MINNEAPOLIS — Cargill recorded $160 billion in revenues in fiscal year 2024, which ended May 31, down from $177 billion in fiscal 2023, amid an “extremely challenging" marketplace, according to the company’s annual report released Aug. 13.

Brian Sikes, chairman, president and chief executive officer, noted ongoing challenges facing the global food system from disruptions caused by conflict, changing demographics, and volatile economic and environmental conditions. He said a growing global population will add 500 million people by 2030 and require the food system to produce up to an additional 50 million tonnes of agricultural commodities per year.

“Our industry has never faced a challenge of this magnitude,” Sikes said. “But in the coming years, agriculture can and must make transformational changes to sustainably feed our immediate future and the generations that follow. Cargill is proud to help make that change happen, bringing the power of our people, partnerships and innovation to reimagine what’s possible in food and agriculture.”

Toward that end, Sikes cited the Cargill RegenConnect program that helps farmers adopting climate-friendly practices to enhance soil health and water quality, sequester carbon and improve farm productivity. The program has engaged farmers in 24 US states toward a goal of 10 million acres of North American farmland with regenerative agriculture by 2030. The program also has expanded to six European countries.

Cargill also has accelerated its commitment to eliminate deforestation and land conversion from its direct and indirect supply of row crops in Brazil, Argentina, and Uruguay by 2025 to help protect South America’s natural ecosystem. About 30% of world trade flows for soy, corn, wheat and cotton come through those three countries.

With respect to enhancing market access for producers, Sikes pointed to Cargill’s expanding capacity to store, process and move crops, including the company’s acquisition of soy storage and crush facilities in South America previously owned by Granol. 

Cargill currently operates in 70 countries and sells to 125 markets.

In North America, Cargill Inc. has 196 facilities with 348 million bushels of licensed storage, making it the third-largest grain handling company, according to Sosland Publishing Co.’s 2024 Grain & Milling Annual.

Cargill also opened a new Cocoa Development Center in Indonesia, launched a first-of-its-kind pet food plant in China that produces fresh meat pet food for its PetMaster brand, and unveiled a new global innovation center to serve swine customers and the livestock industry in China and across Asia.

“As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends in front of us, maximize our competitiveness, and, above all, continue to deliver for our customers,” Cargill said. “The world around us is changing fast, and we are transforming even faster to fulfill our purpose not only today but for generations to come.”