SKM Egg Products Export

Introduction & Episode Roadmap**

Picture the dusty roads of Erode in Tamil Nadu, 1995. A young man stares at ledgers showing millions in losses from egg trading. His father's animal feed business is thriving, but these mounting losses from selling eggs threaten to undo decades of hard work. This is Shivkumar, 27 years old, trying to find a solution that would transform not just his family's fortunes but create Asia's largest egg processing empire.

In 1995, at age 27, Shivkumar took a bold step by starting an export business of egg-derived products from the then small town of Erode. Today, he has grown his company, SKM Egg Products Exports (India) Limited, into a business with a turnover of Rs 650 crore. The company would grow to process 1.8 million eggs per day to produce 6500 tonnes of egg powder annually, becoming one of the Asia's biggest egg processing plant.

But this wasn't just a straight climb to the top. The journey included two near-death experiences with avian flu, a technology partnership that ended after a decade, and the challenge of convincing global food giants that an Indian company could meet their exacting standards. The big question hanging over this story: How did they survive when avian flu almost killed them twice—first in 2006 when India lost its competitive position in poultry exports, then again during the 2015 US epidemic that sent global egg prices soaring—and still emerge processing 1.8 million eggs daily?

This is the untold story of how a small-town animal feed business became a global egg powder powerhouse, supplying everyone from Ajinomoto and Nissin in Japan to Mondelez and Heinz globally. It's about building backward integration as a moat, surviving commodity price volatility, and the power of uncompromising quality standards in food exports.

II. Origins: The Feed Business Foundation (1970s-1994)

The SKM story doesn't begin with eggs—it begins with a general store. Maeilanandhan chose not to pursue agriculture and opened a small general store at Erode in 1966, which would grow into a ₹50 billion business conglomerate involved in diverse activities including poultry farming, manufacture of Ayurveda and Siddha medicines, fertilizers and animal feeds.

But it was a crisis that pushed Maeilanandhan into the feed business. The severe outbreak of Aflatoxin (a deadly plant disease) in 1979 prompted Padma Shri Thiru SKM Maeilanandhan to enter the animal feed manufacturing business. He started SKM Animal Feeds and Foods (India) Private Limited in 1981 and built a feed manufacturing unit in Nanjaiuthukuli, a rural town in Erode, Tamilnadu. The factory began its commercial production in 1983 with a production capacity of 36,000 MTS of animal feed per year.

Maeilanandhan wasn't just selling feed—he was pioneering rural marketing. Thiru SKM Maeilanandhan pioneered the concept of modern marketing in rural areas successfully. He organised farmers' meetings to study and analyse problems in the market. The company helped farmers prepare project reports for bank loans, provided round-the-clock veterinary services, and created an innovative barter system.

Here's where the story takes its crucial turn. SKM also provided a twin advantage to the farmers, by collecting the eggs from farms at preannounced weekly rates, free of cost and adjust the cost of feed supplied. About 1.5 million eggs are procured daily with a fixed schedule from the farmers. This seemed like a win-win—farmers got guaranteed prices and free collection, SKM got a steady supply of eggs to trade.

But there was a problem brewing. "My father supplied poultry feed to farmers, collected their eggs, and sold them in the market for them. This arrangement lasted a long time and helped in the growth of my father's business," shares Shivkumar. Yet while the feed business was profitable, the egg trading was hemorrhaging money. By the early 1990s, SKM was making money on feeds but losing millions on eggs—a classic case of being in the wrong part of the value chain.

The company was essentially a commodity trader, buying eggs at pre-determined prices from farmers and selling them in volatile markets. When prices dropped, SKM absorbed the losses to maintain farmer relationships. This was when Mailenandhan asked his son, who joined the business in 1995, to see if there was a way to stem the losses. "We were losing Rs.3 crore annually. By improving the logistics and reporting system, we brought down the losses to Rs.2 crore," recalls Shivkumar.

But reducing losses from 3 crores to 2 crores wasn't a solution—it was a band-aid. The fundamental problem remained: they were in a low-margin, high-risk commodity business. Something had to change.

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III. The TIDCO Partnership & IPO (1995-1997)

The solution came from an unexpected source. "I discovered an opportunity when TIDCO (Tamil Nadu Industrial Development Corporation Limited) invited proposals in 1994 to establish an egg processing plant in Tamil Nadu, inspired by a similar facility in Andhra Pradesh. We applied after the project was advertised and were selected as partners to set up the unit," Shivkumar explains.

This wasn't just any partnership. The Tamil Nadu Industrial Development Corporation (TIDCO) was looking for a co-promoter for an egg processing unit, which would cater to exports. Since SKM was already trading in eggs, this proved to be the turning point for the company. TIDCO picked up a 11% stake in the company, which it has since pared to 7.58%.

Understanding they needed technology expertise, SKM partnered Belgium-based Belovo. "Since egg processing was a relatively new industry unlike diary, we felt it was better to go in for a partner, who understood the business," says Shivkumar. So SKM and Belovo entered into a 10-year partnership, with the latter even picking up a stake in the company.

Now came the ambitious part. SKM Egg Products was registered in 1995 and launched its initial public offering (IPO) in December of the same year to raise funds, with production starting in July 1997. The IPO timing wasn't accidental—foreign collaborations were "quite fashionable those days," and the offering was oversubscribed 1.7 times.

"Although my father intended to develop the new business within our investment capacity, I aimed to build one of the largest plants in India," he recalls. "To realise this, we decided to go public, attracting mainly business associates from our animal feeds business and a few friends as investors."

The numbers were staggering for a company from small-town Erode. "It cost Rs 43 crore to set up the state-of-the-art manufacturing facility, which was completed in 1997." Breaking it down: Rs 8.5 crore came from equity, Rs 26 crore from the IPO, and the rest from term loans. The company obtained Term Loan from IFCI (both Indian Rupees and Foreign Currency) of Rs.19 crores and the project cost later escalated to Rs.44 crore due to exchange rate fluctuation.

Listing date: 14 Mar, 1997—SKM Egg Products officially became a public company, with the company had imported its equipment from BELOVO, Belgium, back in 1995. The facility in Cholangapalayam village, about 20 kilometers from Erode, spread across 35 acres, was designed to be state-of-the-art.

A modern state of the art processing plant in technical collaboration with Belovo, Belgium was setup and commercial production started in July, 1997. The plant wasn't just modern by Indian standards—it incorporated climate control, automation, and quality systems that would put it on par with global facilities.

But even as champagne corks popped at the successful IPO and the gleaming new facility took shape, storm clouds were gathering. India's agricultural exports were about to face a crisis that would test SKM's survival instincts in ways no one could have predicted.

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IV. The Early Struggle & Turnaround (1997-2001)

The honeymoon period after commercial production began in July 1997 was brutally short. After commencing production in July 1997, SKM was set to handle 10 lakh eggs a day and produce 3,500 tonne of powder annually. But around this time, agri-exports from India took a beating over the pesticide residue controversy, dealing a body blow to SKM as well. "Our labs said the eggs were okay, but when we took it European labs, there were some problems. Exports took a hit and we ended up operating at 20-30% capacity," recalls the CEO.

Think about that for a moment—a brand new Rs 44 crore facility, designed to run at full capacity, limping along at 20-30% utilization. The interest meter was running, but the revenues weren't coming in. This is where most companies would have folded.

It was after this episode that the company decided to put in strict controls. "Since we were procuring eggs from a number of farms, traceability was an issue. So, we started to put in quality controls and paid farmers a premium if they adhered to our conditions," says Shivkumar. Farms were asked to have feed mills besides staying away from pesticides and antibiotics to get a premium of 3-5 paise per egg.

The next two years were a grind. Despite these incentives, the next two years were a struggle, with the company battling low capacity utilisation and mounting interest costs. But slowly, painfully, things began to turn around. By 2000-01, capacity utilization had improved to 45%, and the company finally broke even with a profit of Rs 45 lakh on revenue of Rs 27 crore.

The breakthrough came from Japan. SKM's first set of customers came from Japan, followed by Europe. For the company, these two countries are still its biggest markets, with Japan contributing 45% to overall revenues, driven by customers such as Ajinomoto and Nissin.

These weren't just any customers—Ajinomoto was a global food giant, and Nissin had invented instant ramen. Landing them as clients was validation that SKM could meet international standards. Japan is a big consumer of egg white powder, which is used in ham and sausages as well as fish products. Meanwhile, Europe, on the other hand, is a big consumer of egg yolk, which is used in mayonnaise, dressing and sauces, which explains its 40% contribution to SKM's overall revenues.

The product mix was strategic. Whole egg powder is used in biscuits, cakes, pasta, noodles and quiches. By offering all three types—whole egg, egg white, and egg yolk powder—SKM could serve diverse applications across the food industry.

But just as the company was finding its feet, the global poultry industry was about to face its biggest crisis in decades.

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V. Breaking Free: End of Belovo Partnership & Building Own Network (2005)

By 2005, SKM faced a crossroads. While SKM was gaining ground overseas, in 2005, it's partnership with Belovo came to an end. After ten years, the technology transfer was complete, but now SKM had to decide: continue depending on Belovo for distribution or build their own network?

"We sold our products through Belovo for 10 years. Later, we established our own distribution network in all the countries we are currently exporting our products to," informs Shivkumar. This wasn't just about saving commission—it was about owning the customer relationship.

The Heinz story perfectly captures this transition. Branko Klawer of BK Foods Ingredients, the company's distributor in Europe, remembers the first time he heard about SKM. "In 2004-05, I was in India to show Heinz the facilities of SKM's competitor. After the plant visit, Heinz officials told me I should visit SKM's facility instead. I was upset at that time thinking SKM was going to get the business. But when I did visit their plant later, I instantly knew where Heinz was coming from." It was also during this visit that Shivkumar and Klawer decided to put together a distribution network in Europe.

This anecdote reveals something crucial: SKM's quality was so superior that even Heinz officials were steering potential distributors away from competitors and toward SKM. But quality alone wasn't enough—they needed to prove it scientifically.

While it has had a lab facility ever since the plant was commissioned in 1995, it set up a testing facility for residue analysis too in December 2005 so it didn't have to depend on Indian labs. "The company has always been proactive when it comes to improving quality standards. They set up their own analysis system for pesticide residue and antibiotics. Even companies in the US don't have labs like this one," says Mac Ohi, CEO of OVO Japan, SKM's distributor in Japan.

This investment in testing capabilities was transformative. Apart from testing, SKM has also put in place a system where if a problem occurs, it can be traced back to the root, right from the farm from where the egg came to the feed that was given to the chicken. "SKM is able to assure quality right from farm procurement to the final product, with documentation."

By 2005, SKM had also expanded its client base significantly. In Europe, some of SKM's biggest customers include Tate & Lyle and SternMaid. Besides SKM's client list spans food majors such as Mondelez and Heinz.

But just as everything seemed to be clicking into place, disaster struck.

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VI. The First Avian Flu Crisis & Recovery (2006-2008)

February 19, 2006. The first reports of bird flu in India came from the village of Navapur in the Nandurbar district of Maharashtra on 19 February 2006. Lab analysis proved that the poultry was indeed affected with the H5N1 virus.

The response was swift and devastating. Soon after the presence of the virus was confirmed culling operations began. 253,000 birds and 587,000 eggs were destroyed within five days. Prices of chicken products across India plummeted resulting in a steep rise in the prices of mutton and fish.

For SKM, which had just found its footing in export markets, this was catastrophic. India lost its competitive position in live chicken exports due to avian influenza, with a complete ban on Indian poultry products by importing countries. A number of countries stopped buying poultry products from India after an outbreak of an avian influenza early this year.

The timing couldn't have been worse. SKM had just ended its partnership with Belovo, invested in its own distribution network, and was operating at near-full capacity. Now, suddenly, export markets were closed.

But here's where SKM's strategic decisions from earlier paid off. Their backward integration into poultry farming, initially done for quality control, now became a survival tool. They could control biosecurity at their own farms even as the broader industry struggled with containment.

India declared itself free of bird flu in August after nearly four months of no cases being reported in poultry. By December 2006, export markets slowly began reopening. "We will get to see the impact of bird flu on exports this year, but countries will start importing again by December as we have written to them that India is bird flu free now," Charusheela Sohoni, secretary of the department of Animal Husbandry, told reporters.

The recovery was gradual but decisive. In 2007, SKM took a major step in backward integration. In October, 2007, first batch of 50,000 chicks were placed in farm and during this year under consideration four batches were placed and 13.30 lakh eggs were received from the farm to the egg processing plant during the year 2007-08.

By 2008, SKM had not just recovered but emerged stronger. They had survived their first black swan event, but the lessons learned would prove invaluable. The importance of backward integration, maintaining biosecurity standards, and having geographically diversified markets had been painfully demonstrated.

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VII. Scaling Up: Becoming Asia's Largest (2009-2014)

Coming out of the avian flu crisis, SKM made a bold decision: double down on scale and integration. The Company implemented Poultry Farm Project of Egg Powder Division at Cholangapalayam in 2009-10.

The expansion was massive. Today, SKM Egg Products has expanded its operations, producing 15 lakh eggs daily at its 75-acre poultry farm in Karur, established in 2009. The farm is ISO 22000 certified, maintains stringent biosecurity measures, and complies with European Union regulations for registered establishments.

The numbers tell the story of transformation. From struggling with 20-30% capacity utilization in the late 1990s, SKM had become one of the largest egg processing plant in Asia with a capacity to process 1.8 million eggs per day to produce 6500 tonnes of egg powder annually. Employment had grown from 150 at inception to 1,300.

Product diversification accelerated during this period. Beyond the traditional egg powders, SKM introduced liquid eggs in tetra packs for the domestic market and frozen egg white cubes for exports. The backward integration was now complete: To ensure the safety and quality of Raw Material, a backward integration of setting up our own poultry farm of 0.6 million layers are housed in 12 sheds of each 50,000 capacity. The annual production capacity is around 164 million eggs.

The quality certifications accumulated like trophies. ISO 22000 for food safety management. ISO 17025 for testing laboratory competence. BRC (British Retail Consortium) certification. HALAL certification for Muslim markets. Each certificate opened new doors, new markets, new possibilities.

We have been awarded Manufacturing Excellence Silver Award in 2006 and Manufacturing Excellence Gold Award in 2007 & 2008 by frost and sullivan. We have been awarded Best Export Performance Awards in 100% EOU category by MEPZ (Madras export Processing Zone) for the year 2005-06.

Recognition was also coming at the highest levels. In 2013, he [Maeilanandhan] was awarded Padma Shri, the fourth highest civilian award by the Government of India for his contributions to social service.

By 2014, SKM wasn't just surviving—it was thriving. Revenue growth was consistent, capacity utilization was over 90%, and the company had paid down most of its debt. The transformation from a loss-making egg trader to Asia's largest egg processor was complete.

Or so they thought.

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VIII. The Second Crisis: US Avian Flu Impact (2015-2017)

If the 2006 Indian avian flu outbreak was a regional crisis, what hit in 2015 was a global catastrophe. The United States, the world's second-largest egg producer, faced its worst avian flu outbreak in history.

Table-egg laying chickens accounted for a large majority of the lost birds, losing about 12 percent of their flock based upon inventory numbers from April 1, 2015. Egg production declined for about 9 months, with a 10-percent reduction in May-December 2015, relative to a year earlier.

The impact on prices was immediate and severe. Egg prices rose sharply, as May-December 2015 prices soared 61 percent higher than the previous year for the USDA benchmark price in New York. As the outbreak intensified in the spring of 2015, the price of a dozen "grade A" large eggs in the New York market increased from $1.29 in April to $2.61 in August.

For SKM, this created a paradoxical situation. As a major egg processor, they should have benefited from rising prices. But the reality was more complex. Global egg product consumption dropped as buyers pulled back, uncertain about supply security. The volatility made long-term contracts difficult to price. Suddenly, being in the egg business felt like being on a roller coaster with no safety harness.

The company reported that the US avian flu epidemic caused a 20% revenue hit in 2016-17. Global supply chains were disrupted, and even though India wasn't directly affected by this outbreak, the ripple effects were felt worldwide.

SKM's response was measured but decisive. Rather than trying to capitalize on short-term price spikes, they focused on maintaining supply reliability for existing customers. This meant absorbing some cost increases rather than passing them all through, betting that customer loyalty would pay off long-term.

The strategy of diversified markets proved its worth again. With exposure across Japan (45% of revenues), Europe (40%), and other Asian markets, SKM could balance disruptions in one region with stability in others.

Prices returned to lower levels in 2016 as the egg industry restored flock levels to pre-outbreak levels. By 2017, the global egg market had largely stabilized, but the lessons were clear: in the egg business, biological risks could strike anywhere, anytime, with devastating effect.

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IX. Modern Era: Quality Leadership & Export Dominance (2018-Present)

Today's SKM is a far cry from the struggling startup of the late 1990s, though challenges persist. The company stands as an ISO 22000, ISO 17025, BRC, and HALAL certified integrated quality manufacturer.

The business model has evolved into three main segments: egg powders and liquids for export (the core business), domestic egg and poultry feed sales (providing stability), and value-added products like bakery mixes. As of 31-Dec-2024, SKM Egg Products has a trailing 12-month revenue of $64.9M.

The international footprint is impressive. SKM has established overseas subsidiaries in three strategic markets: Japan (their largest market), Netherlands (for European distribution), and Russia (an emerging market for egg products). SKM Egg Products has established a market presence in 23 countries, with key markets including Japan, Russia, Southeast Asia, the Middle East, and Singapore.

The customer list reads like a who's who of global food companies. From Ajinomoto and Nissin in Japan to Mondelez and Heinz globally, from Tate & Lyle to various European food manufacturers. The egg powder is exported to Europe and Japan and is used by large scale bakeries and companies involved in the food industry (Kraft and Hindustan Unilever have been the company's end users at some points in time).

Family succession planning is underway. The couple's son, Sharath Ram, recently joined the family business as Executive Director for both SKM Egg Products and SKM Siddha and Ayurveda Company, after completing his post-graduation in Psychology and Addiction Studies from King's College, London. The third generation is bringing fresh perspectives on product development and market expansion.

But all is not smooth sailing. Recent quarters have shown volatility. Q2 2024 saw net profit decline 69.59% year-over-year, with sales down 27.45%. The global egg market remains susceptible to disease outbreaks, with avian flu continuing to surface periodically across different geographies.

The company is adapting its strategy for the new decade. "We plan to develop bakery mixes for both domestic and export markets, and we are exploring opportunities in the food and pharmaceutical sectors," says Shivkumar. There's also a push into the domestic B2C segment with liquid eggs in tetra packs, attempting to build a consumer brand after decades as a B2B player.

Shivkumar plans to retire from business once the company reaches a turnover of Rs. 1000 crore, a goal he hopes to achieve within the next five to six years. Whether this target remains achievable given recent market volatility remains to be seen.

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X. Playbook: Business & Investing Lessons

Surviving Black Swan Events

SKM's journey offers a masterclass in surviving industry-wide crises. The 2006 Indian avian flu outbreak and 2015 US epidemic were existential threats that killed many competitors. SKM's survival came down to three factors: backward integration providing supply security, geographic market diversification spreading risk, and maintaining strong balance sheet discipline during good times to survive bad times.

Building an Export-First Business from India

Starting as an export-oriented unit (EOU) in 1995 was prescient. The domestic market for egg powder was virtually non-existent, but global demand was growing. SKM's approach—partner for technology first (Belovo), build credibility through certifications, then develop proprietary distribution networks—provides a template for Indian companies targeting global B2B markets.

Quality as the Ultimate Moat

In commodity businesses, quality differentiation seems impossible—an egg is an egg. But SKM proved otherwise. "They set up their own analysis system for pesticide residue and antibiotics. Even companies in the US don't have labs like this one," says Mac Ohi, CEO of OVO Japan. This quality obsession, backed by testing capabilities that exceeded even developed market standards, became their sustainable competitive advantage.

Backward Integration as Risk Mitigation

The decision to set up their own poultry farms wasn't about margins—it was about control. When pesticide residue issues hit Indian agricultural exports, when avian flu struck, when feed quality varied, SKM could control their supply chain end-to-end. The 164 million eggs annual production from their own farms provides both quality assurance and supply security.

Managing Commodity Price Volatility

Egg prices can swing 60% in months, as the 2015 US crisis showed. SKM's approach—maintain a mix of spot and contract pricing, diversify across geographies with different consumption patterns, and resist the temptation to speculate during price spikes—shows disciplined risk management.

Family Business Succession Planning

Three generations now work in the business. The founder Maeilanandhan handed over operations to son Shivkumar in 1995, and now grandson Sharath Ram has joined. Each generation brought different skills—the founder's rural relationships and entrepreneurial drive, Shivkumar's global ambition and quality focus, and now the third generation's international education and market perspectives.

Capital Allocation in Cyclical Industries

SKM's capital allocation shows both hits and misses. The aggressive initial capex of Rs 44 crore in 1997 nearly killed the company when capacity utilization stayed below 30%. But patient capacity building during downturns (2009 Karur farm expansion during post-crisis period) positioned them for upturn gains.

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XI. Analysis & Bear vs. Bull Case

Bull Case:

The structural story remains intact. Global egg powder market was valued at $1.95 billion in 2023 and is expected to reach $4 billion by 2033, a CAGR of 7.46%. SKM is perfectly positioned to capture this growth with established customer relationships, proven quality standards, and expandable capacity.

The quality moat is real and deepening. In food ingredients, switching suppliers is risky and expensive for customers. SKM's track record with companies like Ajinomoto (multiple decades), Nissin, and Heinz creates significant switching costs. The ISO 22000, ISO 17025, BRC, HALAL certification matrix is difficult and expensive to replicate.

Backward integration provides a sustainable cost advantage. With feed mills and layer farms, SKM controls input costs better than competitors who buy eggs from open markets. This integration also ensures supply during disease outbreaks when spot markets dry up.

Geographic diversification across 23 countries reduces concentration risk. Unlike competitors focused on single markets, SKM can optimize sales mix based on regional demand-supply dynamics.

Bear Case:

Avian flu risk remains existential and unpredictable. Despite all biosecurity measures, the industry has faced major outbreaks every 5-7 years. The next outbreak could happen anywhere, anytime, potentially shutting down exports again.

The financials show concerning trends. Annual revenue de-growth of 28% and Q2 2024's 69% profit decline suggest operational challenges beyond market cycles. Mkt Cap: 894 Crore (up 34.0% in 1 year) · Revenue: 556 Cr · Profit: 38.8 Cr indicates market cap appreciation has outpaced fundamental performance.

Commodity price volatility is structural, not cyclical. Feed costs, energy prices, and egg prices can swing dramatically, squeezing margins. The company has limited pricing power with large customers who can switch to local suppliers or alternate proteins.

Concentration risk remains high despite diversification. Japan at 45% and Europe at 40% of revenues means 85% exposure to two regions. Any regulatory change, trade dispute, or regional recession could severely impact revenues.

The domestic B2C pivot faces significant challenges. Building a consumer brand requires different capabilities than B2B exports. Marketing costs, distribution infrastructure, and competition from established FMCG players make success uncertain.

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XII. Epilogue & "What Would We Do?"

Standing at this juncture, if we were running SKM, the path forward would focus on three strategic priorities:

First, double down on the pharmaceutical and nutraceutical opportunity. Egg proteins have applications beyond food—in vaccines, biotechnology, and specialized nutrition. This higher-margin segment could reduce dependence on commodity food ingredients.

Second, accelerate the domestic market development, but through B2B2C partnerships rather than direct consumer brands. Partner with established FMCG companies who have distribution but need quality egg products. Let them handle marketing while SKM focuses on what it does best—quality production.

Third, consider strategic consolidation in the fragmented egg processing industry. Many smaller players struggle with quality standards and market access. Acquiring and upgrading these assets could provide scale benefits while reducing industry oversupply during downturns.

The future of egg processing in India is inevitably tied to protein consumption trends. As India's per capita income rises, protein consumption will follow. The question is whether SKM can maintain its export dominance while capturing domestic growth.

Technology upgrades present both opportunity and threat. Automation can reduce labor costs and improve consistency, but requires significant capital investment. Alternative proteins pose a longer-term challenge, though egg functionality in food applications remains difficult to replicate.

ESG considerations are becoming crucial. Modern consumers and B2B customers increasingly care about animal welfare, carbon footprint, and sustainable practices. SKM's cage-free capabilities and waste recycling (egg shells to animal feed) position it well, but more will be demanded.

The most intriguing question is valuation. At Rs 894 crore market cap on Rs 556 crore revenue, SKM trades at 1.6x sales. For a company with established global customers, backward integration, and Asia's largest processing capacity, this seems reasonable if—and it's a big if—they can return to growth trajectory.

The SKM story ultimately is about transformation and resilience. From a small-town feed business losing money on egg trading to Asia's largest egg processor supplying global food giants. Through avian flu outbreaks, partnership changes, and market volatility, they survived and thrived.

Whether the next chapter matches the previous ones depends on navigating new challenges: disease outbreaks that seem to be increasing in frequency, changing protein preferences, and succession from founder-entrepreneurs to professional management. The eggs, quite literally, are in the basket. The question is whether the basket remains strong enough for the journey ahead.