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1、8October2018abcESG:FutureofFoodAntibioticsinagriculture4Halfoftheworld’santibioticsareusedinagriculture,increasingtheriskofantibioticresistance,withsevereimplications4RegulationsarebeingtightenedinEurope;otherregionsarefurtherbehind,butweexpectthemtocatch-upintime4Wehighlightimpl
2、icationsforcompaniesinfoodretail,pharma,producersofmeatanddairy,andrestaurantsAproblemwemustaddressTheprospectofwidespreadantibioticresistanceisarealanddevastatingscenario,whichisnowwidelyacknowledged.Akeycontributingfactoristhehighuseofantibioticsinagriculture,especiallyinmeatfar
3、ming,whichisnow50%oftotal(humanandanimal)useglobally,and70%intheUS.Thisisbeingexacerbatedbytherapidriseinmeatproduction,up90%percapitasincethe1960s.Chinaisthelargestuserofantibioticsinagriculturewithanestimated60%ofglobalusebyweight.TheUSissecondat7%,theEU5%andBrazil5%.Globalactio
4、nisbuildingmomentumEuropeistakingthestrongestaction,withupcomingregulationstobanmostpreventativeuse,withtheUS,LatAmandAsiafurtherbehind.Thereareearlysignsofactioninotherregions,andwebelievethatotherregionswillcatch-upbecauseoftheimportanceofthisissue,andconsumerdemandforantibiotic
5、-freemeatwillincrease.Thishassignificantimplicationsforcompaniesproducing,processingorsellingmeat-basedproducts.Companyimplications4Europeanfoodretail:UKsupermarketsaremostprogressedonactiontoreduceantibioticuse,weexpectmorepressureoncontinentalpeerswithupcomingEUregulation.Tesco(
6、Buy)whichisnotnormallyviewedasanESGleader,scoreswell.4Restaurants:Aslargeprocurersofmeat,restaurantshavecomeunderpressurefromNGOs.Mostcompaniesaretakingaction,thoughprogressisquitevaried.Forexample,TheRestaurantGroup(Hold),GreeneKing(Hold)andWhitbread(Hold)bantheuseofantibioticsfo
7、rpreventativeuse.4AsianandAmericasmeatproducers:Meatproducersintheseregionsarethemostexposedcompaniesasmanystillhavehighantibioticusage–Tyson(notcovered),JBS(Buy),BRF(Buy),andWHGroup(Buy).4Pharma:Thereisminimalimpactonhumanhealthcompaniesasthemajorityofantibioticsforagricultureare
8、soldbyanimalhealthcompanies,forwh
