31Original scientific paper Economics of Agriculture 1/2017
UDC: 338.3:634.711(497.11 Arilje)
PROFITABILITY OF RASPBERRY PRODUCTION ON HOLDINGS IN THE TERRITORY OF ARILJE1
Natasa Kljajic2, Jonel Subic3, Zorica SredojeviC4 Abstract
Raspberry is the most important kind of berries and specific in many of its characteristics - biological properties, economic importance, agro-ecological, technological and organizational requirements, the market value of the product, as well as very high interdependence and correlation between the individual phases of the reproductive cycle. Due to its extremely pleasant smell and taste and high nutritional value, raspberry represents a very esteemed and sought fruit which has a high price in the world market and is very suitable for processing. In addition to financial effect, the cultivation of raspberries enables recruitment of labour force, which is in our economic situation of great socio-economic importance, especially in the mountainous regions ofSerbia. Based on real data examples, this paper analyzes the economic profitability ofthis production. Investments in the establishment and cultivation of a raspberry plantation under irrigation amount to 12.140 €/ha. In the production of raspberries a very favourable annual financial result (profit) in the amount of 9300 €/ha is achieved, production is very cost-effective, accumulation is significant (about 77%) and return on equity is in the second year of exploitation. The established economic and financial results show that the production of raspberries is very profitable.
Key words: investment, raspberry, production, profitability.
JEL: J32 Q12, Q15.
1 This paper work is result of the project III - 46006 Sustainable agriculture and rural development in terms of the Republic of Serbia strategic goals realization within the Danube Region, 179028-Rural labor markets and rural economies Serbia - diversification of income and poverty reduction; and 46009-Improvement and development of hygienic and technological procedures in the production of foodstuffs of animal origin in order to obtain high-quality and safe products competitive on the world market, finance by Ministry of Education, Science and Technological Development of the Republic of Serbia.
2 Natasa Kljajic Ph.D., Research Associate, Institute of Agricultural Economics, Belgrade, Volgina Street no. 15, 11060 Belgrade, Phone: +381 11 69 72 858; E-mail: natasa_k@iep.bg.ac.rs
3 Jonel Subic Ph.D., Senior Research Fellow, Institute of Agricultural Economics, Belgrade, Volgina Street no. 15, 11060 Belgrade, Phone: +381 11 69 72 858; E-mail: natasa_k@iep.bg.ac.rs
4 Zorica Sredojevic Ph.D., Full Professor, University of Belgrade-Faculty of Agriculture, Institute of Agroeconomy, Nemanjina Street no. 6, 11080 Belgrade Zemun, Phone: +381 11 44 13 297; E-mail: /okas@agrir.bg.ac.rs
Introduction
There are over 3.8 million hectares of agricultural land in Serbia, out of which 3.4 million hectares (89%) is arable land. Orchards are spread over an area of 164,062 hectares and account for 4.7% of the total utilized agricultural area (Statistical Office of the Republic of Serbia, 2017). With regard to fruit production, the production of berries (strawberries, raspberries, blackberries, blueberries, etc.) is of the greatest importance for the economy of our country, and among them, raspberry production has the leading position (Galic et al., 2014). In Serbia, raspberry (Rubus idaeus L) is grown on an area of 11,041 ha which is actually 6.7% of the total area under orchards in our country, or 0.3% of the total utilized agricultural area. With such small areas planted with raspberries around 200 million euro can be annually generated in revenue in the Republic of Serbia (Cecic et al., 2007). The economic importance of raspberry is determined by several major factors: high and varied use-value of the fruit; a relatively high rate of return in favourable agro-ecological conditions; high merchantability of the product; additional employment of labour force and an indirect impact on the overall socioeconomic development; production of honey made from raspberries etc. (Petrovic, Milosevic 2002). It is in the interest of both producers and processors to retain as high share of "rolend" raspberry (the first Class) when freezing it as possible, as it achieves the highest price in the international market. Some major raspberry producers, besides plantations, own cold storage facilities (mini cold storage facilities) for processing, thus rounding off the production cycle with frozen raspberry as a final product. Raspberry producers can successfully develop by joining (connecting to) a cluster and thus maintain the leading position in the global market, but only if a number of assumptions are fulfilled, some of which are: efficiently organized raspberry market chain through vertical and horizontal integration of all stakeholders in this sector; strengthening of specialized cooperatives and associations of raspberry producers; joining a cluster of manufacturers of other berries; a greater role of innovation, scientific knowledge and research and development in the production, processing, packaging, logistics, export of raspberries and the like (Kljajic, 2012; Sredojevic et al., 2013).
The research presented in this paper is the economic analysis of growing raspberries on family-owned farms, with a starting hypothesis that the production of raspberries in Serbia provides a relatively secure income for farmers. Therefore, the main objective of this research is to determine the profitability of the production from the viewpoint of the producer (cultivator) on the basis of investments and financial results achieved per unit area, in the representative raspberry growing area in Serbia (ie. Arilje).
Materials and methods
Multiple sources were used for the research in this paper. Current state and trends in the production of raspberry in Serbia and in the world are perceived on the basis of statistical data downloaded from websites and available statistical publications. Economic analysis and financial indicators of raspberry production per unit area were made on the basis of actual data from practice in the region of Arilje. The established parameters are the investment amount during the two-year cultivation period, average annual financial result in regular production, the rate of capital accumulation and the payback period. The results are displayed graphically
and in tabular form, and the profitability score is based on the criteria for certain indicators.
Research results and discussion
The state of raspberry production in the world and in Serbia
Raspberry is one of the most profitable fruit products. The economic importance of its production is reflected in the high level of merchandising, competitiveness and increasing demand for frozen raspberries in the market of the European Union. Factors that contribute to it are the long tradition of production and specific ecological conditions of the area with specific geomorphologic and pedological features and microclimatic conditions in which Serbian raspberry is grown. The Republic of Serbia is one of the world's leading producers of raspberries. During the period 2006 - 2015 average annual yield of raspberry production in Serbia amounted to around 80,000 t, according to which Serbia is the third largest producer of raspberries in the world after the Russian Federation and Poland. Other top raspberry producing countries include the United States and Ukraine (Graph 1).
Graph 1. Production of raspberries in leading countries (producers) in the world, 2006-2014
160.000,00 140.000,00 120.000,00 100.000,00 80.000,00 60.000,00 40.000,00 20.000,00 0,00
146,000.00 t
Russian Federation
Poland
Serbia
United States of America
Ukraine
Source: http://faostat3.fao.org/browse/Q/QC/E
When observing the areas under raspberry plantations, the total production volume and average yield of raspberry in Serbia in the period 2006-2015, mild oscillations per year can be noticed (Table 1). The largest area under this production was in 2011 (15,354 ha), when the production volume increased by 12.45% compared to 2006. Despite smaller areas under raspberry plantations in 2015 compared to 2006, the average yield increased from 5.3 t/ha to 6 t/ha (Kljajic et al., 2016). This is justified by the fact that in practice old poorly productive plantings are removed and new plantations with productive varieties of raspberry are cultivated.
Table 1. Surface area, production and average yield of raspberry in the Republic of Serbia, 2006-2015
Year The Republic of Serbia
Area harvested Total production Average yield
(ha) Index (2006=100) ton Index (2006=100) (t/ha) Index (2006=100)
2006 15,024 100.00 79,680 100.00 5.3 100.00
2007 14,496 96.48 76,991 96.62 5.3 100.00
2008 14,680 97.71 84,299 105.79 5.7 107.54
2009 14,957 99.55 86,961 109.14 5.8 109.43
2010 15,174 100.99 83,870 105.26 5.5 103.77
2011 15,354 102.19 89,602 112.45 5.8 109.43
2012 11,996 79.84 70,320 88.25 5.9 111.32
2013 12,024 80.03 68,458 85.92 5.7 107.54
2014 11,040 73.48 61,715 77.45 5.6 105.66
2015 11,041 73.48 66,176 83.05 6.0 113.20
Source: SORS, Statistical Yearbook of the Republic of Serbia, 2007-2016
In our country, raspberry is an important export product and the largest quantities are exported to the European Union. Benefits of exports to EU countries are primarily due to their deficiency in raspberry and a relatively high living standard that enables a significant level of demand for raspberry as an exclusive and healthy fruit. Over 90% of produced quantity is frozen and exported - in the form of rolend, grits and blocks, while the remainder is sold as fresh fruit or is processes in raspberry concentrates (Parausic, Simeunovic, 2016). About 60% to 70% of domestic raspberry exports are realized by the members of Business Association of Serbian cold storage companies and almost all cold storage companies - members of the Association possess HACCP standards and other standards required by the global market (Kljajic et al., 2013a).
Table 2 provides an overview of raspberry exports by country of import in the period 2013-2015. The largest quantities of frozen raspberry were exported to Germany, a total of 77,128 t in three years, and large quantities were exported to France, Belgium, USA, Great Britain, Sweden as well. The realized average value of exports during the three year period amounted to 230,607 USD.
Table 2. Raspberry export from Serbia by country of import in the period 2013-2015
Raspberry (frozen, no sugar) Quantity, t Value, thousands of USD
2013 2014 2015 2013 2014 2015
Germany 22,447 24,122 30,559 68,579 78,930 87,007
France 16,215 17,058 21,443 43,781 51,276 56,270
Belgium 7,087 7,276 8,397 24,412 25,045 25,513
USA 1,304 3,554 4,683 4,938 12,733 16,116
Great Britain 1,734 2,296 3,894 5,924 7,124 12,466
Sweden 2,680 3,420 3,162 9,122 12,280 9,626
Other countries 9,951 15,527 21,577 30,602 49,128 60,949
Total: 61,417 73,253 93,714 187,358 236,518 267,945
Source: SORS, 2017, Statistical Yearbook of the Republic of Serbia, 2016
The western part of central Serbia is the most important production region where extensive raspberry production is concentrated on a small area famous for its raspberry plantations. The largest and most famous raspberry plantations in Serbia are in: Arilje-Pozega region (including Moravica and Dragacevo area) and Valjevo region. The greatest production of raspberry is concentrated in the municipalities of Arilje, Bajina Basta, Brus, Valjevo, Guca, Kosjeric, Krupanj, Ivanjica and Mionica with predominantly small farms relying on human labour.
In these areas indigenous species of raspberry prevails with a variety of types that represent a wealth of genetic resources for this type of fruit. It is of great importance that this indigenous material has an outstanding adaptability to soil and climatic conditions of the environment in which it is located. Various genotypes have some significant characteristics that stand out, such as expressed aroma, specific taste, dietetic and technological value, curative properties and so on (Milivojevic et. al., 2005, Sredojevic et al., 2015).
Raspberry plantations in the municipality of Arilje cover an area of 1226.05 ha (SORS, 2017, Census of Agriculture, 2012), where an average of 15,000 t of raspberry is produced annually (from 13,500 to 16,500 t). About 15,000 t of raspberry is frozen, processed and exported from the cold storage plants on the territory of the municipality annually.
Raspberry is grown throughout the territory of this municipality and over 95% is grown on family farms, on plots of about 0.3 ha on average (Kljajic, 2014). As a labour-intensive culture it has a major impact on additional employment (http://arilje.org.rs/). Raspberry production in Arilje accounts for 19.5% of the total production of raspberries in Serbia. Raspberry production in Zlatibor region covers an area of 3,893 ha, and in the region of Sumadija and Western Serbia 10,513 ha (SORS, 2017, Census of Agriculture, 2012).
Investments in establishing raspberry plantations
Investments in raspberry production are as specific as the production itself owing to the influence of climatic factors, the discrepancy between the production time and working hours, the biological nature of certain working processes and the like. Biological processes, due to their cyclical and seasonal character, have impact on the realization of investments in certain periods ofthe year (Sredojevic et al., 2013; Galic et al., 2014).
Investments in establishing raspberry plantation on a family farm are presented in Table 4. The model is made according to the empirical input-output data received from the producers, experimental results and research (Kljajic, 2012, Kljajic et al. 2013b). Initial assumptions in preparing the economic model of establishing a plantation are as follows:
o suitable climatic and pedological conditions for growing raspberries;
o planting the entire surface area of 1 ha at once;
o the manufacturer has the machinery necessary for the production of raspberries (walk-behind tractor, trailers, spraying accessories, etc.);
o the manufacturer can provide the necessary labour force during the "rush hours" by hiring temporary (seasonal) workers;
o irrigation system is adapted to the plot and the plantation, and its value is taken according to the real average value on the market; raspberry variety "Willamette" is cultivated in standard (conventional) system of vertical row spacing, and the plantation is raised with 2.50 x 0.25 m between-row and in-row spacing; the number of seedlings needed for an area of 1 ha with the required plant spacing is 16,000;
o seedling purchase price is 0.25 €; growing period is two years and "small yield" or "low yield" appears in the second year after planting;
o calculative interest rate is 8%; placement is safe for the planned volume of raspberry production; purchase (sale) price of raspberries is 1.7 €/kg.
Table 3. Investments in raising 1 ha of raspberry (Area:1ha; Planting system: Row spacing: 16,000 plants/ha)
Number Indicators The year of plantation establishment (m) Total (€)
0 1. 2.
1 Material 4,000.00 680.00 720.00 5,400.00
2 Labour force 330.00 320.00 240.00 890.00
3 Machine work 250.00 210.00 180.00 640.00
4 Investment in irrigation - 3,200.00 - 3,200.00
5 Project, supervision and control 220.00 240.00 190.00 650.00
6 Construction of additional facilities,roads, etc. 160.00 140.00 210.00 510.00
I Total investments 4,960.00 4,790.00 1,540.00 11,290.00
II The value of "small" yield - - 358.00 358.00
III Adjusted investments (I-II) 4,960.00 4,790.00 1,182.00 10,932.00
IV The discount factor (1,08m) 1.1664 1.0800 1.0000 -
V Investments at the beginning of plantation exploitation(A0) 5,785.00 5,173.00 1,182.00 12,140.00
Source: Kljajic, 2012.
According to the analysis in Table 3, the total amount of investments along with all the accompanying interest rates (Milojevic, Zekic, 2015), at the end of the period of establishing a raspberry plantation (i.e. at the end of the second year) amounts to 12,140.00 €/ha.
In the previous period in the region of Arilje raspberry production was observed on small family farms where irrigation systems are being introduced. Drip irrigation is becoming a regular agromeliorative measure in the process of raspberry production in this area. Use of irrigation, limited to smaller areas in private hands, gave positive results in terms of high and uniform yield of quality raspberry (Cecic et al., 2007; Gajic et al., 2013).
Based on empirical data, and for the purposes of this study, calculation of investment in establishing a raspberry plantation was made as well as calculation of raspberry production at regular production. Raspberry plantation as an investment should be realized in a form that will ensure the maximum efficiency of exploitation, i.e. as high level of benefit per unit of invested funds as possible. The methods, through which the economic efficiency of investment is expressed in agricultural holdings, hold an important place not only in agriculture but also in the organization of sustainable development of a company at micro level (Subic, 2010).
Raspberry production costs
Raspberry production is characterized by labour-intensive and seasonal character. Production takes place mainly on family farms where almost all members of the household are engaged in agricultural activity. During the picking season, seasonal labour force is engaged. Raspberry picking is done repeatedly and lasts from three to four weeks because raspberry fruits do not ripen simultaneously.
Gradual fruit ripening raises the harvest cost, but it enables supplying fresh raspberries to the market. Further analysis, based on the technology map (process planning) for one production cycle, defined total production costs per hectare of raspberries (Table 4).
Considering the fact that in this area raspberry is still harvested by hand, labour costs have a higher share in the structure of the total cost (58%).
Table 4. Costs of exploitation of plantations at regular raspberry production
Type of costs Unit of measure (u. m.) Quantity (size) Price (€/u.m) Amount (€/ha)
1. Material costs
Manure t 15 20.00 300.00
NPK (15:15:15) kg 700 0.80 560.00
KAN (27 % N) kg 400 0.60 240.00
Trellis binder kg 10 5.00 50.00
Pesticides kg - - 180.00
Total (1.): - - - 1,330.00
2. Cost of services (machine work)
Transport and distribution of manure hour/tractor 6 35.00 210.00
Transport and distribution of mineral fertilizers hour/tractor 2 35.00 70.00
Transport of packaging hour/tractor 1 20.00 20.00
Type of costs Unit of measure (u. m.) Quantity (size) Price (€/u.m) Amount (€/ha)
Interred processing (4x) hour/walk behind tractor 30 5.00 600.00
Phytosanitary protection (4x) hour/walk behind tractor 30 5.00 600.00
Transport of fruit during the harvest hour/tractor 40 20.00 800.00
Autumn plowing hour/tractor 1 50.00 50.00
Total (2.): 2,350.00
3. Labour costs
Loading and unloading of manure
Loading and unloading of mineral fertilizers working day 5 15.00 75.00
working day 5 15.00 75.00
Sprout tying and wire tightening working day 5 15.00 75.00
Irrigation working day 50 15.00 750.00
Removal of young shoots (3x) working day 10 15.00 450.00
Hand hoeing following the row direction (2x) working day 20 15.00 600.00
Harvest working day x no.of workers 195 15.00 2.925.00
Pruning and removal of old shoots working day 10 15.00 150.00
Total (3.): - - - 5,100.00
4. Other costs 620.00
5. Total costs (1.+2.+3.+4.): 9,400.00
Source: Author's calculation based on the calculation data of raspberry production on a family holding
Total costs which include material costs, cost of services or machine work, labour costs and other costs, at regular raspberry production amount to 9,400 €/ha.
Indicators of profitability of raspberry production
The value of production for one production cycle is determined on the basis of average yields achieved in practice on farms in the region of Arilje as well as the purchase price. Economic justification of raspberry production on a farm is assessed by using the static methods. Several selected economic indicators were determined: coefficient of efficiency, financial result, raspberry production cost per 1 kg, the rate of accumulation and the payback period.
For the purpose of analysis, the data for the year 2016 were taken as the representative economic parameters, and according to the relevant criteria, the profitability of raspberry production was assessed (Table 5).
Table 5. Indicators of profitability of raspberry production on a family holding
Ekonomic indicators of raspberrry production Amount
1. Investments during the period of raising a plantation 12,140.00 €
2. Indicators at regular raspberry production
A. Value of production (11.000 kg , 1,7 €/kg) 18,700,00 €
B. Total costs 9,400.00 €
C. Financial result - profit / loss (A. - B.) 9,300.00 €
D. Raspberry production cost per 1 kg (B./11.000 kg) 0.85 €
E. Coefficient of efficiency (A./B.) 1.98
F. Rate of accumulation (C./1.) 76.60 %
G. Payback period (1./C.) 1.30 year
Source: Author's calculation based on the calculation data of raspberry production on a family holding
The main parameters for determining the achieved production are the capacity (surface area) and intensity of production. In the analyzed year average raspberry yield in the region of Arilje was 11 t/ha, and the average purchase price of raspberries 1.7 €/kg (according to Innovation Center for Agriculture Arilje), which makes the production value of 18.7000 €/ha. The difference between the value of production and total costs generates a positive financial result (profit) in the amount of 9300 €/ha. The production cost is 0.85 €/kg, which is much lower compared to sales (purchase) price, i.e. 1.7 €/kg, which is beneficial to producers of raspberries. Coefficient of efficiency in the amount of 1.98 is well above the minimum amount of 1, and the rate of accumulation shows that for every 100 Euro of invested capital about 77 euros are accumulated. The payback period of the capital invested in the establishment and cultivation of raspberries, is as early as in the second year of exploitation, i.e. in the second year of raspberry production. Based on this analysis and established indicators regarding all the criteria, it can be concluded that raspberry production is economically justified and very profitable.
Raspberry production has certain disadvantages because of high sensitivity of fruits, low durability, and low transportability. It is estimated that almost 40% of the yield is lost during the transportation period between the farm and the final consumer. A large part of this loss occurs due to poor post-harvest handling, including the transport. By reducing the amount of hand contact and applying appropriate packaging techniques, the percentage of loss will be reduced too.
Since the fruit is sensitive, its storage in the fresh state is difficult and short-term. After the harvest, raspberry has to be cooled and deep frozen, which makes it highly dependent on processing. Therefore, the proximity to processing facilities is very important as well as quick and organized transport in order to prevent loss of quality (Saric, 2009). Fresh raspberry fruit can be stored for 10-14 days in cold storage at -0.6 ° to 0° C and at relative humidity of 85-90%. Today, raspberry is increasingly frozen as individual quick frozen fruit or "rolend" raspberry, and thus prepared it is kept until use. Deep frozen raspberry can be stored for a long time at -18 to -20 ° C. These fruits must be used shortly after defrosting.
Conclusion
According to the established economic indicators, raspberry production on a farm in the region of Arilje is economically viable and highly profitable. Raspberry production provides an average income of 9,300 €/ha. The coefficient of efficiency in raspberry production is 1.98, which means that the production is cost-effective, or acceptable. Rate of accumulation is about 77% and payback period is as early as in the second year of exploitation. By observing the results of the economic analysis of raspberry production it may be concluded that this production achieves good profitability. The level of profitability that is realized through production depends on the achieved volume of production and purchase price, but can be increased by reducing production costs, increasing the yield per unit area, as well as better organization of production and distribution (Mihajlovic, 2014). This production requires greater involvement of labour force, which contributes to the employment of local population, consequently providing positive social effects.
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PROFITABILNOST PROIZVODNJE MALINE NA GAZDINSTVIMA
NA PODRUCJU ARILJA5
Natasa Kljajic6, Jonel Subic7, Zorica Sredojevic8 Apstrakt
Malina je najznacajnija vrsta jagodastog voca i specificna po mnogim svojim karakteristikama - bioloskim osobinama, ekonomskom znacaju, agro-ekoloskim, tehnolosko-organizacionim zahtevima, trzisnoj vrednosti proizvoda, kao i vrlo visokoj meduzavisnosti i uslovljenosti izmedu pojedinih faza reprodukcionog ciklusa. Zahvaljujuci svom izuzetno prijatnom mirisu i ukusu i velikoj nutritivnoj vrednosti, malinapredstavlja jako cenjeno i trazeno voce koje na svetskom trzistu ima visoku cenu i veoma je zahvalna za preradu. Poredfinansijskog efekta, gajenje maline omogucava uposlenje radne snage, sto je u nasoj ekonomskoj situaciji od velike socio-ekonomske vaznosti, narocito u brdskim rejonima Srbije. Na bazi realnih podataka iz prakse, u radu je ekonomska analiza profitabilnosti ove proizvodnje. Utvrdena su investiciona ulaganja u zasnivanje i uzgoj maline u uslovima navodnjavanja u iznosu od 12.140 €/ ha. Uproizvodnji maline se godisnje postize veoma povoljan finansijski rezultat (dobit) u iznosu od 9.300 €/ha, jako je ekonomicna proizvodnja, znacajna akumulativnost (oko 77%) i povracaj kapitala vec u drugoj godini eksploatacije zasada. Utvrdeni ekonomski i finasijski rezultati u pokazuju da je za uzgajivace, proizvodnja maline jako profitabilna.
Kljucne reci: investiciono ulaganje, malina, proizvodnja, profitabilnost
5 Rad je deo istrazivanja na projektima III-46006 Odrziva poljoprivreda i ruralni razvoj Dunavskog regiona u smislu realizacije strateskih ciljeva Srbije; 31058 - Susenje voca i povrca iz integralne i organske proizvodnje kombinovanom tehnologijom; 179028 - Ruralno trziste rada i ruralna ekonomija Srbije - diverzifikacija dohotka i smanjenje siromastva; i 46009 - Unapredenje i razvoj higijenskih i tehnoloskih postupaka u proizvodnji namirnica zivotinjskog porekla u cilju dobijanja kvalitetnih i bezbednih proizvoda konkurentnih na svetskom trzistu, koje finansira Ministarstvo prosvete, nauke i tehnoloskog razvoja Republike Srbije, u period 2011-2017
6 Dr Natasa Kljajic, naucni saradnik, Institut za ekonomiku poljoprivrede, Beograd, Volgina Ulica br. 15, 11060 Beograd, Telefon: +381 11 69 72 858; E-mail: natasa_k@iep.bg.ac.rs
7 Dr Jonel Subic, visi naucni saradnik, Institut za ekonomiku poljoprivrede, Beograd, Volgina Ulica br. 15, 11060 Beograd, Telefon: +381 11 69 72 858; E-mail: natasa_k@iep.bg.ac.rs
8 Dr Zorica Sredojevic, redovni profesor, Univerzitet u Beogradu-Poljoprivredni fakultet, Institut za agroeko-nomiju, Nemanjina Ulica br. 6, 11080 Beograd-Zemun, Telefon: +381 11 44 13 297; E-mail: zokas@agrif.bg.ac.rs
