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OCTOBER 22, 2021 The Fountain Report is a weekly subscription service provided by Antelligence. Its comprehensive in-depth news and quantitative data have been guiding decision making for executives in the business of animal health since 2002.
STAFF
David Thill
Editor & Technology
Project Management
david.thill@antelligence.com
Duane Thurman
Co-Founder, Finance & News
dentrexinc@aol.com
Shannon Kelly
Subscription Sales
& Educational Coordinator
shannon.kelly@antelligence.com
Brent Cashman
Art Director
CONTENTS brent@bocdesigninc.com
Terry Sheehan
QUICK LINKS COLUMN Commentary & Insights
> Company Activity WHAT CAN THE VETERINARY tsheehan@axxiomconsulting.com
> General Industry,Public Policy PROFESSION LEARN FROM
and Politics Chris Kelly
THE PANDEMIC?
> Companion Animal Market Managing Partner & Publisher
> Food Animal Market GUGGENHEIM (770) 335-5445
VETERINARIANS CHOOSE chris.kelly@antelligence.com
FEATURE COVETRUS OVER CHEWY
A NEW APPROACH COLUMNISTS
BY THE NUMBERS Mark Cushing, Animal Policy Group
TO AFFORDABLE CARE
VETWATCH UPDATE David Sprinkle, Packaged Facts
Ali McIntyre, VVCA
FINANCE Stacy Pursell, The VET Recruiter,
> Deal Tracker Therio Partners
> Stock Tracker
DATA PROVIDERS
American Pet Products Association
NEWS
Animalytix
SECTION 1.0 SECTION 3.0 Guggenheim Partners
COMPANY ACTIVITY COMPANION Packaged Facts
ANIMAL MARKET VetWatch
SECTION 2.0
GENERAL INDUSTRY, SECTION 4.0
> Not a Subscriber:
PUBLIC POLICY & POLITICS FOOD ANIMAL MARKET click here to subscribe
2 THE FOUNTAIN REPORT • 10-22-2021
QUICK LINKS
n Company Activity > From dog training on Zoom to telemedicine, the
> BASF and Cargill expand animal nutrition partnership pandemic has changed the pet care industry
> JAB acquires two large pet insurers, signaling big > A new tool helps clinics improve employee recruitment
plans in the animal insurance industry
> Non-veterinary pet services took a hit during the
> JBS USA subsidiary Swift Prepared Foods acquires pandemic, but they’ll recover: Packaged Facts
California smoked meat producer
> Some dogs show human-like ADHD behaviors,
> Petco Pet Wellness Council gets three new members
study finds
> Puris doubles pea protein production capacity with new
> ‘Upcycling’ could be good for pet food, but only if
facility for Puris Proteins, a joint venture with Cargill
customers get onboard
> The EVERY Company, previously Clara Foods,
> The equine sector needs to figure out how to keep
launches animal-free egg white protein
veterinarians from leaving, international leaders say
> United Raw Pet Foods, a Dane Creek subsidiary,
acquires Canada-based pet supplies retailer Pets West
n Food Animal Market
> VetPawer introduces scheduling software that helps > China reports highest Q3 pork production in three
clients over the phone years as hog herd recovers from African swine fever
> Zoetis announces Robert J. Polzer as president of > Brazil partially halts beef production as China’s
research and development export ban continues
> Industry groups call for the confirmation of Biden’s
n General Industry, Public Policy and Politics pick for chief agricultural negotiator
> Early bird registration for VMX 2022 ends November 1
> How telemedicine could help the livestock sector
> Technician utilization and self-care are key themes during an African swine fever outbreak
during National Veterinary Technician Week
> Industrial farming operations could be reservoirs of
> Veterinary students can apply for $2,000 scholarship new infectious diseases, scientists warn
from Zoetis
> Farmers worry John Deere strike could worsen
equipment shortage
n Companion Animal Market
> Commentary: Pets should be recognized as a public
health strategy, says HABRI president > Scaled back climate legislation should still include
incentive programs for farmers, House members say
> As Chewy and other companies try to expand
their pet pharmacies, they’ll need buy-in from > Livestock producers will be important in the effort to
veterinarians reduce methane emissions, says UC Davis professor
3 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS
FEATURE
A new approach Highlights:
to affordable care n It would take billions of
dollars to ensure all U.S. pets
Half of America’s pets live in limited-income households.
have access to even the most
It will take a team approach to ensure they have access to basic care, and charitable
adequate veterinary care. organizations have a limited
budget for grants.
n A “spectrum of care approach”
PetSmart Charities has been working team found when analyzing data could ensure more pets have
access to care, offering more
for nearly 20 years to make basic from the AVMA, the Census Bureau
affordable options aside from
veterinary care more accessible to and other sources. She presented the gold standard that still lead
people who can’t afford the gold these findings at this summer’s to good outcomes.
standard. But it’s become clear Veterinary Innovation Summit. That’s n Implementing this approach in
that even as PetSmart and other about 70 million pets in households practice will require research
charitable groups invest millions of with limited income, often with and collaboration among
traditional veterinary clinics,
dollars to expand affordable care, it multiple family members, even as the
affordable clinics, charities and
couldn’t possibly meet the need that cost of veterinary care rises. other stakeholders.
exists in the United States.
“We’ve realized that’s not
enough, and that alone will never
get us there,” said Aimee Gilbreath,
president of PetSmart Charities. Plus, Gilbreath’s team found
As the magnitude of need has there’s still a quarter of the pet
become clear—it would cost billions population receiving no care at all.
of dollars each year to ensure all This gap is due to several reasons.
U.S. pets get even the most basic For example, there’s only a limited
care—Gilbreath and her colleagues “I think that that’s a segment number of spay and neuter clinics.
have begun taking a new approach. of the population that a lot of Pet owners are limited not just by
Rather than relying just on businesses, and the veterinary income, but by other factors that
low-cost vaccine and spay and industry in particular, are not used to are often linked to income, like
neuter clinics, they want to include serving,” Gilbreath told the Fountain geographic and language barriers.
traditional clinics in the effort. Report. “Those are not the folks that It would cost $20 billion a year to
Gilbreath believes that if more are coming into the clinics.” ensure all pets in the country have
practices offer a range of services Often, these pet owners seek access to adequate care, Gilbreath’s
with more affordable options, and basic services from affordable team found—services like wellness
if traditional clinics partner with spay and neuter clinics and vaccine appointments, vaccine boosters and
low-cost providers and charities like providers that charities like basic treatment when they’re sick.
PetSmart, this ecosystem of services PetSmart help fund. This is better PetSmart and other major charitable
could ensure access to care for all than nothing, Gilbreath said, but organizations like the ASPCA and
pets, no matter their owners’ income. it’s not considered “adequate” care: Petco Love have a combined annual
These pets, which account for about grant budget of about $125 million.
The challenge 30% of the U.S. pet population, “That was the cold water that
About 50% of the U.S. pet population often don’t get important vaccine had our internal team realize, ‘Okay,
lives in households with annual boosters, preventive care or wait, we need a very different
income of $55,000 or less, Gilbreath’s treatment for health conditions. approach,’” Gilbreath said. “Because
4 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS
just subsidizing clinics is never going She pointed to Los Angeles’ to try to learn how the veterinary
to close that gap.” network of spay and neuter clinics as profession can implement new, more
To fill the gap, Gilbreath is now one example of this collaboration. affordable treatment approaches
advocating for an approach to veterinary She sat on the board of Spay Neuter while ensuring veterinary
medicine called “spectrum of care.” Project of Los Angeles, a high- practitioners can bring in enough
volume clinic whose care evolved to income to support themselves.
A solution meet the needs of its community: As part of this work, she hopes to
The spectrum of care model It began as just a spay and neuter hire someone (and is searching for
emphasizes that in addition to the clinic, then added vaccinations, and candidates) to fill a new director of
gold standard treatment, a range of eventually began offering basic veterinary affairs position at PetSmart
alternative—and more affordable— wellness care like skin and dental Charities. The ideal candidate will
treatment options exist that can still treatment, as well as end-of-life have experience in a shelter or other
lead to a good outcome for the pet. counseling and euthanasia. affordable care setting, as well as
“I’m convinced that many existing Throughout this period, the private practice, so they understand
veterinary practitioners are already organization has kept the cost of multiple service models.
doing that every day,” Gilbreath said, services down. When clients come She’s looking for industry
including private practices, nonprofit in whose pets need a higher level of members who are interested in
clinics and subsidized clinics. Many care, they’re referred to full-service helping expand access to affordable
full-service clinics operate in mixed- clinics. Conversely, when clients visit pet care, and she’s looking for those
income communities and likely full-service clinics in the area but who are already doing it. Readers
offer clients affordable treatment could benefit from more basic, lower- can contact her at agilbreath@
options, she said. Her team wants to cost services instead, those clinics petsmartcharities.org.
find those clinics so they can learn refer them to clinics like this one. PetSmart Charities will continue
strategies that work and challenges Gilbreath also pointed to distributing the grants it’s long
practitioners face when offering a pyometra treatment as an example distributed to enable greater access to
spectrum of care model. This could of how some clinics have successfully care for more pet owners. “But we’re
help other practices implement their offered lower-cost services. going to start doing so much more,”
own similar services. Pyometra is a life-threatening Gilbreath said. “Because we realized
The spectrum of care approach uterine infection in pets, which that that is a thousand-year path to
hasn’t traditionally been taught in has traditionally been treated with solving the problem, and we’re not
veterinary schools, Gilbreath noted, surgery, inpatient monitoring and willing to wait a thousand years.”
although universities like Ohio State administration of medications. The
and Colorado State have recently intensive treatment regimen can Aimee Gilbreath is the
started including it in veterinary run to more than $3,000. president of PetSmart
Charities and PetSmart
students’ training. But it’s possible a more limited
Charities of Canada.
It can be difficult for doctors to treatment regimen that costs She previously served
offer treatment that brings in limited far less could still lead to good as executive director of
revenue when many have acquired outcomes. Anecdotally, Gilbreath the Found Animals Foundation Inc.,
hundreds of thousands of dollars said, she’s seen community clinics a nonprofit supporting pet owners
in debt for veterinary school. But offer effective pyometra treatment and animal welfare organizations.
There, she spearheaded activities for
practices don’t have to shoulder all for $750, sometimes less.
the foundation’s more than 1,000
the burden. It will require multiple business-to-business clients and 5
players, Gilbreath said, including Next steps million business-to-consumer customers
traditional practices, spay and neuter Gilbreath emphasized that she and nationwide. Her professional experience
clinics, charities, universities and her team don’t have all the answers. spans industries such as biotech,
other industry members. They’re just beginning their research consumer goods and philanthropy.
5 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS
COLUMN
What can the veterinary Highlights:
profession learn from n Practices are dealing with a
the pandemic? drop in productivity and higher
employee dissatisfaction as the
pandemic drags on.
By Karen E. Felsted n With high numbers of
employees leaving their jobs,
the candidate pool is bigger
and better.
About six weeks ago, I gave a Of course, surprise surprise,
n But practices have to be
talk at the Western Veterinary the pandemic is still dragging on, prepared to meet the
Conference titled “Preparing for though we’re clearly seeing a return expectations of prospective
the Next Pandemic.” The title to normalcy. And while we don’t employees, not just in
certainly implied we were over have the end of the story yet, we terms of pay but workplace
environment too.
the COVID-19 pandemic and had definitely have some clear take-
figured out the lessons; that’s home messages.
what the WVC team and I thought The biggest issues practices are
when we decided on the session dealing with now are employee-
topic well over a year ago. related, particularly issues related to a drop in productivity, difficulty
hiring, increased burnout and
employee dissatisfaction, and
ongoing mental health challenges.
Many practices have been
extremely busy over the last year,
and while some of this is due
to increased demand, average
revenue growth across the board
for 2020 doesn’t appear to have
been much higher than in 2019. If
busyness isn’t because of demand,
what’s causing it?
The biggest issues appear
to be a decline in employees
or employee hours, as well as a
decline in productivity. According
to data provided by the AVMA, the
average number of patients seen
per veterinarian per hour declined
nearly 25% in 2020.
This decline in productivity
is multifactorial. Changes in
workflow, cleaning procedures
and other protocols are significant
factors, as well as clinics’ attempts
to do more with fewer employees
or employee hours.
6 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS
Turnover in the veterinary worked in the past won’t be enough Employees’ desires for their
profession is also clearly higher than in in the future. Hiring quickly is also workplaces have changed. A
other fields, according to the AVMA. essential. As one tech CEO recently compensation package that only
Because of these issues, many wrote in Forbes, “Recruit at warp provides for the bottom two levels
veterinary team members are speed, and be prepared to pay.” is no longer enough. They want
simply worn out from work and This time has also been called financial rewards and a company
the strain of dealing with the the Great Reshuffle, as employees culture that allows them to move up
pandemic in both their personal change jobs and careers. Most the hierarchy of needs.
and professional lives. Team want and need to work, but they Flexibility is key to keeping
members who have been willing don’t want to do what they have a varied cohort of individuals
to do what it takes to serve clients done previously. The pandemic has happy. This means flexibility
during the pandemic may not be opened their eyes to the necessity in compensation, work hours,
able, or willing, to do that forever. of not taking life, including work, communication styles and job roles.
Practices are actively trying to hire for granted. This means practices It’s a changing world. Practices
but having very limited success. must create a culture that’s as that choose not to adapt will find it
Most of these issues aren’t attractive to potential employees harder to attract both the employees
unique to veterinary medicine. as the compensation package. and the clients they want. Practice
There’s huge upheaval now in labor Remember Maslow’s hierarchy owners will also find it harder to sell
markets across the board. The time of needs? (see below) their practices in the future.
period encompassing the pandemic
has been termed the “Great
Resignation”—google it, the term
is everywhere—due to the large
number of people leaving their jobs. Self-actualization Be the best you can be
The trend has been most
pronounced in the tech and health
care industries, including veterinary Esteem Respect, status, recognition
medicine. These are fields that
have experienced extreme demand
during the pandemic. Love and belonging Friendship, intimacy, family
While the high rate of
resignation is clearly a negative
Personal security,
trend, the silver lining is that Safety physical safety
candidate pools are bigger and
better. They comprise not only
those people who have already quit, Physiological Water, food, shelter, air
but those who are quietly thinking
about it. But it means management
teams are going to have to create
an environment that makes people
want to work at their practice and Dr. Karen E. Felsted is a veterinarian and the founder of veterinary industry
design compensation and benefits consulting company PantheraT. A certified veterinary practice manager, Felsted is
a member of the Veterinary Economics Editorial Advisory Board and has served on
packages that are attractive to the
the board of VetPartners, the CATalyst Council and the CVPM Board of Directors.
people they want to hire. She received the Western Veterinary Conference Practice Management Continuing
What we think is fair, what we’ve Educator of the Year award in 2011 and the VetPartners Distinguished Life Member
done in the past and what has Award in 2014.
7 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS
GUGGENHEIM
Veterinarians choose Covetrus getting “Chewed” up
is likely exaggerated. Plenty of
Covetrus over Chewy veterinarians have Petscriptions, but
few even know they have it. Most
Doctors still prefer Covetrus over Chewy to manage say they will only use it reluctantly,
prescriptions, a survey shows, and Guggenheim’s analysts and many said they would push
think that likely won’t change soon. Covetrus’s option over Chewy.
Forty percent of survey
respondents said they tell pet
owners using Chewy to use their
online pharmacy.
Heska has a good position. Eleven
percent more veterinarians than prior
to the pandemic said they were using
more diagnostics in clinic now than
sending out to reference labs. We
also found low levels of resistance to
contracts versus what we expected.
The innovative fecal opportunity
has not been widely penetrated by
competition, and we view more in-
clinic diagnostics as favoring Heska.
Price can probably offset labor.
We were concerned about labor
Guggenheim Partners surveyed 80 to be an important, high-margin shortage effects on the supply of
veterinarians to hear their thoughts business while seemingly veterinary care. But we think the
on macro trends, new pharmaceutical continuing to entrench itself with survey shows pricing will likely cover
and diagnostic products, online veterinarians. Seventy-five percent increased wages to help supply
pharmacy and insurance. of the business’s customers veterinary care.
“Our checks suggest that the consider it a means of defending We don’t believe manufacturers
death of veterinary prescription prescription revenue from going will see the pricing benefits. In fact,
management is likely exaggerated,” outside their clinics. pricing effects on volumes are likely
David Westenberg, Guggenheim’s We continue to view VFC a tiny negative (tiny because we
vice president of equity research, as a market share leader, with view veterinary medicine as mostly
wrote in a follow-up report. almost half the veterinarians in price inelastic).
“Secondarily, we continue to find the survey reporting it’s their
growth in diagnostics and insurance,” prescription management option Other takeaways. Zoetis’ Trio is
Westenberg said. “Finally, labor, a of choice. While we think it’s seeing good traction, and the cat
supply limiter, will probably be less of unlikely the 40%+ growth the pain opportunity looks robust. The
a drag as prices increase.” business saw during the pandemic good news for Elanco is that Zoetis’
will continue, we do view it as pain medication for dogs likely won’t
Here are key findings from the survey: an important component for be at the expense of Galliprant.
Covetrus. The company’s veterinarians and a high-margin Insurance continues to see increasing
VetsFirstChoice service continues opportunity for Covetrus. penetration among veterinarians.
8 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSBY THE NUMBERS
VetWatch
VetWatch shares key findings with the Fountain Report through its weekly Vet Watch report on revenue growth, vaccine
purchases and other metrics reported across the more than 32,000 practices and shelters in the Animalytix Marketplace.
Metrics are compiled by Tim Witt, commercial director at Animalytix/DVMetrics.
Full commentary for the week is available at vetwatch.com.
Key findings for the week YEAR TO DATE HOSPITAL REVENUE GROWTH
ending October 16, 2021
> Revenue growth for the week 11.5%
was 9.8% year-to-date net growth
versus comparable growth in 11.3% 11.3% 8.6%
2020 for the roughly 4,000
practices tracked by VetWatch.
9.8% 11.3%
Reported growth was notable 10.0%
in the New England division at 9.1%
11.5% year-to-date, down 0.2% 7.6%
from last week’s position.
> Purchases of surgical suite
consumables, which serve as a
ROLLING 3-WEEK AVERAGE
proxy for incidence of surgical
HOSPITAL REVENUE GROWTH
procedures, decreased 0.2% from -3.1%
the prior week but was still strong
at 12.8% growth YTD.
0.6% 1.2% -5.8%
> Core and lifestyle canine and
feline vaccine practice purchasing -3.1% -0.3%
was down 0.2% from the prior
week, at 14.4% growth YTD -0.5% 1.5%
nationally. Annual core and
-3.2%
lifestyle vaccine purchases were
selected as the principal metric
given 50% or more of annual
visits to a veterinary practice are
associated with administration of
these products. the previous week and robust at was notable at 1.5%, up 0.7%
13.7% growth YTD. compared to the previous week.
> Growth in kennel cough vaccine This metric is designed to provide
purchases, which provides a > Rolling three-week average a view of relative robustness
measure of pet mobility, increased revenue growth across all of growth trends (i.e., market
to 13.7% last week, a 0.1% increase divisions dropped to -2.0%. velocity) for each reporting zone.
over the prior week’s results. Three divisions ended positive A positive value indicates rolling
with eight showing positive revenue growth versus the prior
> Overall growth of parasiticide movement over the previous year’s comparable reported
purchases was 0.1% higher than week. The South Atlantic division three-week period.
9 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSVetWatch was launched in May 2020, led by Animalytix, which has teamed up with NAVC, Animal Care Technologies, Circa
Healthcare, M/A/R/C Research, Cleveland Research and Packaged Facts, along with our sponsors. The goal of VetWatch is to deliver
the critical information needed by practices and those supporting the veterinary profession to better assess the scope, velocity and
significance of developments in the veterinary care sector across the United States. For the full report, please visit www.vetwatch.com.
10 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSFINANCE
Animal Health M&A Transactions
October rolling mergers
Boehringer Ingelheim and Invetx U.K.-based Cardif Pinnacle and United Raw Pet Foods, a majority-
have formed a collaboration Chicago-based Figo Pet Insurance. owned subsidiary of Dane Creek
agreement to develop species- Capital Corp., has acquired Pets
specific monoclonal antibody West Pets & Supplies, a specialty
therapeutics initially focused on JBS USA subsidiary Swift Prepared retail store in Canada.
dogs and cats. Foods is acquiring Sunnyvalley
Smoked Meats, a producer of
smoked bacon, turkey and ham, for Zomedica has acquired Pulse
Global Food and Ingredients has $90 million. Veterinary Technologies, a maker
acquired a pet food ingredient of electro-hydraulic shock wave
production facility in Canada, and technology, for $70.9 million in an
has created its new plant-based pet Swedencare acquired Fulfillment all-cash and stock transaction.
food ingredients business unit. Advantage Ventures Inc., a business-
to-consumer logistics company
focused on home delivery and
JAB is expanding its presence in the fulfillment services for the pet
pet health care industry with the industry, in a $4.75 million cash and
acquisition of two large pet insurers: stock deal.
September rolling mergers
ADM has agreed to acquire a Dechra has acquired the veterinary currently valued at approximately
75% ownership stake in four pet marketing and distribution rights $500 million, and $1.85 billion
treat and supplement companies: to the ProVet APC and ProVet BMC in cash, along with ICU Medical
PetDine, Pedigree Ovens, The systems from Hassinger Biomedical. assuming certain liabilities.
Pound Bakery and NutraDine,
together known as P4 Companies.
Elanco Animal Health said it has IVC Evidensia, the world’s second-
completed its acquisition of largest owner of veterinary clinics,
Chevron U.S.A. and Bunge North Kindred Biosciences in a deal valued is moving into North America
America have announced a at approximately $440 million. with the acquisition of Canada-
memorandum of understanding for based veterinary practice group
a proposed 50/50 joint venture to VetStrategy for an undisclosed
help meet demand for renewable ICU Medical has agreed to acquire amount.
fuels and to develop lower carbon the Smiths Medical division from
intensity feedstocks. Smiths Group. Smiths will receive
2.5 million newly issued shares
of ICU Medical common stock,
11 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSKansas City Southern said it’s Neogen has acquired Atlanta- WATT Global Media is acquiring
chosen a merger offer from based CAPInnoVet, a maker of Feed & Grain magazine and its
Canadian Pacific over Canadian companion animal parasite defense associated assets from IDEAg Group
National in a deal that would create medications. This acquisition will LLC, an affiliate of the American
the first railroad to connect North help Neogen enter the more than Farm Bureau Federation.
America. Canadian Pacific offered $12 billion retail parasiticide market.
about $29 billion for Kansas City
Southern in March. Wind Point Partners: FoodScience
Petmate, a maker of pet products LLC, a portfolio company of Wind
sold through retailer partners, has Point Partners, announced the
Lakeside Foods Inc., a maker been acquired by Platinum Equity. acquisition of Pet Tech Labs, a
of frozen and canned foods, is contract manufacturer of animal
purchasing Cher-Make Sausage Co., nutritional supplements based in
allowing Lakeside to enter a new Prelude Dynamics, a clinical Syracuse, Nebraska.
product category. software company that develops
products for animal and human
health researchers, has been Westminster Pet Products plans to
Manna Pro Products, a maker of acquired by private equity firm acquire Pet ‘n Shape, a maker of pet
pet care and nutrition products, is Canela Capital. treats and chews made with natural
acquiring online pet brand Dinovite. ingredients. AUA Private Equity
Manna Pro Products has been Partners is acquiring Pet ‘n Shape
acquiring online brands as part of Tofurky is partnering with Triton on behalf of Westminster, an AUA
what it says is an “omnichannel Algae Innovations to bring algae- portfolio company.
transformation.” based meat analog products
to market. Products from the
partnership are expected to come Worldwise Inc., a maker of pet
Mars has agreed to acquire cat litter to retail stores in the first quarter of supplies, has been acquired by
company PrettyLitter, reportedly 2022 and be co-branded. Alvarez & Marsal Capital Partners,
planning to pay between $500 a private equity fund that acquired
million and $1 billion for the direct- Worldwise together with affiliated
to-consumer subscription brand. Vaxxinova purchased Newport A&M Capital Opportunities fund.
Laboratories, a manufacturer
of custom-made cattle and
Medivet: CVC Capital Partners has swine vaccines, from Boehringer Zooplus confirmed it’s in
acquired a majority stake in Medivet Ingelheim. discussions about a possible
in a deal reportedly worth more takeover with the financial investor
than 1 billion pounds sterling. KKR. This comes after Zooplus last
Virbac said it’s purchased a further month said its board had agreed
15% of the shares of the Chile- to a 3 billion euro ($3.56 billion)
Midmark has acquired Shor-Line, based Centrovet group, in a $17.7 takeover by U.S. private equity firm
a 74-year-old manufacturer of million transaction that increased its Hellman & Friedman.
animal cages and veterinary tables. stake to 66%.
Shor-Line, officially named Schroer
Manufacturing Co., also specializes
in scales, surgery tables, anesthesia
machines and lights.
12 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSStock Tracker
Company Close 12-31-20 Close 10-21-21 YTD
S&P 500 3,756.07 4,550 793.71
Dow Jones Industrial Average 30,606.48 35,603.08 4,996.60
NASDAQ 12,888.28 15,215.70 2,327.42
Company Symbol Exchange Close 12-31-20 Close 10-21-21 YTD Market Cap
Amazon AMZN NASDAQ 3256.93 3435.01 178.08 1.740T
Amerisource Bergen ABC NYSE 97.76 122.71 24.95 25.50B
Better Choice Company BTTR NYSE 7.20 4.04 -3.16 119.5M
Beyond Meat BYND NASDAQ 118.10 108.62 -9.48 6.871B
Central Garden & Pet CENT NASDAQ 38.61 49.49 10.88 2.530B
Chewy CHWY NYSE 89.89 65.50 -24.39 27.36B
Colgate CL NYSE 82.35 74.89 -7.46 63.17B
Covetrus CVET NASDAQ 28.74 20.30 -8.44 2.794B
Elanco ELAN NYSE 30.67 33.60 2.93 15.89B
Freshpet FRPT NASDAQ 141.99 154.51 12.52 6.700B
General Mills GIS NYSE 58.80 62.49 3.69 37.85B
Heska HSKA NASDAQ 145.65 235.51 89.86 2.520B
Idexx IDXX NASDAQ 499.87 645.24 145.37 54.89B
Immucell ICCC NASDAQ 5.95 9.33 3.38 72.23M
JM Smucker SJM NYSE 115.60 121.80 6.20 13.20B
Merck MRK NYSE 81.80 81.17 -0.63 205.5B
Neogen NEOG NASDAQ 39.65 41.34 1.69 4.444B
Patterson PDCO NASDAQ 29.63 31.99 2.36 3.113B
Petco (public 1/14/21) WOOF NASDAQ 29.40 23.71 -5.69 7.162B
PetIQ PETQ NASDAQ 38.45 25.00 -13.45 733.4M
PetMed Express PETS NASDAQ 32.06 26.93 -5.13 548.0M
Phibro PAHC NASDAQ 19.42 22.41 2.99 907.7M
Pilgrim's Pride PPC NASDAQ 19.43 29.05 9.62 7.079B
Tractor Supply TSCO NASDAQ 140.58 210.42 69.84 24.06B
Trupanion TRUP NASDAQ 119.71 109.76 -9.95 4.416B
Tyson TSN NYSE 64.03 81.19 17.16 29.62B
Walmart WMT NYSE 146.53 146.81 0.28 409.4B
Zoetis ZTS NASDAQ 165.50 206.82 41.32 98.87B
Dechra DPH.L LSE 3552.00 5140.00 1588.00 5.556B
Vetoquinol VETO.PA Paris 85.60 144.20 58.60 1.706B
Virbac SA VIRP.PA Paris 243.00 386.50 143.50 3.265B
13 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSNEWS
1.0 – Company activity
1.1 BASF and Cargill expand consolidating the coffee industry: label and branded packaged meats,
animal nutrition partnership JAB acquired Independence Holding an expanded geographic footprint
Feedstuffs; October 20, 2021 Company’s pet insurance arm in the smoked segment, as demand
earlier this year through a vehicle for bacon and other pork products
BASF and Cargill are expanding named Iguana Capital to conceal its rises during the pandemic, Chris
their partnership in the animal identity. It’s also making its move Casey writes for Food Dive.
nutrition business, adding research into pet insurance with an already-
and development capabilities established pet care division, running 1.4 Petco Pet Wellness Council
and new markets to their existing 1,400 veterinary hospitals and gets three new members
feed enzymes and distribution clinics in multiple countries through Pet Product News; October 13, 2021
agreements. According to the companies such as Compassion-First
announcement, the goal “is to Pet Hospitals and National Veterinary Petco has added three new members
bring farmers feed innovations that Associates. Most of a $6 billion fund to the Petco Pet Wellness Council, a
reduce nutrient waste, improving JAB finished raising last year will be coalition of experts who help guide
feed efficiency, and promote dedicated to the veterinary sector, company and industry education
animal growth and well-being.” and the company plans to spend efforts. The new additions, which
“Through joint solutions, we will a significant portion of a new $5 bring total council membership to
further increase the value creation billion fund on growing those assets 11, include Dr. Raymond Anthony, an
opportunities in the enzymes and building a global leader in pet ethics adviser to the AVMA’s Animal
space,” said Julia Raquet, senior vice insurance, said senior JAB partner Welfare Committee and a member
president of BASF animal nutrition & David Bell. bloomberg.com of the AVMA’s Panel on Euthanasia;
aroma ingredients. feedstuffs.com Dr. La’Toya Latney, a professor
1.3 JBS USA subsidiary Swift of zoological and companion
1.2 JAB acquires two large pet Prepared Foods acquires animal medicine at the University
insurers, signaling big plans in the California smoked meat producer of Pennsylvania; and Dr. Kemba
animal insurance industry Chris Casey; Food Dive; Marshall, director of veterinary
Thomas Buckley; Bloomberg; October 18, 2021 services at the Land O’Lakes
October 19, 2021 Purina Animal Nutrition Center.
Swift Prepared Foods, a subsidiary petproductnews.com
JAB is acquiring two large pet of JBS USA, is acquiring Sunnyvalley
insurers in the United Kingdom and Smoked Meats for $90 million. 1.5 Puris doubles pea protein
Chicago, as the company seeks to Sunnyvalley produces smoked production capacity with new
become a major player in the animal bacon, turkey and ham for retail and facility for Puris Proteins, a joint
insurance industry, Thomas Buckley wholesale customers. It has gross venture with Cargill
reports. The company said it’s taken annual revenue of $150 million and Monica Watrous; Food Business
a majority stake in Cardif Pinnacle, employs more than 300 people. News; October 13, 2021
a pet insurance-focused subsidiary The purchase includes Sunnyvalley’s
of BNP Paribas SA, and it’s buying Manteca, California, production Puris has opened a new facility in
Chicago-based Figo Pet Insurance facility. Bill Andreetta, president Minnesota, more than doubling its
LLC, for undisclosed prices. The and founder of Sunnyvalley, will production capacity for pea protein,
company when entering the pet continue to lead the business. The Monica Watrous reports. The facility
insurance industry used a strategy acquisition gives Swift Prepared was retrofitted from an existing
similar to the one it used when Foods, which specializes in private- dairy plant and is expected to add
14 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSnearly 100 new jobs. The site will ClearEgg will be sold globally by client to find an open appointment
support continued growth for Puris Ingredion. wattagnet.com that works for them. AVA writes
Proteins, a joint venture between the appointment directly into the
Puris and Cargill, and it will enable 1.7 United Raw Pet Foods, a practice management software
the companies to supply roughly Dane Creek subsidiary, acquires with no human interaction. While
half of North America’s pea protein. Canada-based pet supplies online scheduling is becoming
Cargill has invested more than $100 retailer Pets West more popular, the vast majority of
million in the venture to support Pet Product News; October 18, 2021 veterinary appointments are still
construction of the 200,000-square- made over the phone, according to
foot facility and to expand capacity United Raw Pet Foods, a majority- VetPawer. That makes this service
at Puris’ Wisconsin facility. Puris owned subsidiary of Dane Creek a potentially valuable way to save
has the only vertically integrated, Capital Corp., has acquired Pets West staff time on scheduling and allow
multi-plant pea protein production Pets & Supplies, a pet specialty retail them to focus more on clients in the
model in the United States. store in Canada. Pets West is a full-line office. vetpawer.com
foodbusinessnews.net retailer offering a range of food and
supplies for dogs, cats and exotic 1.9 Zoetis announces Robert J.
1.6 The EVERY Company, animals. While specific terms weren’t Polzer as president of research
previously Clara Foods, launches announced, the purchase price and development
animal-free egg white protein “represents approximately 0.45 times Zoetis; October 18, 2021
Meredith Johnson; WattAgNet; expected revenue for the current
October 18, 2021 fiscal year ending Jan. 31, 2022,” Zoetis announced the appointment
according to the announcement. of Robert J. Polzer as executive
The EVERY Company, previously petproductnews.com vice president and president of
Clara Foods, this month launched the research and development at the
EVERY ClearEgg, which is marketed 1.8 VetPawer introduces company, effective January 1, 2022.
as the first animal-free egg white scheduling software that helps Polzer currently serves as senior vice
protein. The product comes in a clients over the phone president of global therapeutics at
powder form and can be solubilized VetPawer; October 2021 Zoetis. He joined the company in
or included in a company’s existing 2015 after spending more than 20
product, Meredith Johnson writes. VetPawer has introduced the years in R&D leadership roles at Pfizer.
The product will be referred to as Automated Virtual Assistant— He’ll succeed the current executive
“non-animal egg white protein” on AVA—a software that provides vice president and president of R&D,
a products ingredient label. It will voice-automated scheduling Dr. Catherine Knupp, a veterinarian
also be considered GRAS (generally assistance to clients who call the who will remain head of R&D until
recognized as safe) by the FDA due to veterinary clinic. When the client she retires at the end of the year.
the absence of genetically modified calls the clinic to schedule an news.zoetis.com
yeast in the final product. The EVERY appointment, AVA interacts with the
2.0 – General industry, public policy and politics
2.1 Early bird registration for Early bird registration for NAVC’s attendance rate is $200.
VMX 2022 ends November 1 2022 VMX event ends November Registrants can choose to attend
NAVC; October 2021 1. The event takes place January in-person or virtual, or get “all-
15-19, and the current discounted access.” navc.com
15 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS2.2 Technician utilization and self- satisfaction and use of the skills 2.3 Veterinary students can
care are key themes during National they acquire during their education. apply for $2,000 scholarship
Veterinary Technician Week “Effective utilization of veterinary from Zoetis
AVMA press release; PR Newswire; technicians includes assigning them Zoetis; October 18, 2021
October 15, 2021 skilled tasks like calculating the dose
for a patient’s injectable medication A Zoetis-funded program will
The veterinary profession is or providing counseling about provide second- and third-year
focusing this week’s National common behavioral problems in a veterinary students in the United
Veterinary Technician Week on dog or cat,” said AVMA President States and the Caribbean $2,000
self-care. The National Association Dr. José Arce. “When we’re using scholarships for the 2022-2023
of Veterinary Technicians in America veterinary technicians to their academic year. The grants will
has created wellness resources full capabilities, it drives practice be distributed by the American
for technicians, and the AVMA has efficiency, job satisfaction and Association of Veterinary Medical
additional tools. According to the well-being for everyone on the Colleges. Students can apply online
2021 AVMA Report on the Economic veterinary health care team.” through December 2, and the
State of the Veterinary Profession, prnewswire.com winners will be announced at the
there’s a clear link between practice 2022 SAVMA Symposium in March
revenue and technician utilization, 2022. zoetis.com
and also between technicians’ job
3.0 - Companion animal market
3.1 Commentary: Pets should the power to lower the cost of pet health care industry by selling
be recognized as a public health health care and strengthen the medications, they have to rely
strategy, says HABRI president social fabric of towns and cities on veterinarians to write the
Commentary by Steven Feldman; throughout the United States.” prescriptions—and veterinarians
Roll Call; October 18, 2021 These findings and others indicate often rely on their own in-clinic
“engagement with pets” should be pharmacies for a quarter of their
As research emerges showing the promoted as a wellness strategy at revenue, data shows. This means
benefits pets have on human health, the same level as nutrition, exercise, Chewy, Petco and PetMed Express
programs and policies should smoking cessation and other public risk resistance from veterinarians
begin recognizing pet ownership health priorities, Feldman writes in who don’t want their clients to go
as a public health strategy, Steven Roll Call. elsewhere for medicines. Future
Feldman, president of the Human federal policy changes could limit
Animal Bond Research Institute, 3.2 As Chewy and other doctors’ ability to keep their clients
writes in this commentary. “We’ve companies try to expand their pet in the clinic, and a lawsuit between
progressed from a sense that pets pharmacies, they’ll need buy-in Covetrus and veterinary software
are just ‘fun’ to recognizing that from veterinarians providers could also affect market
pets support positive changes in Jinjoo Lee; The Wall Street Journal; dynamics. Still, Chewy’s growth in
mental health, address significant October 13, 2021 the industry will depend on getting
medical conditions and promote some buy-in from veterinarians.
social connection,” Feldman says. While large companies like Chewy Initiatives like the company’s
“Studies even show that pets have are trying to build a stake in the new Practice Hub—which allows
16 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSveterinarians to launch an online 3.4 A new tool helps clinics in the pet industry. According to
pharmacy on Chewy’s website— improve employee recruitment Packaged Facts, the sector will
could be one avenue to get that iVET360; October 19, 2021 also benefit from a pet acquisition
buy-in, Jinjoo Lee writes in increase during the pandemic.
The Wall Street Journal. A new tool from practice petproductnews.com
management services company
3.3 From dog training on Zoom to iVET360 aims to help veterinary 3.6 Some dogs show human-like
telemedicine, the pandemic has practices recruit new employees. ADHD behaviors, study finds
changed the pet care industry The Recruiting Tool Kit is a series Alexandra Larkin; CBS News;
John Hanc; The New York Times; of articles, templates and how-to October 15, 2021
October 19, 2021 guides created by iVET360’s human
resources and training team and Some dogs exhibit behaviors that
The pandemic has changed the is free to all veterinary practices, closely resemble ADHD in humans,
dynamics of the multibillion-dollar according to the company. This a recent study found. Researchers
pet care industry, John Hanc writes. follows a survey released by iVET360 say the findings, based on a study
“For the average consumer who in September, in which recruitment of more than 11,000 dogs, provide
needs help with house training and was cited as the biggest challenge hope for better treatments for
learning basic commands, Zoom has facing hospitals. ivet360.com both dogs and humans, Alexandra
really opened the door for trainers Larkin reports. The research team,
to change the way they work,” 3.5 Non-veterinary pet services based in Helsinki, Finland, examined
said Mark Bennett, a certified dog took a hit during the pandemic, but dogs of different breeds, asking
trainer who offers virtual sessions they’ll recover: Packaged Facts owners behavioral questions
through his business, Brooklyn’s Pet Product News; October 19, 2021 based on human ADHD research.
Finest Dog Training, out of his cabin Hyperactivity, impulsivity and
in upstate New York. Sarah Todd, Non-veterinary pet services were inattention were found to be
who runs a New York boarding hit hard during the pandemic, more common in young dogs and
and training program, nearly had with boarding and pet sitting male dogs, matching observed
to close her business last year. But suffering the most, according to demographics in humans, they said.
people are traveling once again, Packaged Facts. In 2020, those They also found that dogs who
and many new pet owners are two travel-related pet service stayed at home alone daily were
returning to work, leaving behind segments dropped 45% in the more hyperactive, impulsive and
pets who aren’t used to being alone. case of boarding and 35% for pet inattentive than dogs who spent
“I’m getting a lot of people calling sitting and walking. The overall more time with their owners or
me and saying, ‘I’m going to get non-medical pet services sector weren’t alone. cbsnews.com
kicked out of my apartment if the dropped 22% to $8.1 billion. David
dog doesn’t stop barking,’” Todd Lummis, lead pet market analyst 3.7 ‘Upcycling’ could be good for
said. Telemedicine was useful for at Packaged Facts, said the sector pet food, but only if customers
veterinarians at the height of the showed “relative resilience” due to get onboard
pandemic, said AVMA President “the strong momentum that pet Tim Wall; Petfood Industry;
Dr. José V. Arce, who said he thinks services carried into the pandemic.” October 19, 2021
telemedicine will become more Other factors expected to drive
common in veterinary practices sales include the “pets-as-family” “Upcycling” is a new word, but the
as younger veterinarians enter mentality, brick-and-mortar pet industry has been doing it for
the profession and the range of retailers’ increased service offerings a long time, Tim Wall writes: using
available technologies expands. and the fact that upper-income existing ingredients, especially
nytimes.com households tend to drive spending otherwise discarded foods like
17 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTSmisshapen vegetables, to make pursue by meeting certain criteria. train and become an equine vet
pet food. But consumers often petfoodindustry.com was still present, albeit in lower
assume these items are low- numbers; however, their retention
quality. “It’s now time to start 3.8 Veterinarian retention is was the real problem,” Griffiths
figuring out how we can start the top issue facing the equine writes. Particularly concerning
reframing customer perceptions,” sector, international leaders say is the departure of veterinarians
Alex Waite, co-founder of Huw Griffiths; Veterinary Practice; from the equine sector from two
Shameless Pets, said during a October 19, 2021 to seven years after receiving
presentation at Petfood Forum their qualification. Some transition
2021. “Thinking that co-products The British Equine Veterinary to small animal medicine, and
are not nutritious solutions for Association’s president, Huw others simply leave the profession
companion animal nutrition, it’s Griffiths, shares the top issues because they want a better salary
not only inaccurate, but it ignores that came up at BEVA’s recent or are burned out. Other issues
the opportunity to improve the international presidents’ discussed at the meeting were a
sustainability of our food system meeting. The meeting brought medication shortage in Europe
while adding value back into together, virtually, equine sector and debates over the role horses
otherwise wasted ingredients.” representatives from nearly 30 should play—for example, is it
The Upcycled Food Association has countries. The top issue attendees appropriate to use horses for
developed a certification program discussed was the challenge work? veterinary-practice.com
to standardize upcycled foods, of veterinary retention. “Most
which pet food companies can countries found that the desire to
4.0 - Food animal market
4.1 China reports highest Q3 third quarter of 2018, before the production intended for export to
pork production in three years disease hit. It was lower than the 13.46 China, since China still hasn’t lifted
as hog herd recovers from African million metric tons produced during an export ban imposed in early
swine fever the second quarter of 2021, defying September, a Brazil-based newspaper
Dominique Patton; Reuters; expectations by some analysts. The reported. Following existing trade
October 17, 2021 spike in pork production was led by protocols between the two countries,
the largest producers, who invested the suspension was implemented
China recently reported its highest billions of yuan in new farms during after Brazil confirmed two atypical
third-quarter pork production in three 2020 in an effort to increase market cases of mad cow disease. Brazil
years. This comes after producers built share following the ASF epidemic. has decided to partially halt
thousands of large breeding farms reuters.com production because China is taking
last year to repopulate the hog herd, too long to lift the ban, the Brazilian
which was dented by African swine 4.2 Brazil partially halts beef newspaper O Globo reported, citing
fever, Dominique Patton reports. Pork production as China’s export the agriculture ministry. According
output for July through September ban continues to the report, the ministry has
was 12.02 million metric tons, up Reuters; October 20, 2021 temporarily allowed beef processors
43% compared with a year earlier, to store for up to 60 days meat
Reuters calculated using official data. Brazil’s agriculture ministry has produced before China’s suspension
This was the highest level since the told local meatpackers to halt beef was enacted. reuters.com
18 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS4.3 Industry groups call for the say, but it won’t necessarily see complete that these farms now act
confirmation of Biden’s pick for quick uptake. “There is definitely a as their own reservoirs [of disease],”
chief agricultural negotiator ‘breaking old habits’ factor that we he said. Sam Sheppard, a Bath
Jacqui Fatka; Feedstuffs; have run into when vets are used University biologist, said overuse
October 20, 2021 to sending texts, doing FaceTime of antibiotics, overcrowding and
over the phone—that is a change genetic similarity between animals
A coalition of 170 U.S. food and in behavior which falls on the could allow pathogens to mutate,
agriculture industry members are shoulders of vets to say they are spread and jump to humans.
calling for the quick confirmation switching over to a more formalized theguardian.com
of Elaine Trevino, President Joe approach to telemedicine,” said
Biden’s nominee to serve as chief Gil Patterson, a veterinarian and 4.6 Farmers worry John Deere strike
agricultural negotiator at the Office chief medical officer at veterinary could worsen equipment shortage
of the U.S. Trade Representative, technology company VetNOW. Phil McCausland; NBC News;
Jacqui Fatka reports. A letter from Patterson offered five ways October 19, 2021
the coalition to the Senate Finance telemedicine could help during an
Committee cites Trevino’s strong African swine fever outbreak, from Quality farm equipment is becoming
familiarity with the industries facilitating a rapid response to hard to find during a supply chain
through work such as her current allowing information to be shared shortage, and some farmers
job as president of the Almond among state and federal labs. are worried the problem could
Alliance of California, her previous agweb.com worsen after 10,000 John Deere
role as California’s deputy secretary workers went on strike last week,
of agriculture and as a current 4.5 Industrial farming operations Phil McCausland reports. “They’re
member of USDA’s Agriculture could be reservoirs of new already low on inventory and parts
Policy Advisory Committee. “She infectious diseases, scientists warn right now,” said Eric Hopkins, senior
understands the critical need to John Vidal; The Guardian; vice president of Hundley Farms. “A
open and maintain foreign market October 18, 2021 strike is only going to exacerbate
access and reduce barriers for things, make it worse. If it lasts
U.S. food and agriculture workers At least eight avian flu variants are for a while, not only will they not
and exporters for the benefit of circulating in factory farms around have new tractors, but when you
consumers in the U.S. and across the world, with the potential to have a breakdown and there’s no
the globe,” said the letter, which infect and kill humans, John Vidal parts, your tractor is just going to
said Trevino will be well-equipped writes. And while large farming sit there not being able to harvest
to address trade issues with Mexico, operations are considered vital or plant a crop.” It’s uncertain how
China and the European Union. sources of the protein that feeds long the strike could last and how
feedstuffs.com the world’s population, scientists much it could slow down Deere. The
warn that these poultry and company said it had a continuity
4.4 How telemedicine could help livestock farms also serve as vectors plan in place, bringing in salaried
the livestock sector during an for new diseases that could lead nonunion workers to maintain some
African swine fever outbreak to future pandemics. “Blaming production. nbcnews.com
Jennifer Shike; AgWeb; migratory waterfowl…is clearly
October 19, 2021 no longer a tenable position,” said
Rob Wallace, a virologist who says
COVID-19 and the threat of African new strains of flu are adapting
swine fever have made telemedicine to industrial poultry production.
much more appealing for veterinary “Influenza’s infiltration into
care in the livestock sector, experts industrial livestock and poultry is so
19 THE FOUNTAIN REPORT • 10-22-2021 RETURN TO CONTENTS4.7 Scaled back climate 4.8 Livestock producers will be
legislation should still include important in the effort to
incentive programs for farmers, reduce methane emissions,
House members say says UC Davis professor
Chuck Abbott; Successful Farming; Drovers; October 14, 2021
October 19, 2021
A University of California, Davis
As lawmakers scale back President professor says producers can be
Joe Biden’s “Build Back Better” valuable players in the effort to
bill, two Democrats on the U.S. reduce methane emissions from
House Agriculture Committee the livestock sector. “Do not view
are urging continued funding for methane as a liability,” said UC Davis
voluntary USDA-sponsored climate- professor Frank Mitloehner. “View it
smart agriculture programs. The as an opportunity.” Speaking at the
bill was expected to include $28 university’s 9th Henry C. Gardiner
billion for climate mitigation by Global Food Systems Lecture,
farmers, ranchers and foresters, Mitloehner focused on reducing
including a $5 billion initiative to methane emissions in livestock
encourage planting of cover crops. operations, including beef, dairy,
Representatives Chellie Pingree of pork and poultry. He noted that
Maine and Abigail Spanberger of a decade ago, the United States
Virginia wrote in a letter to House had approximately 25 million dairy
Speaker Nancy Pelosi and Senate cows. Now, there are about 9 million
Majority Leader Chuck Schumer that continue to produce the same
that farmers and producers must be amount of dairy products but with
included in efforts to reduce carbon lower methane emissions. “What is
emissions and sequester carbon. needed is a new Green Revolution,”
Dozens of farm, environmental he said. “If we don’t do that, we will
and alternative energy groups fail to meet the demand to feed 9.6
also urged Pelosi and Schumer billion people by the year 2050.”
to endorse a House Agriculture drovers.com
Committee proposal for $2.55
billion over 10 years to expand
the Rural Energy for America
Program, Chuck Abbott reports for
Successful Farming.
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