{"product_id":"adm-five-forces","title":"(ADM) Archer-Daniels-Midland Company Porters Five Forces Research","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-List-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eA Must-Have Tool for Decision-Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eThis Archer-Daniels-Midland Company Porter's Five Forces Analysis helps you assess competitive pressure, from rivalry and buyer power to suppliers, substitutes, and new entrants. The page already shows a real preview of the report, so you can see the actual style and content before buying. Purchase the full version for the complete ready-to-use analysis.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eSuppliers Bargaining Power\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFragmented farm supply base\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM sources crops and oilseeds from thousands of farmers and local aggregators, so no single supplier can set terms. In FY2024, ADM reported $85.5 billion of net sales, showing how broad its buying base is. Most growers are price takers, but short harvests or regional weather shocks can still lift input costs and tighten nearby supply.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eWeather and crop volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eWeather shocks make ADM’s supplier power cyclical. In tight crop years, such as the U.S. 2024\/25 corn crop near 15.1 billion bushels, drought, floods, or disease can cut supply and push ADM to pay up for corn, soybeans, and wheat. When harvests recover, leverage eases, so supplier power is not persistently high.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLogistics and storage dependencies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM depends on rail, river, port, truck, and barge links to move grain and oilseeds at scale, and its fiscal 2025 net sales were about $85 billion. When fuel, storage, or shipping capacity tightens, logistics providers can charge more and gain leverage. That can lift freight costs and slow ADM’s ability to source and move volumes efficiently.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eSpecialized ingredient inputs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM’s nutrition and specialty ingredients business relies on enzymes, cultures, botanicals, packaging, and processing aids, and these supplier pools are far tighter than bulk crop markets. That concentration gives niche vendors more pricing power and can lift input costs when one item is hard to qualify or replace. For ADM, the risk is highest where reformulation would slow launches or raise compliance costs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMore concentrated than grain supply\u003c\/li\u003e\n\u003cli\u003eHard-to-swap inputs raise leverage\u003c\/li\u003e\n\u003cli\u003eQualification delays increase supplier power\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eEnergy and packaging cost pressure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM’s processing margins stay exposed to energy, chemicals, and packaging costs because these inputs sit in a low-margin, high-volume business. In 2025, ADM reported net sales of about $85.5 billion, so even a small input-cost squeeze can move profits fast. Suppliers gain power when energy or resin markets tighten and ADM cannot switch specs quickly.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLong-term contracts soften but do not remove pressure.\u003c\/li\u003e\n\u003cli\u003eMulti-sourcing cuts risk, yet tight markets still bite.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eADM Supplier Power Stays Low—Until Weather or Freight Tightens\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eADM’s supplier power stays low in bulk crops because it buys from thousands of growers, but it rises fast when weather cuts supply. FY2025 net sales were about $85 billion, so even small input shocks can hit margins.\u003c\/p\u003e\n\u003cp\u003eRail, barge, truck, and port vendors can also gain leverage when freight or fuel capacity tightens. ADM’s nutrition and specialty inputs face the highest pressure because enzymes, cultures, and packaging are harder to swap.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eDriver\u003c\/th\u003e\n\u003cth\u003eLatest data\u003c\/th\u003e\n\u003cth\u003eSupplier power\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eADM FY2025 net sales\u003c\/td\u003e\n\u003ctd\u003e$85 billion\u003c\/td\u003e\n\u003ctd\u003eLow to moderate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. 2024\/25 corn crop\u003c\/td\u003e\n\u003ctd\u003e15.1 billion bushels\u003c\/td\u003e\n\u003ctd\u003eLower in tight years\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"product-includes\"\u003e\n\u003cdiv class=\"product-includes__container\"\u003e\n\u003ch2 id=\"product-includes-title\" class=\"product-includes__title\"\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-includes__grid\"\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Detailed Word Document icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eAssesses competitive pressures, supplier and buyer power, substitutes, and entry risks shaping Archer-Daniels-Midland Company’s market position.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Customizable Excel Spreadsheet icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eA quick, one-page view of ADM’s five forces—helping you spot risk, pricing pressure, and competitive threats fast.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Reference-Icon.svg\" alt=\"References icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eReference Sources\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eProvides a traceable source trail for Archer-Daniels-Midland Company, strengthening credibility and speeding confident decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eCustomers Bargaining Power\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge food manufacturer customers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM sells to large food, beverage, feed, and industrial buyers that place high-volume orders, so they can press hard on price, service, and contract terms. In FY2024, ADM reported net sales of $85.5 billion, showing the scale of the business and the size of the accounts it serves. That buyer scale gives customers real leverage, especially when they can shift volume across suppliers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh price sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM sells many inputs as commodities, so buyers can compare quotes fast and switch with little friction. That keeps bargaining power high in core channels, especially when pricing is transparent and products look interchangeable. In fiscal 2025, ADM still faced margin pressure from commodity swings and weak spreads, which made price the key buying trigger.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow switching costs in commodities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eArcher-Daniels-Midland Company faces strong buyer power in bulk oils, grains, sweeteners, and feed inputs because these are standardized products and customers can switch if price, quality, and delivery stay close. In 2025, Archer-Daniels-Midland Company booked about $85.5 billion of net sales, so even small price cuts on high-volume contracts can matter a lot. That keeps pressure on margins, especially when buyers can compare multiple suppliers with little performance gap.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCustomer concentration in key segments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM faces strong customer bargaining power because a few large food, feed, and ingredient buyers can drive big volume in processing and formulations. In FY2025, that scale still left ADM exposed to rebate demands, service-level guarantees, and custom specs, so keeping accounts often means trading some margin for volume.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLarge accounts can shift volume fast.\u003c\/li\u003e\n\u003cli\u003eRebates and guarantees pressure margin.\u003c\/li\u003e\n\u003cli\u003eCustom blends raise switching costs.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eValue-added nutrition reduces buyer leverage\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM’s Nutrition segment sells flavors, proteins, fibers, probiotics, and custom blends, so it is less like a commodity shop and more like a formulation partner. That raises switching costs for buyers because recipes, taste, and label claims are harder to replace.\u003c\/p\u003e\n\u003cp\u003eADM also adds regulatory and application support, which makes supplier changes slower and riskier. In FY2025, this higher-touch model helped offset the price pressure that hits pure ingredients businesses.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMore differentiation, less buyer leverage\u003c\/li\u003e\n\u003cli\u003eSwitching costs rise with formulation support\u003c\/li\u003e\n\u003cli\u003eNutrition is stronger than commodity sales\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eADM Faces High Buyer Power in Commodity Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomer bargaining power is high at Archer-Daniels-Midland Company because big food, feed, and industrial buyers can switch among near-commodity suppliers on price and service. In FY2025, Archer-Daniels-Midland Company posted about $85.5 billion of net sales, so small price moves on large contracts still hit margins. ADM’s Nutrition unit has lower buyer power because custom blends raise switching costs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFY2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet sales\u003c\/td\u003e\n\u003ctd\u003e$85.5 billion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCore product type\u003c\/td\u003e\n\u003ctd\u003eCommodity inputs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBuyer power\u003c\/td\u003e\n\u003ctd\u003eHigh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNutrition segment\u003c\/td\u003e\n\u003ctd\u003eLower buyer power\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003eArcher-Daniels-Midland Company Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Archer-Daniels-Midland Company Porter's Five Forces Analysis you’ll receive after purchase—no mockups, no placeholders, and no surprises. The document is fully formatted and ready to use immediately after payment, giving you instant access to the same file shown here. What you see in this preview is the final version you will download, professionally written and ready for your needs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Rivalry-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eRivalry Among Competitors\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal commodity giants\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM faces fierce rivalry from Cargill, Bunge, and Louis Dreyfus, all with global origination and processing scale. Cargill reported about $160B in FY2024 revenue, while ADM posted $85.5B and Bunge about $53B, showing how close these giants are in crop flows and margin capture. That overlap keeps pricing tight and raises pressure on basis, crush, and merchandising spreads.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eThin-margin processing markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBulk grain and oilseed processing still runs on razor-thin spreads: Archer-Daniels-Midland Company’s 2025 sales were about $85 billion, but profit depends more on crush, freight, and basis moves than on headline revenue. A 1-cent\/lb move in soyoil or a few dollars\/ton in freight can swing returns fast, so processors fight hard for volume, storage, and port assets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Rivalry-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh fixed-cost operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM’s network of plants, terminals, storage sites, and rail-and-barge links is capital heavy, so weak utilization quickly hurts margins. When assets sit idle, ADM and peers cut prices to keep volumes moving and spread fixed costs. That pushes rivalry up in crop cycles and soft-demand periods.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eSegment overlap with ingredient specialists\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM’s nutrition and specialty ingredients overlap with five main rivals: Ingredion, Tate \u0026amp; Lyle, IFF, Kerry, and regional formulators. Rivalry is sharpest in higher-value products, where firms compete on function, service, innovation, and sticky customer ties, not just price.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFive key rivals in specialty ingredients\u003c\/li\u003e\n\u003cli\u003eBest wins come from service and innovation\u003c\/li\u003e\n\u003cli\u003eCompetition is strongest in higher-value uses\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eExpansion and portfolio race\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCompetitive rivalry is intense because Archer-Daniels-Midland Company and peers keep pouring money into plant upgrades, processing efficiency, and higher-margin ingredients. ADM's 2025 net sales were about $85.5 billion, so even small share shifts matter across all three divisions.\u003c\/p\u003e\n\u003cp\u003eADM keeps defending that scale with acquisitions, partnerships, and new products, which raises the bar for rivals in origination, processing, and nutrition. That strategic race is visible in the push toward specialty ingredients and better margins, not just bigger volumes.\u003c\/p\u003e\n\u003cp\u003eSo the fight is not only about capacity; it is about who can convert assets into cleaner, higher-return earnings first. In a market this large, rivalry stays strong when every company keeps spending to protect share.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2025 net sales: about $85.5 billion.\u003c\/li\u003e\n\u003cli\u003eRivals invest in plants and efficiency.\u003c\/li\u003e\n\u003cli\u003eADM uses M\u0026amp;A and partnerships to defend share.\u003c\/li\u003e\n\u003cli\u003ePressure spans origination, crush, and nutrition.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eADM Faces Fierce Rivalry in a Low-Margin Global Market\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCompetitive rivalry is intense for Archer-Daniels-Midland Company because scale, low margins, and asset-heavy processing force constant price and efficiency fights. ADM posted about $85.5 billion in 2025 net sales, while Cargill and Bunge also operate at global scale, keeping pressure high across origination, crush, and nutrition. Rivalry stays strongest where small spread moves can swing returns fast.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eArcher-Daniels-Midland Company 2025 net sales\u003c\/td\u003e\n\u003ctd\u003e$85.5B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMain rivals\u003c\/td\u003e\n\u003ctd\u003eCargill, Bunge, Louis Dreyfus\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetition driver\u003c\/td\u003e\n\u003ctd\u003eThin spreads, idle capacity risk\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eSubstitutes Threaten\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAlternative raw materials\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCustomers can switch between corn, wheat, rice, and sugar based on price and recipe needs, and ADM also faces close substitutes in soy, canola, sunflower, and palm oils, plus soybean and other protein meals. In ADM’s 2024 Form 10-K, Ag Services and Oilseeds delivered about $57 billion of revenue, so even small feedstock shifts can move large volumes. That keeps pricing power tight in many lines.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSynthetic and lab-developed ingredients\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSynthetic, bioengineered, and fermentation-derived inputs are a real substitute risk for Archer-Daniels-Midland Company, especially in specialty nutrition, where customers pay for function more than crop origin. Archer-Daniels-Midland Company reported $85.5 billion in 2024 revenue, and some of that demand can shift to lab-made proteins, flavors, and enzymes that cut reliance on traditional processing. The threat is weaker in bulk commodities, but it is rising as customers want cleaner supply, stable pricing, and faster formulation cycles.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Substitutes-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVertical integration by customers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVertical integration by customers is a real substitute for ADM’s sourcing and processing services. Large food, feed, and industrial buyers can buy crops direct from farmers or build their own procurement networks, which cuts ADM out of some volume. ADM reported $85.5 billion in net sales in fiscal 2024, so even small bypass rates can hit a huge revenue base.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eProduct reformulation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eProduct reformulation is a real substitute risk for Archer-Daniels-Midland Company: food makers can cut sugar, swap starches, shift oils, or add new functional ingredients, which can reduce demand for ADM’s ingredients over time. ADM reported $85.5 billion in net sales for 2025, and softer demand in health-led and price-sensitive categories can hit volume first. The risk is highest where customers can reformulate fast and switch suppliers with low cost.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLess sugar means less ingredient pull.\u003c\/li\u003e\n\u003cli\u003eOil and starch swaps can cut orders.\u003c\/li\u003e\n\u003cli\u003eHealth and cost pressure speed reformulation.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eBiofuel and industrial feedstock shifts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eEnergy and industrial buyers can switch feedstocks fast when policy, prices, or process tech change. In ADM, biodiesel and renewable diesel demand can swing between soybean oil, canola oil, used cooking oil, and other inputs, while chemical users can move between starches and alternative feedstocks. ADM’s 2024 net sales were $85.5 billion, so volume loss here matters.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePolicy shifts change feedstock demand\u003c\/li\u003e\n\u003cli\u003ePrice gaps drive buyer switching\u003c\/li\u003e\n\u003cli\u003eRenewable diesel can replace biodiesel inputs\u003c\/li\u003e\n\u003cli\u003eADM must protect volumes and mix\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eADM Faces Growing Substitute Pressure Across Crops and Inputs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThreat of substitutes for Archer-Daniels-Midland Company is moderate to high: buyers can switch among crops, oils, meals, and reformulated inputs fast when price or policy moves. ADM’s 2025 net sales were $85.5 billion, so even small shifts in feedstock choice can hit large volumes. The biggest pressure comes from bio-based, synthetic, and customer-built supply options.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSubstitute\u003c\/th\u003e\n\u003cth\u003eWhy it matters\u003c\/th\u003e\n\u003cth\u003eADM impact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCrop and oil swaps\u003c\/td\u003e\n\u003ctd\u003eLow switching cost\u003c\/td\u003e\n\u003ctd\u003eVolume and margin pressure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSynthetic inputs\u003c\/td\u003e\n\u003ctd\u003eFunction over origin\u003c\/td\u003e\n\u003ctd\u003eHits specialty nutrition\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCustomer vertical integration\u003c\/td\u003e\n\u003ctd\u003eBypasses ADM\u003c\/td\u003e\n\u003ctd\u003eReduces sourcing demand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Entrants-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eEntrants Threaten\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHeavy capital requirements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHeavy capital needs keep new entrants out of Archer-Daniels-Midland Company’s core grain and oilseed businesses. Building elevators, crush plants, refineries, terminals, and ingredient sites takes hundreds of millions of dollars, plus logistics and compliance spend. ADM’s 2024 net sales were $85.5 billion, so a challenger would need deep capital and scale to compete on cost and network reach.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eScale and network advantages\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eADM’s scale makes entry hard: in fiscal 2025 it ran a global network spanning more than 270 processing plants and over 420 crop procurement facilities. That reach gives ADM cheaper origination, storage, transport, and customer access across more than 190 countries. A new entrant would need years and huge capital to match that footprint. The result is a strong moat built on logistics and market access.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Entrants-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and food safety barriers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRegulatory and food-safety hurdles are high in Archer-Daniels-Midland Company’s food, feed, biofuel, and ingredient markets. The U.S. FSMA Food Traceability Rule covers 16 food categories, while biofuel and grain flows also face strict quality and environmental checks, raising startup time and capex. ADM’s 2024 net sales were $85.5 billion, a scale edge that helps absorb compliance costs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCommodity trading expertise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eADM’s trading, hedging, and logistics network is hard to copy from scratch, and that keeps entry risk high. In 2025, ADM still moved crops through a global network of about 270 processing plants and 420 crop procurement sites, so new entrants face steep gaps in price, freight, and basis management.\u003c\/p\u003e\n\u003cp\u003eWithout deep market intel and balance sheet strength, a new trader can get hit fast by spread swings and transport bottlenecks. That makes broad-scale entry unlikely, especially in a market where ADM’s scale and execution can absorb shocks better than a start-up.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh skill barrier in trading.\u003c\/li\u003e\n\u003cli\u003eHedging needs real capital.\u003c\/li\u003e\n\u003cli\u003eFreight mistakes can erase margins.\u003c\/li\u003e\n\u003cli\u003eADM’s scale deters new entrants.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eNiche entrants in specialty ingredients\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eEntry is tough in ADM’s bulk grains and oilseeds business because it takes huge capital, logistics, and sourcing reach. Still, niche firms can enter specialty nutrition with tailored formulations or local plants, so the threat is moderate overall and higher in high-margin pockets. That fits a market where smaller players can win on speed and customer fit, not scale.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHard in bulk; easier in specialty niches.\u003c\/li\u003e\n\u003cli\u003eLocal plants lower entry barriers.\u003c\/li\u003e\n\u003cli\u003eInnovation can target margin pockets.\u003c\/li\u003e\n\u003cli\u003eThreat stays moderate, not broad.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eADM’s Scale Keeps New Entrants at Bay in Core Commodities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThreat of new entrants for Archer-Daniels-Midland Company stays low in bulk grains and oilseeds because scale, storage, and freight networks are hard to copy. Fiscal 2025 net sales were $85.1 billion, and the company operated about 270 processing plants and 420 crop procurement sites, which raises the capital bar sharply.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFiscal 2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet sales\u003c\/td\u003e\n\u003ctd\u003e$85.1B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProcessing plants\u003c\/td\u003e\n\u003ctd\u003e~270\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCrop procurement sites\u003c\/td\u003e\n\u003ctd\u003e~420\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eNew players can still enter niche nutrition or local specialty plants, so the threat is moderate overall, but it is weak in ADM’s core commodity network.\u003c\/p\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"DCF Analyst","offers":[{"title":"Default Title","offer_id":57191717699849,"sku":"adm-five-forces","price":5.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0942\/8045\/0313\/files\/adm-five-forces.webp?v=1783676653","url":"https:\/\/dcfanalyst.com\/products\/adm-five-forces","provider":"DCF Analyst","version":"1.0","type":"link"}