Fresh Del Monte CEO Sounds Alarm on Banana Crop Crisis
Fresh Del Monte's CEO, Mohammad Abu-Ghazaleh, has warned of a "losing battle" against Fusarium Tropical Race 4 (TR4) and Black Sigatoka, which are threatening the global banana crop.
“There will come a time that people realize that there are not enough bananas, and prices will shoot up,”
Abu-Ghazaleh expressed his concerns during the company's Q3 earnings call, stating that the issue is not just a problem for Fresh Del Monte, but for the entire industry. The Cavendish banana, which is the most widely consumed banana variety, is at risk of being devastated by the disease, similar to the Gros Michel banana, which was wiped out by a different strain of the disease in the 1950s.
- Fusarium Tropical Race 4 (TR4) and Black Sigatoka are affecting key banana growing regions.
- The disease could lead to a shortage of bananas and a subsequent price increase.
Author's summary: Fresh Del Monte's CEO warns of a banana crop crisis due to disease.
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