Food as an investment theme has received significant publicity over the past two years, and a number of ASX listed food companies have performed extremely well. Despite being a crowded trade, most would agree the industry represents a significant opportunity. The thematic enjoys long-term structural drivers of growth including a) Global population growth at ~1.2% a year; b) Continued and intensifying issues around fresh water, pest and disease problems; c) Increased meat eating, which is grain-intensive, and preference for better quality fruit and vegetables; and d) Declining productivity improvements, and arable land/salinity issues. Most investors would agree that farmland as an asset or companies with an ability to improve the use of arable land are likely to outperform most other assets over time. However, farm land is expensive, illiquid, and companies that can make better use of arable land are hard to come by. In the report below, we look at one company leveraging this thematic with a portfolio of seed products.