Fig. 1

Market capitalisation trends of five major U.S. listed food sectors, 1962–2021. *Data sourced from Compustat North America, accessed via Wharton Research Data Services. Market capitalisation values = share price at end of year x common shares outstanding. Sectors defined using Global Industry Classification Standard (GICS) and North American Industry Classification System (NAICS) groupings. The agricultural input sector includes U.S. listed corporations primarily active in: agriculture and farm machinery; fertilisers and agricultural chemicals; and specialty chemicals if identified as being linked with agriculture. The food production, primary processing, and commodity trading sector includes U.S. listed corporations primarily active in industries related to the production and trade of non-ultra-processed-foods, including culinary ingredients. The UPF manufacturing sector includes U.S. listed corporations primarily active in food industries that mostly produce and market UPFs. The food retailing sector included U.S. listed corporations primarily active in food retail, including supermarkets, as well as hypermarkets and merchandise stores if identified as being involved in food retail. The food service sector includes corporations active in the restaurant and catering services industries