  actually
• 5:38
  medium
• 5:38
  sized,
• 5:39
  actually
• 5:39
  small
• 5:39
  sized
• 5:39
  retailer,
• 5:40
  less
• 5:40
  than
• 5:40
  10
• 5:41
  billion,
• 5:42
  which
• 5:42
  is
• 5:42
  in
• 5:42
  global
• 5:43
  scale,
• 5:43
  not,
• 5:44
  I
• 5:44
  mean
• 5:44
  it's
• 5:44
  not
• 5:44
  Walmart.
• 5:45
  Right.
• 5:47
  And
• 5:47
  they
• 5:47
  are
• 5:48
  trying
• 5:48
  to
• 5:48
  do
• 5:48
  quite
• 5:48
  innovative
• 5:49
  things.
• 5:50
  It's
• 5:50
  not
• 5:50
  overly
• 5:51
  technological
• 5:52
  because
• 5:52
  of
• 5:52
  their
• 5:52
  scale,
• 5:53
  but
• 5:53
  they
• 5:53
  are
• 5:54
  trying
• 5:54
  to
• 5:54
  offer
• 5:55
  information
• 5:55
  to
• 5:56
  consumers
• 5:57
  to
• 5:57
  start
• 5:58
  going
• 5:58
  that
• 5:58
  direction
• 5:59
  of
• 5:59
  how
• 5:59
  do
• 5:59
  they
• 5:59
  put
• 6:00
  actually
• 6:00
  a
• 6:00
  healthy
• 6:01
  basket
• 6:01
  together
• 6:02
  and
• 6:02
  how
• 6:02
  can
• 6:02
  they
• 6:02
  over
• 6:03
  time
• 6:03
  improve
• 6:03
  their
• 6:04
  basket?
• 6:04
  On
• 6:05
  health
• 6:05
  related
• 6:06
  topics,
• 6:06
  also
• 6:07
  on
• 6:07
  price.
• 6:08
  And
• 6:08
  they
• 6:08
  can
• 6:09
  also
• 6:09
  give
• 6:09
  you
• 6:09
  advice
• 6:10
  on
• 6:10
  what
• 6:11
  you
• 6:11
  can
• 6:11
  buy
• 6:11
  to
• 6:12
  actually
• 6:12
  reduce
• 6:12
  your,
• 6:14
  your
• 6:15
  wallet
• 6:16
  by
• 6:16
  buying
• 6:17
  more
• 6:17
  clever.
• 6:17
  Not
• 6:18
  every
• 6:18
  day
• 6:18
  a
• 6:18
  small
• 6:19
  peg,
• 6:19
  but
• 6:19
  once
• 6:20
  a
• 6:20
  week
• 6:20
  a
• 6:20
  larger
• 6:21
  peg
• 6:21
  on
• 6:21
  something.
• 6:21
  So
• 6:22
  whatever.
• 6:23
  So
• 6:23
  things
• 6:23
  like
• 6:24
  this
• 6:24
  and
• 6:24
  I
• 6:24
  think
• 6:24
  many
• 6:25
  of
• 6:25
  them
• 6:25
  are
• 6:26
  playing
• 6:26
  with
• 6:26
  that,
• 6:27
  many
• 6:27
  are
• 6:27
  playing
• 6:27
  with
• 6:28
  loyalty
• 6:28
  schemes
• 6:29
  and
• 6:30
  they
• 6:30
  have
• 6:30
  a
• 6:30
  very
• 6:31
  rich
• 6:31
  data
• 6:32
  set,
• 6:33
  but
• 6:33
  not
• 6:33
  translating
• 6:34
  that
• 6:34
  into
• 6:34
  this.
• 6:36
  How
• 6:36
  actually
• 6:36
  do
• 6:36
  you
• 6:37
  help
• 6:37
  the
• 6:37
  consumer
• 6:39
  in
• 6:39
  making
• 6:39
  this
• 6:40
  complex
• 6:40
  and
• 6:41
  emotional?
• 6:42
  It's
• 6:42
  good
• 6:42
  that
• 6:42
  it's
• 6:43
  emotional,
• 6:43
  right.
• 6:43
  It's
• 6:44
  food,
• 6:44
  these
• 6:45
  emotional
• 6:45
  decisions,
• 6:46
  I
• 6:46
  think
• 6:46
  that's
• 6:47
  still
• 6:47
  the
• 6:47
  next
• 6:47
  step.
• 6:47
  So
• 6:48
  Harold,
• 6:48
  if
• 6:48
  I
• 6:48
  were
• 6:48
  to
• 6:48
  play
• 6:48
  back
• 6:49
  what
• 6:49
  you
• 6:49
  said,
• 6:49
  then
• 6:49
  would
• 6:49
  you
• 6:49
  say
• 6:50
  you
• 6:50
  would
• 6:50
  advise
• 6:50
  retailers
• 6:51
  to
• 6:52
  make
• 6:52
  sure
• 6:53
  that
• 6:53
  the
• 6:53
  prices
• 6:54
  of
• 6:54
  their
• 6:54
  products
• 6:54
  are
• 6:54
  as
• 6:55
  easily
• 6:55
  understandable
• 6:55
  as
• 6:56
  they
• 6:56
  can
• 6:56
  be
• 6:56
  for
• 6:56
  their
• 6:56
  consumers,
• 6:57
  particularly
• 6:57
  in
• 6:57
  this
• 6:58
  budget
• 6:58
  conscious
• 7:00
  arena
• 7:00
  that
• 7:00
  we
• 7:01
  now,
• 7:01
  or
• 7:01
  world
• 7:01
  that
• 7:01
  we
• 7:02
  now
• 7:02
  live
• 7:02
  in,
• 7:02
  I
• 7:02
  should
• 7:02
  say,
• 7:03
  would
• 7:03
  that
• 7:03
  be
• 7:03
  one.
• 7:03
  And
• 7:04
  then
• 7:04
  the
• 7:04
  second
• 7:04
  thing
• 7:04
  would
• 7:05
  be
• 7:05
  also
• 7:06
  how
• 7:06
  do
• 7:06
  you
• 7:07
  identify
• 7:08
  the
• 7:09
  nutrient
• 7:09
  quality
• 7:10
  or
• 7:10
  the
• 7:10
  healthiness
• 7:11
  quote
• 7:11
  unquote
• 7:12
  of
• 7:12
  the
• 7:12
  products
• 7:12
  in
• 7:13
  your
• 7:13
  store
• 7:13
  in
• 7:13
  a
• 7:13
  way
• 7:14
  that
• 7:14
  your
• 7:14
  consumer
• 7:15
  can
• 7:15
  also
• 7:15
  understand?
• 7:16
  Would
• 7:16
  you
• 7:16
  say
• 7:16
  that
• 7:17
  there
• 7:17
  are
• 7:17
  two
• 7:17
  things
• 7:17
  that
• 7:17
  every
• 7:18
  retailer
• 7:18
  should
• 7:18
  be
• 7:19
  striving
• 7:19
  to
• 7:19
  do?
• 7:19
  Yes.
• 7:20
  And
• 7:20
  so
• 7:21
  yeah,
• 7:21
  absolutely.
• 7:23
  The
• 7:23
  price
• 7:23
  side
• 7:24
  harmonized
• 7:25
  way
• 7:25
  of
• 7:26
  talking
• 7:26
  about
• 7:26
  content
• 7:27
  and
• 7:27
  what
• 7:27
  it
• 7:27
  actually
• 7:28
  really
• 7:28
  does,
• 7:29
  but
• 7:29
  then
• 7:29
  also
• 7:29
  helping
• 7:30
  consumers
• 7:31
  with
• 7:31
  more
• 7:31
  information
• 7:32
  about
• 7:32
  it.
• 7:32
  We
• 7:32
  all,
• 7:33
  I
• 7:33
  mean
• 7:33
  we
• 7:33
  spend
• 7:34
  a
• 7:34
  lot
• 7:34
  of
• 7:34
  time
• 7:34
  on
• 7:34
  buying
• 7:35
  food
• 7:35
  and
• 7:35
  eating
• 7:35
  food
• 7:36
  and
• 7:36
  we
• 7:36
  love
• 7:36
  it.
• 7:36
  Hopefully
• 7:37
  we
• 7:37
  do.
• 7:38
  But
• 7:38
  actually
• 7:38
  we
• 7:38
  have
• 7:38
  no
• 7:39
  PhDs
• 7:39
  on
• 7:39
  it.
• 7:39
  Right.
• 7:40
  I
• 7:40
  mean
• 7:40
  we
• 7:40
  hear
• 7:40
  so
• 7:41
  much
• 7:41
  stuff.
• 7:41
  This
• 7:41
  is
• 7:42
  this
• 7:42
  and
• 7:42
  this
• 7:42
  is
• 7:42
  good
• 7:43
  and
• 7:43
  this
• 7:43
  is
• 7:43
  bad.
• 7:43
  We
• 7:44
  are
• 7:44
  confused.
• 7:45
  So
• 7:46
  beyond
• 7:47
  the
• 7:47
  basic
• 7:48
  information,
• 7:48
  which
• 7:49
  already
• 7:49
  is
• 7:49
  a
• 7:49
  big
• 7:49
  win
• 7:50
  if
• 7:50
  you
• 7:50
  do
• 7:50
  that.
• 7:50
  I
• 7:50
  mean,
• 7:51
  it
• 7:51
  starts
• 7:51
  with
• 7:51
  things
• 7:51
  like
• 7:51
  the
• 7:52
  Nutris
• 7:52
  core
• 7:53
  or
• 7:53
  whatever.
• 7:54
  There
• 7:54
  are
• 7:55
  so
• 7:55
  many
• 7:55
  things
• 7:55
  out
• 7:55
  there
• 7:56
  that
• 7:56
  you
• 7:56
  could
• 7:56
  do,
• 7:57
  but
• 7:57
  that's
• 7:57
  only
• 7:58
  the
• 7:58
  starting
• 7:58
  point.
• 7:58
  That's
• 7:59
  the
• 7:59
  kind
• 7:59
  of,
• 7:59
  that's
• 8:00
  the
• 8:00
  minimum
• 8:00
  transparency
• 8:01
  to
• 8:01
  have.
• 8:02
  But
• 8:02
  then
• 8:02
  providing
• 8:03
  them
• 8:03
  additional
• 8:04
  help,
• 8:04
  how
• 8:04
  can
• 8:04
  they
• 8:05
  bundle
• 8:05
  things
• 8:05
  together
• 8:06
  in
• 8:06
  a
• 8:06
  meaningful
• 8:06
  way
• 8:07
  to
• 8:07
  make
• 8:07
  actually
• 8:08
  meals
• 8:08
  for
• 8:08
  their
• 8:08
  entire
• 8:09
  family
• 8:09
  in
• 8:10
  a
• 8:10
  convenient
• 8:10
  way
• 8:11
  and
• 8:12
  avoiding
• 8:12
  food
• 8:12
  waste
• 8:13
  and
• 8:13
  things
• 8:14
  like
• 8:14
  that.
• 8:15
  That's
• 8:15
  the
• 8:15
  end.
• 8:16
  Got
• 8:17
  it,
• 8:17
  got
• 8:17
  it.
• 8:17
  So
• 8:18
  how
• 8:18
  do
• 8:18
  you.
• 8:18
  So
• 8:18
  let's
• 8:19
  shift
• 8:19
  gears
• 8:19
  too,
• 8:19
  because
• 8:20
  you
• 8:20
  brought
• 8:20
  up
• 8:20
  sustainability,
• 8:21
  you
• 8:21
  said
• 8:21
  that
• 8:21
  the
• 8:21
  average
• 8:22
  consumer
• 8:22
  still
• 8:22
  is
• 8:23
  not
• 8:24
  quite
• 8:24
  understanding
• 8:24
  what
• 8:25
  role
• 8:25
  that's
• 8:25
  going
• 8:25
  to
• 8:25
  play
• 8:26
  in
• 8:26
  their
• 8:26
  lives.
• 8:27
  So
• 8:27
  how
• 8:27
  should
• 8:27
  the
• 8:27
  industry
• 8:28
  then
• 8:28
  approach
• 8:28
  that
• 8:29
  topic?
• 8:29
  Like
• 8:30
  where
• 8:30
  can
• 8:30
  they
• 8:30
  find
• 8:31
  success?
• 8:32
  I
• 8:32
  think
• 8:32
  you
• 8:33
  need
• 8:33
  to
• 8:33
  start
• 8:33
  there,
• 8:34
  where
• 8:34
  you
• 8:35
  can
• 8:36
  explain
• 8:36
  in
• 8:37
  a
• 8:37
  simple
• 8:37
  way
• 8:38
  a
• 8:39
  direct
• 8:39
  impact.
• 8:40
  Okay.
• 8:41
  And
• 8:42
  everybody
• 8:42
  is
• 8:43
  worried
• 8:43
  about
• 8:43
  climate
• 8:44
  change,
• 8:44
  but
• 8:45
  what
• 8:45
  the
• 8:45
  individual
• 8:45
  product
• 8:46
  does
• 8:46
  on
• 8:46
  climate
• 8:47
  change
• 8:47
  and
• 8:47
  what
• 8:47
  that
• 8:47
  actually
• 8:48
  means
• 8:48
  is,
• 8:49
  is
• 8:49
  a
• 8:49
  very
• 8:49
  difficult
• 8:50
  subject
• 8:50
  to
• 8:50
  understand.
• 8:53
  So
• 8:53
  start
• 8:54
  where
• 8:55
  you
• 8:55
  can
• 8:56
  explain
• 8:56
  to
• 8:56
  consumers
• 8:57
  the
• 8:57
  direct
• 8:57
  impact
• 8:58
  that
• 8:58
  it
• 8:58
  has
• 8:58
  also
• 8:59
  for
• 8:59
  them.
• 9:00
  And
• 9:01
  some
• 9:01
  of
• 9:01
  it
• 9:01
  is
• 9:01
  actually
• 9:01
  linked
• 9:02
  to
• 9:02
  probably
• 9:02
  attributes
• 9:03
  that
• 9:03
  you
• 9:03
  wouldn't
• 9:04
  directly
• 9:04
  say,
• 9:04
  oh,
• 9:05
  that's
• 9:05
  a
• 9:05
  sustainability
• 9:06
  attribute.
• 9:07
  Local.
• 9:08
  Okay,
• 9:09
  local.
• 9:09
  Got
• 9:09
  it.
• 9:09
  People
• 9:10
  do
• 9:10
  have
• 9:10
  something
• 9:10
  in
• 9:11
  their
• 9:11
  mind.
• 9:11
  Local
• 9:11
  means
• 9:12
  less
• 9:13
  transport.
• 9:14
  It's
• 9:14
  good.
• 9:16
  It's
• 9:16
  probably
• 9:16
  biological.
• 9:17
  Whether
• 9:18
  it
• 9:18
  is
• 9:18
  or
• 9:18
  not
• 9:18
  is
• 9:18
  not
• 9:18
  the
• 9:19
  question
• 9:19
  almost.
• 9:19
  But
• 9:20
  it
• 9:20
  has
• 9:20
  a
• 9:20
  certain
• 9:21
  connotation
• 9:22
  that
• 9:22
  it's
• 9:22
  linked
• 9:23
  to
• 9:23
  a
• 9:23
  positive
• 9:23
  sustainability
• 9:24
  impact.
• 9:26
  Is
• 9:26
  there
• 9:26
  anything
• 9:26
  else?
• 9:27
  Are
• 9:27
  there
• 9:27
  any
• 9:27
  other
• 9:27
  attributes
• 9:28
  that
• 9:28
  you'd
• 9:28
  identify
• 9:28
  that
• 9:29
  are
• 9:29
  similar
• 9:29
  to
• 9:29
  that
• 9:30
  or
• 9:30
  is
• 9:31
  local?
• 9:31
  The
• 9:31
  one
• 9:31
  you'd
• 9:32
  lead
• 9:32
  with?
• 9:33
  The
• 9:33
  other
• 9:34
  ones
• 9:34
  is
• 9:34
  where
• 9:34
  you
• 9:35
  can
• 9:35
  make
• 9:35
  a
• 9:35
  direct
• 9:36
  connection
• 9:36
  between
• 9:37
  a
• 9:37
  health
• 9:37
  impact
• 9:38
  and
• 9:38
  a
• 9:38
  sustainability
• 9:39
  impact.
• 9:40
  Less
• 9:40
  sugar.
• 9:42
  I'm
• 9:42
  not
• 9:42
  even
• 9:42
  sure
• 9:43
  whether
• 9:43
  that's
• 9:43
  a
• 9:43
  very
• 9:43
  good
• 9:43
  example
• 9:44
  now,
• 9:45
  but
• 9:45
  you
• 9:45
  can
• 9:46
  make
• 9:46
  a
• 9:47
  direct
• 9:48
  connection
• 9:48
  because
• 9:48
  the
• 9:49
  health
• 9:49
  impact
• 9:49
  they
• 9:49
  understand
• 9:50
  that's
• 9:50
  also
• 9:51
  the
• 9:51
  reason
• 9:51
  why
• 9:52
  health
• 9:52
  attributes
• 9:53
  and
• 9:54
  features
• 9:55
  are
• 9:56
  so
• 9:56
  popular
• 9:56
  now
• 9:56
  and
• 9:57
  people
• 9:57
  are
• 9:57
  willing
• 9:58
  to
• 9:58
  pay
• 9:58
  because
• 9:58
  they
• 9:59
  see
• 9:59
  a
• 9:59
  direct
• 9:59
  impact.
• 10:00
  Protein
• 10:01
  is
• 10:01
  good
• 10:01
  for
• 10:01
  my
• 10:01
  muscles.
• 10:02
  Local
• 10:02
  plant
• 10:03
  based
• 10:03
  would
• 10:03
  be
• 10:03
  a
• 10:03
  good
• 10:04
  example.
• 10:04
  That's
• 10:05
  a
• 10:05
  good
• 10:05
  one
• 10:05
  in
• 10:05
  that
• 10:06
  arena.
• 10:06
  Is
• 10:06
  what
• 10:06
  you're
• 10:06
  saying
• 10:07
  in
• 10:07
  that
• 10:07
  direction.
• 10:08
  And
• 10:09
  there
• 10:09
  they
• 10:09
  do
• 10:09
  more
• 10:09
  directly
• 10:10
  understand
• 10:10
  it
• 10:11
  or
• 10:11
  seem
• 10:11
  to
• 10:11
  more
• 10:11
  directly
• 10:12
  understand
• 10:12
  it.
• 10:12
  Got
• 10:13
  it,
• 10:13
  Got
• 10:13
  it.
• 10:13
  So,
• 10:14
  Harold,
• 10:14
  we've
• 10:14
  been
• 10:14
  talking
• 10:15
  about
• 10:15
  a
• 10:15
  lot
• 10:15
  of
• 10:15
  things
• 10:16
  with
• 10:16
  you
• 10:16
  just
• 10:16
  now.
• 10:18
  You've
• 10:18
  been
• 10:18
  going
• 10:18
  to
• 10:19
  several
• 10:19
  sessions.
• 10:20
  I'm
• 10:20
  curious
• 10:21
  when
• 10:21
  you
• 10:21
  think
• 10:21
  about
• 10:21
  those
• 10:22
  things
• 10:22
  that
• 10:22
  you
• 10:22
  just
• 10:22
  mentioned
• 10:23
  as
• 10:23
  themes,
• 10:23
  the
• 10:23
  study
• 10:24
  and
• 10:24
  work
• 10:24
  that
• 10:24
  PWC
• 10:25
  has
• 10:25
  been
• 10:25
  doing
• 10:26
  also,
• 10:27
  what
• 10:27
  were
• 10:28
  some
• 10:28
  of
• 10:28
  the
• 10:28
  standout
• 10:29
  moments
• 10:29
  from
• 10:30
  the
• 10:30
  show
• 10:30
  for
• 10:30
  you?
• 10:30
  So
• 10:30
  Far
• 10:31
  I
• 10:32
  really
• 10:32
  liked
• 10:32
  some
• 10:32
  of
• 10:32
  the
• 10:33
  individual
• 10:33
  examples.
• 10:34
  Some
• 10:34
  companies
• 10:34
  were
• 10:34
  giving
• 10:35
  very
• 10:35
  specific
• 10:36
  examples.
• 10:37
  So
• 10:37
  not
• 10:37
  the,
• 10:38
  oh,
• 10:38
  in
• 10:38
  five
• 10:38
  years
• 10:38
  we
• 10:39
  will
• 10:39
  be
• 10:39
  there.
• 10:39
  Right.
• 10:40
  But
• 10:40
  you
• 10:40
  know,
• 10:40
  we
• 10:40
  are
• 10:41
  doing
• 10:41
  this
• 10:41
  and
• 10:41
  this
• 10:42
  and
• 10:42
  that's
• 10:42
  the
• 10:42
  impact
• 10:42
  it's
• 10:43
  having
• 10:43
  Razor
• 10:43
  sharp.
• 10:45
  Having
• 10:45
  a
• 10:45
  clear
• 10:45
  problem,
• 10:46
  having
• 10:46
  a
• 10:47
  solution
• 10:47
  or
• 10:48
  offering
• 10:48
  one
• 10:49
  solution
• 10:49
  to
• 10:49
  the
• 10:49
  problem.
• 10:51
  Playing
• 10:51
  it
• 10:51
  out
• 10:52
  here.
• 10:52
  We
• 10:52
  had
• 10:52
  a
• 10:52
  session
• 10:53
  in
• 10:53
  the
• 10:53
  very
• 10:53
  morning
• 10:53
  today
• 10:54
  on
• 10:54
  circularity.
• 10:55
  I
• 10:55
  found
• 10:55
  that
• 10:55
  super
• 10:56
  powerful.
• 10:57
  All
• 10:57
  three
• 10:57
  companies,
• 10:58
  they
• 10:58
  are
• 10:58
  bam,
• 10:58
  bam,
• 10:59
  bam.
• 10:59
  And
• 10:59
  another
• 11:00
  round
• 11:00
  of
• 11:00
  bomb.
• 11:00
  Bomb,
• 11:01
  bomb.
• 11:01
  Yeah.
• 11:01
  Giving
• 11:02
  examples
• 11:02
  in
• 11:02
  real
• 11:03
  life.
• 11:04
  There
• 11:04
  was
• 11:04
  a
• 11:04
  good
• 11:04
  example
• 11:06
  on
• 11:06
  a
• 11:06
  reuse
• 11:07
  test
• 11:08
  in
• 11:08
  a
• 11:08
  city
• 11:08
  in
• 11:09
  Canada.
• 11:10
  I
• 11:10
  found
• 11:10
  that
• 11:10
  very
• 11:11
  fascinating
• 11:12
  actually
• 11:12
  by
• 11:13
  coincidence,
• 11:13
  my
• 11:13
  Canadian
• 11:14
  partner
• 11:14
  colleague
• 11:15
  was
• 11:15
  sitting
• 11:15
  next
• 11:15
  to
• 11:15
  me.
• 11:15
  She
• 11:16
  was
• 11:16
  really
• 11:16
  freaking
• 11:16
  out.
• 11:17
  This
• 11:18
  is
• 11:18
  so
• 11:18
  exciting
• 11:18
  that
• 11:18
  you
• 11:19
  talk
• 11:19
  on
• 11:20
  big
• 11:20
  plenary
• 11:20
  about
• 11:21
  their
• 11:21
  example.
• 11:24
  Exactly.
• 11:24
  That's
• 11:24
  exactly.
• 11:25
  She
• 11:25
  was
• 11:25
  really
• 11:25
  proud
• 11:26
  and
• 11:26
  happy
• 11:27
  and
• 11:27
  rightly
• 11:27
  so.
• 11:28
  Yeah,
• 11:28
  right.
• 11:29
  Because
• 11:29
  it's
• 11:29
  a
• 11:29
  topic
• 11:30
  packaging
• 11:31
  reuse.
• 11:32
  It's
• 11:33
  mentioned
• 11:33
  for
• 11:33
  many,
• 11:34
  many
• 11:34
  years,
• 11:34
  but
• 11:35
  does
• 11:35
  it
• 11:35
  really
• 11:35
  pick
• 11:35
  up?
• 11:36
  Not
• 11:37
  that
• 11:37
  much
• 11:37
  on
• 11:38
  plastic
• 11:38
  bottles.
• 11:38
  And
• 11:39
  there
• 11:39
  they
• 11:39
  are
• 11:39
  now
• 11:39
  making
• 11:40
  a
• 11:40
  pilot
• 11:40
  in
• 11:41
  one
• 11:41
  city,
• 11:42
  Ottawa,
• 11:42
  not
• 11:43
  a
• 11:43
  small
• 11:43
  city.
• 11:43
  So
• 11:44
  in
• 11:44
  one
• 11:45
  place
• 11:45
  to
• 11:45
  actually
• 11:46
  test
• 11:47
  it
• 11:47
  out.
• 11:47
  I
• 11:47
  think
• 11:47
  it
• 11:47
  was
• 11:48
  two
• 11:48
  or
• 11:48
  three
• 11:48
  retailers
• 11:49
  and
• 11:49
  four
• 11:49
  consumer
• 11:50
  goods
• 11:50
  companies
• 11:51
  collaborating,
• 11:52
  coming
• 11:52
  together,
• 11:52
  doing
• 11:53
  it
• 11:53
  together.
• 11:53
  I
• 11:54
  found
• 11:54
  that,
• 11:55
  you
• 11:55
  know,
• 11:55
  very
• 11:56
  wow.
• 11:56
  Very
• 11:56
  fascinating.
• 11:57
  It's
• 11:58
  not
• 11:58
  rocket
• 11:58
  science,
• 11:58
  but
• 11:58
  it's
• 11:59
  wow.
• 12:00
  And
• 12:00
  it's
• 12:00
  a
• 12:00
  new
• 12:00
  concept
• 12:01
  for
• 12:01
  the
• 12:01
  industry.
• 12:02
  Really
• 12:02
  like
• 12:02
  collaborating
• 12:03
  in
• 12:03
  that
• 12:03
  way
• 12:04
  with
• 12:04
  a
• 12:04
  shared
• 12:05
  goal.
• 12:06
  We
• 12:06
  talked
• 12:06
  to
• 12:06
  some
• 12:07
  people
• 12:07
  here
• 12:07
  from
• 12:07
  Danone
• 12:08
  about
• 12:08
  that
• 12:08
  earlier
• 12:09
  too.
• 12:10
  That's
• 12:10
  so
• 12:10
  critical,
• 12:11
  so
• 12:11
  important
• 12:11
  that
• 12:11
  it's
• 12:12
  easier
• 12:12
  said
• 12:12
  than
• 12:12
  done.
• 12:13
  There
• 12:13
  are
• 12:13
  so
• 12:13
  many
• 12:13
  things
• 12:14
  that
• 12:14
  stand
• 12:14
  in
• 12:14
  the
• 12:14
  way.
• 12:15
  Right.
• 12:15
  We've
• 12:15
  seen
• 12:16
  similar
• 12:16
  things
• 12:16
  like
• 12:16
  that
• 12:17
  try
• 12:17
  to
• 12:17
  take
• 12:17
  off
• 12:17
  in
• 12:17
  the
• 12:17
  States
• 12:18
  too.
• 12:18
  Although
• 12:18
  not
• 12:18
  probably
• 12:19
  as
• 12:19
  successfully.
• 12:20
  All
• 12:20
  right,
• 12:20
  Harold,
• 12:20
  let's
• 12:21
  get
• 12:21
  you
• 12:21
  out
• 12:21
  of
• 12:21
  here
• 12:21
  on
• 12:21
  this.
• 12:22
  I've
• 12:22
  been
• 12:22
  trying
• 12:22
  to
• 12:22
  think
• 12:22
  of
• 12:23
  a
• 12:23
  consulting
• 12:23
  type
• 12:24
  question
• 12:24
  to
• 12:24
  ask
• 12:24
  you.
• 12:26
  So
• 12:26
  if
• 12:27
  you
• 12:27
  were
• 12:27
  a
• 12:27
  betting
• 12:28
  man,
• 12:29
  on
• 12:29
  which
• 12:29
  trend
• 12:30
  would
• 12:30
  you
• 12:30
  say
• 12:31
  is?
• 12:31
  Which
• 12:31
  trend
• 12:32
  would
• 12:32
  you
• 12:32
  say
• 12:32
  is
• 12:32
  going
• 12:32
  to
• 12:33
  impact
• 12:34
  the
• 12:35
  grocery
• 12:35
  industry
• 12:35
  the
• 12:36
  most
• 12:36
  over
• 12:36
  the
• 12:37
  next,
• 12:37
  say
• 12:37
  five
• 12:38
  to
• 12:38
  10
• 12:38
  years?
• 12:40
  Wow,
• 12:40
  that's
• 12:40
  a
• 12:40
  loaded
• 12:41
  question.
• 12:43
  I
• 12:43
  think
• 12:43
  I
• 12:43
  can
• 12:43
  give
• 12:44
  you
• 12:44
  two
• 12:44
  answers.
• 12:44
  I
• 12:44
  had
• 12:44
  the
• 12:45
  benefit
• 12:45
  of
• 12:45
  sitting
• 12:45
  now
• 12:46
  in
• 12:47
  a
• 12:47
  room
• 12:47
  and
• 12:47
  there
• 12:47
  was
• 12:48
  some
• 12:48
  also
• 12:49
  investors
• 12:50
  and
• 12:50
  they
• 12:50
  were
• 12:50
  talking
• 12:50
  about
• 12:51
  that
• 12:51
  a
• 12:51
  bit.
• 12:51
  So
• 12:51
  I
• 12:51
  can
• 12:51
  benefit
• 12:52
  from
• 12:52
  having
• 12:52
  picked
• 12:53
  up.
• 12:53
  But
• 12:53
  I
• 12:53
  can
• 12:54
  also,
• 12:54
  I
• 12:54
  think
• 12:54
  add
• 12:54
  what
• 12:55
  I
• 12:55
  think
• 12:55
  my
• 12:55
  own
• 12:56
  theme
• 12:56
  would
• 12:56
  be.
• 12:57
  My
• 12:57
  personal
• 12:57
  perspective
• 12:58
  would
• 12:58
  be
• 13:00
  health
• 13:01
  related.
• 13:01
  That's
• 13:02
  what
• 13:02
  I
• 13:02
  was
• 13:02
  gonna
• 13:02
  think.
• 13:02
  Health
• 13:03
  related
• 13:04
  products
• 13:05
  and
• 13:05
  services.
• 13:06
  So
• 13:06
  not
• 13:07
  only
• 13:07
  a
• 13:07
  product
• 13:07
  and
• 13:08
  services
• 13:09
  at
• 13:09
  affordable
• 13:10
  price.
• 13:11
  Got
• 13:11
  it.
• 13:12
  So
• 13:12
  food
• 13:12
  as
• 13:12
  medicine
• 13:13
  at
• 13:13
  an
• 13:13
  Affordable
• 13:14
  price.
• 13:14
  Is
• 13:14
  that
• 13:15
  the
• 13:15
  right
• 13:15
  way
• 13:15
  to
• 13:15
  say
• 13:15
  that?
• 13:16
  Yes.
• 13:16
  And
• 13:16
  all
• 13:17
  the
• 13:18
  services
• 13:18
  around
• 13:19
  it.
• 13:19
  So
• 13:20
  helping
• 13:20
  people
• 13:20
  understand
• 13:21
  it,
• 13:21
  what
• 13:21
  we
• 13:22
  talked
• 13:22
  a
• 13:22
  bit
• 13:22
  about
• 13:23
  before.
• 13:23
  Yeah.
• 13:24
  So
• 13:24
  it's
• 13:24
  not
• 13:24
  only
• 13:24
  the
• 13:25
  product.
• 13:25
  I
• 13:25
  believe
• 13:25
  the
• 13:26
  product
• 13:26
  is
• 13:26
  too
• 13:26
  short
• 13:27
  because
• 13:27
  it's.
• 13:28
  Yeah.
• 13:28
  It's
• 13:28
  just
• 13:28
  so
• 13:28
  complex.
• 13:30
  It's
• 13:30
  a
• 13:30
  differentiation
• 13:31
  point
• 13:31
  probably.
• 13:31
  For
• 13:32
  the
• 13:32
  other
• 13:32
  one
• 13:32
  I
• 13:33
  heard
• 13:33
  in
• 13:33
  the.
• 13:33
  Sorry.
• 13:34
  The
• 13:34
  other
• 13:34
  one
• 13:34
  I
• 13:35
  heard
• 13:35
  in
• 13:35
  the
• 13:36
  round
• 13:36
  and
• 13:36
  I
• 13:37
  can
• 13:37
  also
• 13:37
  subscribe
• 13:38
  to
• 13:38
  that
• 13:38
  is
• 13:38
  around
• 13:39
  scarcity.
• 13:40
  So
• 13:40
  things
• 13:40
  that
• 13:40
  are
• 13:41
  becoming
• 13:41
  more
• 13:41
  and
• 13:41
  more
• 13:42
  scarce.
• 13:43
  And
• 13:43
  we
• 13:43
  also
• 13:43
  do.
• 13:43
  We
• 13:43
  do
• 13:44
  a
• 13:44
  lot
• 13:44
  of
• 13:44
  research.
• 13:44
  I
• 13:44
  mean,
• 13:44
  we
• 13:45
  are
• 13:45
  a
• 13:45
  consulting
• 13:45
  company,
• 13:46
  probably
• 13:46
  that's
• 13:46
  the
• 13:46
  consulting
• 13:47
  question.
• 13:49
  We
• 13:49
  are
• 13:49
  consulting
• 13:49
  companies,
• 13:50
  so
• 13:50
  we
• 13:50
  do
• 13:50
  a
• 13:50
  lot
• 13:50
  of
• 13:51
  research
• 13:51
  and
• 13:52
  we've
• 13:52
  done
• 13:52
  a
• 13:52
  lot
• 13:52
  of
• 13:52
  research
• 13:53
  on
• 13:54
  climate,
• 13:54
  climate
• 13:55
  change
• 13:56
  at
• 13:56
  the
• 13:56
  individual
• 13:57
  commodity
• 13:58
  and
• 13:58
  crop
• 13:58
  level.
• 13:59
  So
• 13:59
  what
• 13:59
  does
• 13:59
  it
• 14:00
  mean
• 14:00
  for
• 14:01
  cocoa,
• 14:01
  coffee,
• 14:02
  sugar,
• 14:03
  but
• 14:03
  also
• 14:03
  for
• 14:04
  rice
• 14:04
  and
• 14:04
  wheat?
• 14:05
  So
• 14:05
  for
• 14:05
  the
• 14:05
  base
• 14:06
  things.
• 14:07
  And
• 14:07
  you
• 14:07
  can
• 14:07
  do
• 14:07
  it
• 14:08
  at
• 14:08
  the
• 14:08
  global
• 14:08
  level,
• 14:09
  at
• 14:09
  the
• 14:09
  country
• 14:09
  level,
• 14:10
  down
• 14:10
  to
• 14:10
  the
• 14:10
  zip
• 14:10
  code
• 14:11
  level.
• 14:11
  And
• 14:11
  what
• 14:12
  does
• 14:12
  it
• 14:12
  have?
• 14:12
  Climate
• 14:13
  warming,
• 14:14
  drought,
• 14:15
  actually
• 14:16
  too
• 14:16
  much
• 14:16
  water
• 14:16
  and
• 14:17
  some
• 14:17
  catastrophes.
• 14:19
  You
• 14:19
  can
• 14:19
  choose
• 14:20
  different
• 14:20
  scenarios
• 14:22
  and
• 14:22
  you
• 14:23
  can
• 14:23
  see
• 14:23
  that.
• 14:24
  Well,
• 14:24
  it
• 14:24
  will
• 14:24
  be
• 14:24
  tight,
• 14:26
  therefore,
• 14:27
  to
• 14:27
  put
• 14:27
  it
• 14:28
  mildly.
• 14:28
  Yes,
• 14:29
  it
• 14:29
  will
• 14:29
  be
• 14:29
  tight.
• 14:29
  Yeah.
• 14:30
  Actually
• 14:31
  what
• 14:31
  we
• 14:31
  are
• 14:32
  arguing
• 14:32
  is
• 14:32
  physically
• 14:33
  it
• 14:33
  will
• 14:33
  not
• 14:33
  be
• 14:34
  possible.
• 14:35
  This
• 14:35
  has
• 14:35
  nothing
• 14:35
  to
• 14:35
  do
• 14:36
  with
• 14:36
  sustainability
• 14:36
  or
• 14:37
  this
• 14:37
  is
• 14:37
  just
• 14:38
  physically
• 14:38
  it
• 14:38
  will
• 14:38
  not
• 14:39
  work
• 14:39
  right.
• 14:40
  Therefore
• 14:40
  the
• 14:40
  whole
• 14:41
  system
• 14:41
  needs
• 14:41
  to
• 14:41
  change.
• 14:42
  Whether
• 14:42
  you
• 14:43
  like
• 14:43
  it
• 14:43
  or
• 14:43
  not,
• 14:43
  it
• 14:44
  will
• 14:44
  change.
• 14:44
  That's
• 14:45
  why
• 14:45
  I
• 14:45
  love
• 14:45
  doing
• 14:46
  this
• 14:46
  job.
• 14:46
  I've
• 14:47
  not
• 14:47
  heard
• 14:47
  that
• 14:47
  before.
• 14:48
  That
• 14:48
  is
• 14:48
  a
• 14:48
  great
• 14:49
  nugget
• 14:49
  to
• 14:49
  end
• 14:49
  on
• 14:50
  scarcity
• 14:50
  and
• 14:51
  how
• 14:51
  do
• 14:51
  you
• 14:51
  think
• 14:51
  about
• 14:51
  it?
• 14:52
  Use
• 14:52
  it
• 14:52
  as
• 14:52
  an
• 14:52
  opportunity,
• 14:53
  but
• 14:53
  also
• 14:54
  counteract
• 14:54
  the
• 14:55
  problems
• 14:55
  that
• 14:55
  come
• 14:55
  with
• 14:55
  it
• 14:56
  too.
• 14:56
  Wow,
• 14:56
  thanks,
• 14:56
  Harold.
• 14:57
  Yes,
• 14:57
  thank
• 14:57
  you.
• 14:57
  Thanks
• 14:58
  for
• 14:58
  having
• 14:58
  me.
• 14:58
  Hopefully
• 14:59
  everyone
• 14:59
  sticks
• 14:59
  around
• 15:00
  for
• 15:00
  that
• 15:00
  one.
• 15:00
  Yes.
• 15:01
  Well,
• 15:01
  Ann,
• 15:01
  you
• 15:02
  want
• 15:02
  to
• 15:02
  take
• 15:02
  us
• 15:02
  out?
• 15:02
  Thanks
• 15:03
  again
• 15:03
  to
• 15:04
  Vusion
• 15:04
  Group
• 15:04
  for
• 15:05
  making
• 15:05
  all
• 15:05
  of
• 15:06
  our
• 15:06
  coverage
• 15:06
  today
• 15:07
  possible.
• 15:07
  We'll
• 15:07
  be
• 15:07
  here
• 15:07
  for
• 15:08
  the
• 15:08
  next
• 15:08
  couple
• 15:08
  of.
• 15:08
  Couple
• 15:08
  of
• 15:09
  days,
• 15:09
  so
• 15:09
  make
• 15:10
  sure
• 15:10
  to
• 15:10
  continue
• 15:10
  to
• 15:11
  follow
• 15:11
  all
• 15:11
  of
• 15:11
  our
• 15:11
  coverage
• 15:12
  here
• 15:13
  on
• 15:13
  LinkedIn
• 15:13
  and
• 15:14
  on
• 15:14
  our
• 15:14
  YouTube
• 15:14
  channel.
• 15:15
  And
• 15:15
  until
• 15:15
  next
• 15:15
  time,
• 15:16
  be
• 15:16
  careful
• 15:16
  out
• 15:17
  there.