Fresh Del Monte Produce Inc. is one of the world’s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East.
The company markets its products worldwide primarily under the Del Monte brand. The company’s global sourcing and logistics network allows it to provide consistent delivery o...
Fresh Del Monte Produce Inc. is one of the world’s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East.
The company markets its products worldwide primarily under the Del Monte brand. The company’s global sourcing and logistics network allows it to provide consistent delivery of high-quality products and value-added services to its customers.
The company has leading market positions in the following product categories and the company is:
The largest marketer of fresh pineapples in the United States, and a leading marketer in other markets worldwide.
The third-largest marketer of bananas in the United States, and a leading marketer in other markets worldwide.
A leading marketer of fresh-cut fruit in the United States, Japan, South Korea, and the United Kingdom; fresh-cut vegetables in North America, South Korea, Kuwait, the United Arab Emirates, Japan, and Saudi Arabia; avocados in the United States; and canned fruit in Europe, Africa, and the Middle East.
The company’s business is consisted of three reportable segments, two of which represent its primary businesses of fresh and value-added products and banana, and one that represents the company’s other ancillary businesses.
Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks).
Banana.
Other products and services - includes the company’s third-party freight and logistic services business, its Jordanian poultry and meats business, and the company’s biomass initiatives.
The company markets and distributes its products to retail stores, club stores, convenience stores, wholesalers, distributors and foodservice operators in more than 80 countries around the world. North America is its largest market, accounting for 59% of the company’s net sales in 2024. The company’s other major markets are Europe, the Middle East (which includes North Africa) and Asia.
The company produces, sources, distributes, and markets a broad array of fresh produce, primarily under the Del Monte brand, as well as under other proprietary brands, such as UTC and Rosy. The company also produces, distributes and markets prepared fruits and vegetables, juices, beverages and snacks under the Del Monte brand, as well as other proprietary brands, such as Just Juice, Fruitini, Pinkglow, Del Monte Zero, Honeyglow, Rubyglow, Honey Miniglow, Bananinis, and other regional trademarks in North America, Europe, Africa and the Middle East. The company also distributes under the Mann Packing family of brands in North America, including Mann, Mann's Logo, Nourish Bowls, Broccolini and Caulilini.
The company’s distribution centers and fresh-cut facilities address the growing demand from supermarket chains, club stores, convenience stores, foodservice providers, mass merchandisers, and independent grocers to provide value-added services, including the preparation of fresh-cut produce, ripening, customized sorting and packing, just-in-time and direct-store-delivery and in-store merchandising and promotional support. There is a significant opportunity for the company with a full fresh and fresh-cut produce line, well-recognized brands, a consistent supply of quality produce and a global distribution network to become the preferred supplier to these large retail, convenience store, and foodservice customers. The company strives to expand this status by increasing its leading position in fresh-cut produce, expanding the company’s fresh fruit and vegetable business, continuing to grow these value-added products and diversifying its other fresh produce selections.
Sourcing and Production
The company sources its fresh produce products primarily from Central and South America, North America, and the Philippines, and the company’s prepared food products from Africa, Europe, and the Middle East. The company also produces, markets and distributes certain prepared food products in North America based on its agreement with Del Monte Pacific Limited and its subsidiary, Del Monte Foods, Inc.
The company’s products are sourced from company-controlled operations and through supply contracts with independent producers. In 2024, 51% of the fresh produce the company sold was grown on company-controlled farms and the remaining 49% was acquired primarily through supply contracts with independent growers. Costa Rica is the company’s most significant sourcing location representing approximately 37% of its total sales volume of fresh produce products and where 38% of the company’s property, plant and equipment was located in 2024.
Fresh and Value-Added Products
The company’s fresh and value-added products segment includes sales of the following product categories:
Fresh-cut Produce (Fresh-Cut Fruit and Fresh-Cut Vegetables)
The company’s fresh-cut produce sales in 2024 represented 20% of its total net sales. The company’s largest selling market for its fresh-cut products was North America, which accounted for 71% of its fresh-cut fruit sales and 81% of its fresh-cut vegetable sales in 2024. The company also sold fresh-cut produce in Europe, Asia, and the Middle East.
The fresh-cut produce market continues to be one of the fastest-growing categories in the fresh produce industry, largely due to consumer trends favoring healthy, fresh and conveniently packaged ready-to-eat foods. While packaged salads continue to lead the category of fresh-cut produce sales, the category has expanded significantly to include pineapples, melons, mangoes, grapes, citrus and assorted vegetable produce items that are washed, cut and packaged in a ready-to-use form. Within this market, there is differentiation between companies active primarily in the packaged salad market and other companies, like the company offers a wide variety of value-added conventional and organic fresh-cut fruit and vegetable items.
The company’s fresh-cut fruit products include pineapples, melons, grapes, citrus, apples, mangoes, kiwis and other fruit items. The company’s experience in this market coupled with its sourcing and logistics capabilities and the Del Monte brand have enabled it to become a leading supplier of fresh-cut fruit to the supermarket, convenience and club store channels in the United States. The company’s offerings in North America also include a broad variety of fresh-cut vegetable products.
The fruit the company uses in its fresh-cut operations are sourced within the company’s integrated system of company-controlled farms and from GAP-certified (good agricultural practices) independent growers. The company purchases its vegetables from independent growers principally in the United States and Mexico. The company’s purchases contracts for both fruit and vegetables are typically short-term and vary by produce item.
Pineapples
The company is the leading marketer of fresh pineapples in the United States and a leading marketer worldwide based on internally generated data. The company’s pineapple net sales in 2024 represented 15% of its total net sales and were primarily concentrated in North America (accounting for 60% of the company’s total pineapple sales), followed by Europe (22%), Asia (10%), and the Middle East (8%).
The company’s Del Monte Gold Extra Sweet pineapple, which was launched in 1996 as a then-new variety, has an enhanced taste, golden shell color, and bright yellow flesh and has replaced other traditional pineapple varieties in popularity and demand. In recent years, the company continues its efforts to innovate the company’s product lines, including with the launch of its proprietary Pinkglow pineapple in 2020 and with the relaunch of the company’s Honeyglow pineapple in 2021. In 2022, as a further showcase of its diverse product line in the pineapple space, the company announced the launch of its Del Monte Zero carbon neutral pineapple, which provides consumers with a unique opportunity to support climate-conscious produce. This new pineapple product line extension is grown in Costa Rica and has been certified as sustainably grown by a third-party certification body. In January 2024, the company launched its Rubyglow pineapple, debuting exclusively in China and later in the United States, which features a red exterior and bright yellow flesh as part of its expansion into the market.
Pineapples are grown in tropical and sub-tropical locations. The principal production and procurement areas for the company’s pineapples are Costa Rica, the Philippines, and Kenya.
Pineapples have a long growing cycle of 18 months and require re-cultivation after one to two harvests. Growing pineapple requires a higher level of capital investment, as well as greater agricultural expertise as compared to bananas. Given the complexity of pineapple cultivation relative to the company’s bananas, a higher percentage of the fresh pineapples the company sells (77% by volume in 2024) is produced on company-controlled farms.
Avocados
Avocado net sales represented 8% of the company’s total net sales during 2024. During 2024, the company’s largest selling market for avocados was North America, which made up 98% of its avocado net sales.
The company’s avocados are sourced principally from Mexico where it has its own sourcing operations and sorting and packing facility, ensuring a consistent supply of high-quality avocados year-round. The company’s supply of avocados is supplemented from independent growers in the United States, Colombia, and Peru.
Prepared Foods
Prepared foods net sales represented 7% of the company’s total net sales during 2024. The company has a royalty-free, perpetual license to use the Del Monte trademark in connection with the production, manufacture, sale and distribution of prepared food, including beverages, in over 100 countries throughout Europe, Africa, the Middle East and certain Central Asian countries. The company also produces, markets and distributes certain prepared food products in North America based on its agreement with Del Monte Pacific Limited. In addition to under the Del Monte label, the company prepared food products are also sold under the buyers’ own private label for major retailers.
The company’s prepared food products include prepared pineapple, peaches, fruit cocktail, pears, tomatoes, and other fruits and vegetables, as well as fruit juices, various meals and snacks, guacamole, and industrial products, such as fruit in the form of purees, pulps and concentrates for further processing. In North America, the company also produces and markets an array of prepared vegetable offerings, such as vegetable trays with dip, salad kits, and ready-to-use veggie kits created for air fryers.
The company’s prepared pineapple products are primarily sourced from its facility in Kenya while the company’s prepared deciduous and tomato products are primarily sourced from its facility in Greece and from independent producers.
Banana
The company is the third-largest marketer of bananas in the United States and a leading marketer in other markets worldwide, based on internally generated data. The company’s banana net sales in 2024 represented 34% of its total net sales and were primarily concentrated in North America (accounting for 46% of the company’s total banana sales), followed by Europe (25%), Asia (18%), and the Middle East (9%). The company’s ability to provide its customers with a year-round supply of high-quality Del Monte bananas is important to maintaining its existing customer relationships and attracting new customers. The company’s position as a volume shipper of bananas has also allowed it to make regular shipments of a wide array of other fresh produce, such as pineapples, melons and plantains, and has positioned the company to expand its third-party ocean freight services, thereby reducing its average per-box logistics costs and maintaining higher quality produce with a longer shelf life.
The company produces bananas on company-controlled farms in Costa Rica, Guatemala, the Philippines, Panama and Brazil, and it purchases bananas from independent growers in Guatemala, the Philippines, Ecuador, and Colombia. In 2024, the company produced approximately 47% of the banana volume it sold on company-controlled farms, and the company purchased the remainder from independent growers. Although the company’s supply contracts are primarily long-term, it also makes purchases in the spot market, primarily in Ecuador.
In the Philippines, the company purchases the majority of its bananas through long-term contracts with independent growers. Approximately 95% of the company’s Philippine-sourced bananas are supplied by one grower, representing 12% of the Philippines banana industry volume in 2024. In the Philippines, it has leased approximately 4,000 hectares of land where it has planted approximately 3,055 hectares of bananas for the Asia and the Middle East markets.
Additionally, in early 2023, the company announced a multi-year collaboration agreement with a United Arab Emirates-based (‘UAE’) firm to supply its Middle East and North Africa markets with bananas grown in Somalia, which is expected to begin in 2025.
Other Products and Services
Included in the company’s other products and services segment is its third-party freight and logistic services business, its Jordanian poultry and meats business, and the company’s biomass initiatives.
The company’s third-party freight and logistic services business leverages its supply chain assets, including the company’s shipping vessels, warehouses and cold storage infrastructure as part of its efforts to expand the company’s portfolio of services. The company’s third-party ocean freight services business, which its rebranded as ‘Network Shipping’ during 2022, operates as a hybrid shipping line/cargo owner and seeks to offer customers flexible and dependable access to routes between Costa Rica, Ecuador, Guatemala, Peru and the U.S. The company’s six refrigerated container vessels, which were delivered in 2020 and 2021, have allowed it to continue expanding this ancillary business, and provide meaningful contribution to the company’s profitability. The business began by allowing the company to optimize the excess capacity on its ships’ outbound and return voyages to and from the company’s product sourcing locations to generate incremental revenue and reduce its overall shipping costs. The company has opened agencies in the U.S., Guatemala, Costa Rica, Ecuador and Peru to support the expansion of this business and better serve its customers, including by enabling better end-to-end solutions, such as cold storage services at port locations and cross-docking services in addition to the company’s ocean freight services.
In addition, during 2022, the company announced a range of new logistic services in North America, including inland freight, cross-docking, cold storage and warehousing services to further leverage its supply chain network within the region and optimize the productivity of the company’s assets.
The company’s Jordanian poultry and meats business includes a vertically integrated poultry business, including poultry farms, hatcheries, a feed mill, a slaughterhouse and a meat processing plant.
The company’s biomass initiatives include a Kenyan biofertilizer plant, which will use residues from the company's pineapple cannery to create different types of biomass products for internal use and third-party sales to other growers. During 2024, the company entered a joint venture with a leading producer of biotechnical solutions as part of its biomass initiatives, which will leverage the use of the company’s pineapple byproducts to produce biomass products.
Logistics Operations
The company conducts complex logistics operations on a global basis, transporting its products from the countries in which they are grown to the many markets in which they are sold worldwide.
The company has an integrated logistics network, which includes land and sea transportation through a broad range of refrigerated environments on ships, port facilities, containers, trucks and warehouses. The company’s logistics system is supported by various information systems.
As of the year ended 2024, the company transported its fresh produce to markets using the company’s fleet of one chartered and ten owned ships, and four port facilities in the United States. The company also transports its products to destinations around the world using third-party container lines that cover destinations that the company does not service directly with its own fleet. In addition, the company operated a fleet of approximately 11,000 refrigerated containers. The company operated 33 distribution centers globally, generally with cold storage and banana ripening facilities in its key markets worldwide, including the United States, South Korea, the UAE, Saudi Arabia and Hong Kong. The company also operated 18 fresh-cut facilities in the United States, the United Kingdom, Japan, South Korea, the UAE, Kuwait, and Saudi Arabia, some of which are located within its distribution centers. In addition, the company owns or lease other related equipment, including approximately 355 trucks and refrigerated trailers used to transport its fresh produce in the United States. In the Middle East, the company owns or lease approximately 161 trucks used to deliver fresh produce, prepared food, and poultry products to customers.
The company’s ability to off-load shipments for cold storage and distribution throughout its network also improves ship utilization by minimizing in-port docking time. In addition, the company’s logistics network enables it to continuously monitor and maintain the quality of the company’s produce, ensure timely and regular distribution to customers on a year-round basis, and manage its inventory among distribution centers, as needed, to effectively respond to changes in market demand.
Sales and Marketing
The Del Monte brand has been used to identify premium produce products for over 130 years and is recognized by consumers worldwide for quality, freshness and reliability. The company employs a variety of marketing tools, including advertising, public relations and promotions to reinforce its brand equity with consumers and the trade. Th company’s sales and marketing activities are conducted by its sales force located at its sales offices worldwide and at each of its distribution centers. The company’s commercial efforts are supported by marketing professionals located in key markets and regional offices. A key element of the company’s sales and marketing strategy is to use its distribution centers and fresh-cut facilities to provide value-added services to its customers. The company supports its customers through technical training in the handling of fresh produce, category management, in-store merchandising support, joint promotional activities, market research, inventory and other logistical support.
The company uses a variety of promotional tools to build the Del Monte brand and engage consumers in key markets in Europe, Africa and the Middle East. In certain European markets, it uses distributors to perform product distribution, sales and marketing activities for the prepared foods business. This strategy of utilizing independent distributors enables the company to reduce distribution, sales and marketing expenses while allowing it to penetrate additional markets.
During 2024, one customer, Walmart, Inc. (including its affiliates), accounted for approximately 9% of the company’s total net sales. These sales are reported in the company’s banana and fresh and value-added products segments. In 2024, the company’s top 10 customers accounted for approximately 32% of its net sales.
North America
In 2024, 59% of the company’s net sales were in North America where it has established a highly integrated sales and marketing network that builds on the company’s ability to control transportation and distribution throughout its extensive logistics network. The company operates a total of 22 distribution centers and fresh-cut facilities within North America. The company’s distribution centers have ripening capabilities and/or other value-added services. Within North America, the company also operates four port facilities, which include cold storage capabilities, and owns an avocado packing facility in Uruapan, Mexico.
The company has sales professionals in locations throughout the United States and Canada. The company sells to leading grocery stores and other retail chains, wholesalers, mass merchandisers, supercenters, foodservice operators, club stores, convenience stores and distributors in North America. These large customers typically take delivery of the company’s products at the port facilities, which it refers to as FOB delivery. The company also services these customers, as well as an increasing number of smaller regional chains and independent grocers, through the company’s distribution centers.
Europe
In 2024, 20% of the company’s net sales were in Europe where it distributes the company’s fresh produce and prepared food products. The company’s fresh produce products are distributed to leading retail chains, smaller regional customers, as well as to wholesalers and distributors through direct sales and distribution centers. In the United Kingdom, it has a sales office in Staines, England and operates a fresh-cut facility in Wisbech, England. In France, the company outsources its banana ripening activities to third parties, while the company’s sales and marketing function is performed internally. Similarly, in Germany, the company’s sales and marketing function is performed internally and its ripening operations were outsourced to a service provider beginning in 2022. In the Netherlands, Spain, Portugal, Italy and Poland, the company has sales and marketing entities that perform direct sales of its fresh produce products.
The company’s prepared food products are distributed through independent distributors throughout most of Europe. In the United Kingdom, its prepared food products are distributed using a combination of both independent distributors and the company’s own marketing entity. The company’s prepared foods activity in Germany and France has been performed via direct sales to the retail channel through its own sales and marketing entity.
The Middle East and North Africa
In 2024, 9% of the company’s net sales were in the Middle East and North Africa. In this region, the company distributes its products through independent distributors and company-operated distribution facilities.
The company’s leased distribution and manufacturing center in Dubai, UAE has just-in-time delivery capabilities and includes fresh-cut fruit and vegetable operations, an ultra-fresh juice manufacturing operation and prepared foods distribution. In Saudi Arabia, through its 60%-owned joint venture, the company’s lease two distribution centers with fresh-cut fruit, vegetable and salad operations, and prepared foods manufacturing of frozen potatoes, and ultra-fresh juices. One of the distribution centers is located in Riyadh, the capital city of Saudi Arabia, and the other distribution center is located in Jeddah, the second largest city in Saudi Arabia.
In the UAE and in Saudi Arabia, the company also distributes its products using its own innovative retail concept through the company’s Food and Beverage (F&B) stores. These F&B stores are small retail kiosks selling the company’s fresh-cut produce, juice and other prepared food products and are strategically located in airports, schools, hospitals and inside hyper-markets.
In Jordan, the company owns a vertically integrated poultry business, including poultry farms, hatcheries, a feed mill, a slaughterhouse and a meat processing plant. As part of the company’s vertical integration and expansion strategy in this region, it developed a 10-hectare ultra-modern hydroponic greenhouse in Jordan to supply lettuce to the company’s fresh-cut facilities, and where the company also has a fresh-cut processing center for supplying lettuce to the Jordan market. The company has one F&B store in Jordan.
In Qatar, the company has a sales and marketing office to serve the expanding brand presence in the country. In Turkey, the company’s sales office located in Mersin is responsible for sourcing various types of fruit serving its units across the region in addition to selling and distributing a range of prepared food products to distributors. The company has a leased facility to service the Kuwaiti market with its fresh produce products and fresh-cut fruit, fresh-cut vegetables and salads. The company also has an office in Morocco, which distributes its products locally and exports locally sourced fresh produce, allowing it to further expand the company’s coverage in the North Africa Region. The Middle East, North Africa and Central Asian countries represent an area for sales growth and development of the company’s fresh and prepared food products. Utilizing its extensive knowledge of this region, the company plans to continue capitalizing on this opportunity with increased focus in these markets.
Asia
In 2024, 10% of the company’s net sales were in Asia. The company distributes its products in Asia through direct marketing and large distributors. The company’s principal markets in this region are Japan, South Korea, mainland China and Hong Kong.
In Japan, the company distributed 100% of the products it sold in 2024 through the company’s own direct sales and marketing organization, and it operates three fresh-cut facilities. The company’s products are distributed from four distribution centers located at strategic ports in Japan, which include cold storage.
In South Korea and Hong Kong, the company engages in direct sales and marketing activities. In South Korea, it has three distribution centers that utilize advanced ripening technology, and which increase the company’s ability to offer value-added services to its customers. In South Korea, the company also operates as a fresh-cut fruit and vegetable facility from which it supplies major foodservice customers. In Hong Kong, the company has one distribution and banana ripening center.
In other Asian markets, including mainland China, the company sells to local distributors.
Government Regulation
The countries in which the company markets a material amount of its products are the United States, the countries of the European Union (EU), the United Kingdom, Japan, South Korea, and Saudi Arabia. The government regulations the company is subject to include:
sanitary regulations, particularly in the United States and the EU;
regulations governing pesticide use in all source countries and residue standards in all market countries, particularly in the United States, Germany, Japan and South Korea;
ongoing Endocrine Disruptor Assessment programs in the EU and the United States, which potentially impact availability, use and residue tolerance of some pesticides; and
regulations governing safety, traceability, packaging, and labeling, particularly in the United States where the company is subject to the Federal Food, Drug, and Cosmetic Act and the Food Safety Modernization Act, and in the EU, where food safety policy is governed by the Farm to Fork Strategy which regulates food safety at all stages of the production and distribution process for all food products marketed within the EU, whether produced within the EU or imported from other countries.
Intellectual Property
The company has the exclusive right to use the Del Monte brand for fresh fruit, fresh vegetables and other fresh and fresh-cut produce and certain other specified products on a royalty-free basis under a worldwide, perpetual license from Del Monte Foods Corporation II Inc., an unaffiliated company that owns the Del Monte trademark. Del Monte Corporation and several other unaffiliated companies manufacture, distribute and sell under the Del Monte brand canned or processed fruit, vegetables and other produce, as well as dried fruit, snacks and other products. The company’s licenses allow it to use the trademark ‘Del Monte’ and the words ‘Del Monte’ in association with any design or logotype associated with the brand. The licenses also give the company certain other trademarks and trademark rights, on or in connection with the production, manufacture, sale and distribution of fresh fruit, fresh vegetables, other fresh produce and certain other specified products. In addition, the licenses allow the company to use certain patents and trade secrets in connection with the production, manufacture, sale and distribution of the company’s fresh fruit, fresh vegetables, other fresh produce and certain other specified products.
The company has a royalty-free perpetual license to use the Del Monte trademark in connection with the production, manufacture, sale and distribution of all food and beverage products in Europe, Africa, and the Middle East and certain Central Asian countries. The company can also produce, market and distribute certain prepared food products in North America based on an agreement with Del Monte Pacific utilizing the Del Monte brand.
The company sells produce under several other brands for which it has obtained registered trademarks, including UTC, Rosy, Just Juice, Fruitini and Honeyglow, Pinkglow, Rubyglow, among many others.
The company also sells products under the Mann Packing family of brands, including Mann, Mann's Logo, Nourish Bowls, Broccolini and Caulilini.
Seasonality
Due to seasonal sales price fluctuations, the company has historically realized a greater portion of its net sales and of the company’s gross profit during the first two calendar quarters of the year (year ended December 2024). The company makes most of its sales of non-tropical fruit from October to May.
History
Fresh Del Monte Produce Inc. was founded in 1886. The company was incorporated under the laws of the Cayman Islands in 1996.
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