Lewis Bollard

So, I mean, I think you actually see that in the egg sector in the US.

So, within eggs, there is clearer labeling.

K3 actually means something.

Pasteurized actually means something.

You can't put the all-natural label on.

And what we see is that the pasteurized egg sector is growing rapidly.

And even then, it is still handicapped by the fact that supermarkets use this as a price differentiation tool.

So, they know that wealthier consumers prefer

pasture-based eggs and are also less price sensitive.

And so they mark them up heavily.

So the price you see is way inflated beyond the actual cost difference.

And yet still, that is a rapidly growing sector.

I think this is the non-commodity part of the industry.

But I mean, the broader context on those retailers is US retailers, almost all the top US retailers have made pledges to stop selling eggs from cage tents.

What they are now saying, a lot of them were meant to do that by this year, and a lot of them have not done it.

Walmart, Kroger have not followed through.

And what they say is, well, our consumers don't want the K3 eggs because they're way more expensive.

And it's true, they're way more expensive.

They're selling them for like $1 to $2 more per dozen.

Right.