Classic. Good to go. Versatile.
Add Savor's global ingredients to your cold sandwiches.
|Item||Country of Origin||Beginning of harvest||End of harvest||Report Quarter|
|Baby Corn||Thailand||Year round||Year round||Supply is unstable due to farmers turning focus to higher revenue crops. Additionally, cost of packaging and appreciation of the Thai baht will add to higher landed costs.|
|Tuna Albacore||Thailand||Year round||Year round||Catch rates continue to be less than expected. Pricing will rise slightly.|
|Tuna Skipjack||Thailand||Year round||Year round||Catch rates continue to be less than expected. Pricing will rise slightly.|
|Pineapple||Thailand||Apr||Jun||Supply is increasing but not yet to normal levels. There is a concern of higher nitrate levels due to over-fertilization, leading some farmers to harvest not-yet-ripe fruit. Additionally, the Thai baht is appreciating relative to US dollar. We do not expect landed costs to lower for another two quarters.|
|Quinoa||Peru||May||Jun||While we had previously expected weather would only delay harvest time, we now know that it will also weaken harvest yields by 30%, particularly red quinoa.|
|Avocado||Mexico||Twice per year||Mar/Oct||Fruit prices will accelerate past expected pricing early this year and summer fruit costs will be evident much earlier than previously thought. Price should soften and moderate with harvest in September and reduced reliance on Flora Loca from off season bloom. Transportation to the US border is still an issue with truck shortage causing increased delivery costs.|
|Mango||Mexico||Jun||Aug||2020 Mexican crop fell short of expectations due to issues with fruit maturity. Improved outlook for new 2021 crop in June.|
|Arborio/ Carnaroli Rice||Italy||Jul||Aug||Raw material costs have stabilized.|
|Olive Oil||Spain||Nov||Mar||Although Spanish production has rebounded compared to last year, the declines in production from Italy, Greece, Tunisia, and Portugal will overshadow Spain’s increases. Meanwhile, consumption and exports have remained strong. Expect continued rising prices.|
|Manzanilla Olives||Spain||Oct||Dec||The final harvest data for 2020 yielded a slight increase from 2019 but with smaller fruit which has resulted in higher prices. Another factor that explains the higher prices is the increase of the Spanish retail market demand due to COVID confinement. This has compensated the lower demand from the US and the foodservice market in Spain because 50% of the production is used for the Spanish retail market.|
|Queen Olives||Spain||Oct||Feb||The final size of the crop is average in kilos and smaller in fruit size. Even though demand has been very low, the market is beginning to show an uptick in demand.|
|Artichokes||Peru||Jul||Oct||First plantings for 2021 crop have started. Crop should be similar to 2020 in terms of yield. Cost increases are coming due to rising costs of packaging, labor, and ingredients such as citric and ascorbic acid.|
|Artichokes||Spain||Feb||April||Crop is delayed with less volume yield. Appreciation of the euro against the US dollar continues to be a challenge.|
|Mushrooms||Holland||Year round||Year round||Expect cost increases. Demand for product is high. Cost increases are being felt due to key factors such as energy, tin plate, raw ingredient costs, and appreciation of the euro against the US dollar.|
|Bamboo Shoots||China||July||Aug||Bamboo crop yields are down. Packaging and Chinese yuan appreciation against the US dollar will also contribute to higher landed costs.|
|Edamame||China||July||Nov||Supply and pricing are stable. Other factors of concern—currency, packaging and freight—will not adversely affect us due to our contracted pricing.|
|Marcona Almonds||Spain||Aug||Oct||Expect price escalation due to frost that hit Spain in early March.|
|Raspberries||Serbia||July||Sept||Europe is completely empty with new season coming in 12-15 weeks. Demand for all frozen items has increased at least 30% and will remain as such for another year. Expect higher prices.|
|Rhubarb||Poland||June||July||Poland had a good winter and growers are very optimistic about crop yield, hoping for stable supply and pricing that will meet increased demand.|
|Roasted Red Peppers||Peru||Feb||May||Pepper crops are running well with no major issues that affect the product availability. Anticipate costs increases as we move further into 2021. These cost increases are due to mandated wage adjustments in Peru and shipping costs.|
|White and Red Vinegar||Various countries||Year round||Year round||Retail demand has sky rocketed creating shortages for foodservice. Several of the largest US producers do not anticípate supply and demand stabilizing until mid to late summer.|
|Balsamic Vinegar||Italy||Year round||Year round||There will be price increases across the board due to base raw material costs and appreciation of the euro against the US dollar.|
As we head into the second quarter, the ocean liner shipping industry continues to face unprecedented heavy port congestion, equipment imbalances, and vessel delays worldwide. We anticipate the worldwide congestion, capacity limitations, and surging fuel costs combined with the US dollar stabilization to translate as increases in transportation costs and operational expenses in the second quarter.
The good news is, we’re beginning to see the first signs of congestion loosening up at the ports of Los Angeles /Long Beach as well as major China ports. We believe we can expect to see a return to “normal” shipping schedules and capacity by the end of Q3, and spot market ocean rates receding by the end of the year.
Creamy. Flavorful. Versatile.
Savor has the ingredients you need to make your best hummus—classic or colorful
Empanadas. Turnovers. Samosas. Kolaches. Jianbing.
Savor has the global flavors you need to make your hand pies make people high five.
Juicy. Tender. Crunchy. Golden. Flavorful.
Savor has the global plus ones you need to make your chicken sandwich stand out.
|Item||Country of Origin||Beginning of harvest||End of harvest||Report Quarter|
|Baby Corn||Thailand||Year round||Year round||Supply and harvest are steady for this year round-item. No significant adverse conditions are plaguing harvest and production.|
|Tuna Albacore||Thailand||Year round||Year round||Supply and pricing are stable. No significant adverse conditions are plaguing supply and production.|
|Tuna Skipjack||Thailand||Year round||Year round||Catch rates on skipjack have been less than expected. This is unfortunate as we head into Lent season. Pricing will rise slightly.|
|Onions Blanched||China||Apr||May||Supply and pricing are stable. No significant adverse conditions are plaguing supply and production.|
|Pineapple||Thailand||Apr||Jun||Pineapple raw materials remain low. Encouraging news is that the winter crop is yielding better than the summer crop. Still we have quite a way to go, as we continue to face high pricing, low raw materials, and weakened demand.|
|Quinoa||Peru||May||Jun||Crop yields are expected to remain strong. There is a possiblity of a 30-day delay in harvest due to lack of rain but, at this time, concerns are low that it will affect health of the crop and supply.|
|Okra||El Salvador||Mar||Jun||Supply and pricing are stable. No significant adverse conditions are plaguing supply and production.|
|Avocado||Mexico||Twice per year||Mar/Oct||Fruit is of good size and quality. Crop yields came in as expected|
|Blended Oils||Varies||Year round||Year round||Speculation is driving pricing higher along with issues overseas with dry weather and labor strikes. Hopefully this will be a short term issue but expect a volatile Q1 2021.|
|Mango||Mexico||Jun||Aug||Volume fell short of expectations due to uneven fruit maturity in the fields. Less volume has led to a cost increase on the Kent variety.|
|Arborio/ Carnaroli Rice||Italy||Jul||Aug||Raw material price increased due to higher demand and lower availability.|
|Olive Oil||Spain||Nov||Mar||Higher worldwide demand and no carryover stock led to price pressure as all major producing countries except Spain have lower crop yields.|
|Green Olives||Spain||Oct||Dec||A short harvest for manzanilla and gordal (queen) varieties led to high raw material costs.|
|Artichokes||Peru||Jul||Oct||Raw material costs were up 10% vs 2019.|
|Mushrooms||Holland||Year round||Year round||Compost and labor costs were up 10-15% leading to cost adjustments in base pricing.|
2020 was an abnormal year in freight because of COVID-19, and at this rate, 2021 is proving to be equally unpredictable.
Due to persistent strong cargo demand, most ocean carriers have deployed additional vessels, leading to infrastructure challenges in US ports. The port congestion combined with COVID-19 related workforce constraints has led to massive delays and a high number of vessels waiting at anchorage to berth, ultimately resulting in much needed empty containers not returning to origin fast enough and the vessel schedule reliability is suffering. Particularly hard hit is China to Savannah trade, with 26.4% reliability.
COVID-19 cases are on the rise again and many places are locking down again. The introduction of a vaccine may bring back some sense of normalcy, but it is still too early to tell. Additionally, the inauguration of a new United States president could have some impact on Asia to United States freight trends and rates. While I expect the situation to ease slightly during the Chinese New Year break, I expect the severe equipment imbalance and subsequent record high ocean freight costs to last until end of Q2 2021.
Quick adaptation and flexibility have been two saving graces as we navigate these uncertain waters. COVID-19 has caused irregular shifts in trends and cycles for most industries, freight included. Although rates are at record-breaking highs and capacity at unprecedented lows, Savor shipments have continued to move with regular flow. Delays have been common, but we have not seen any major halts or service interruptions.