FoodBev Media is thrilled to unveil the highly anticipated shortlist for the Global Water Drinks Awards 2025! This year's entries showcase the phenomenal innovation, sustainability and quality driving the global water industry. The shortlist reflects the cutting edge of water development, from groundbreaking packaging and ethical sourcing to innovative new products and compelling marketing campaigns. The FoodBev team sends huge congratulations to all the companies who have been shortlisted, recognised for their commitment to excellence. Winners will be announced from 11-13 November at the Global Water Drinks Congress in Budapest, Hungary. FoodBev would also like to extend sincere thanks to our esteemed judging panel, whose expertise was vital in navigating a highly competitive field to determine this outstanding shortlist. Global Water Drinks Awards Shortlist Aqua Carpatica Best Brand Extension - Aqua Carpatica Flavours Best in PET - Aqua Carpatica Natural Mineral Water Best in Can - Aqua Carpatica Sparkling Mineral Water Best Natural Sparkling Water - Aqua Carpatica Sparkling Natural Mineral Water Best Natural Still Water - Aqua Carpatica Still Natural Mineral Water Ball Corporation / Compagnie des Pyrénées Best Brand Extension - Sant' Anna & Eau Neuve Be Wtr Best CSR Initiative - A Purpose-Driven Approach to Water ​ Premium Water - Redefining Premium Water for a Conscious Generation Best Sustainability Initiative - Rethinking Water for a Sustainable Future Britvic Ireland (part of Carlsberg Group) Best Brand Extension - Ballygowan Hint of Fruit Best Flavoured Water - Ballygowan Hint of Fruit Charlie's Sparkling Water Best Brand Extension - Charlie's Fibres Best Functional Water - Charlie's Fibres Best Flavoured Water - Charlie's Organics Best in Can - Charlie's Organics Best in Glass - Charlie's Organics Best Packaging/Label Design - Charlie's Organics Clearly Canadian ​ Best Premium Water - Clearly Sparkling Mineral 11oz Sparkling Water Best Natural Sparkling Water - Clearly Sparkling Mineral 11oz Sparkling Water Best Flavoured Water - Essence Grapefruit 11oz Sparkling Water Best Flavoured Water - Essence Limon 11oz Sparkling Water Best Flavoured Water - Mountain Blackberry 11oz Sparkling Water Eira Water Best Natural Sparkling Water - Eira Sparkling Best Natural Still Water - Eira Still Best in Glass - Eira Water Best in PET - Eira Water Best Marketing/Social Media Campaign - Eira Water Best Packaging/Label Design - Eira Water Gentlebrand Best New Brand Water - Zelda Smartweight Water HopWtr Best Brand Extension - HopWtr Iced Tea & Lemonade Icelandic Glacial Best Packaging/Label Design - 750ml Slim Sportscap Best in Glass - 750ml Sparkling Glass Best in Glass - 750ml Still Glass Best Marketing/Social Media Campaign - 'You Are What You Drink, Be Exceptional' featuring Julianne Hough Inner Mongolia Yili Industrial Group Best in PET - Inikin No Label Changbai Mountain Natural Mineral Water Best in Can - Inikin Volcano Natural Mineral Spring Moisturizing Spray Jääde Best Brand Extension - Jääde Sparkling Mineral Water Jove Wellness Best Functional Water - Jove Deep Hydration Water Alkaline pH 9.5+ Best in Can - Jove Deep Hydration Water Alkaline pH 9.5+ Best Marketing/Social Media Campaign - Jove Wellness Lajthiza Best Brand Extension - Natural Mineral Water, Carbonated Soft Drinks Lofoten Arctic Water Best in Can - Lofoten Arctic Water Aluminium Bottle Best in Glass - Lofoten Arctic Water Glass Bottle Best Natural Sparkling Water - Lofoten Arctic Water Sparkling Water Best Natural Still Water - Lofoten Arctic Water Still Water Nestle Water Best Packaging/Label Design - Air Plane Bottle Best in PET - Sohat Airplane bottle O'cean Drinks Best Packaging/Label Design - O’cean Plus – Wellness Water Best Brand Extension - O'cean Fruit Water Zero Edition Best Packaging/Label Design - O'cean Fruit Water Zero Edition Best Marketing/Social Media Campaign - O'cean Fruit Water: High in Vitamin C, Higher on Prizes One Water Best New Brand Water - One Water - Canadian Rockies Peridot Best Functional Water - Naturally Alkaline Super-Premium Low Deuterium Ice Age Mineral Water Best Natural Still Water - Naturally Alkaline Super-Premium Low Deuterium Ice Age Mineral Water ​ Best Premium Water - Naturally Alkaline Super-Premium Low-Deuterium Ice Age Mineral Water QuenChill Best Functional Water - Cozy Water Best New Brand Water - Cozy Water Tetra Pak & Cie Best Sustainability Initiative - Tetra Top carton package with plant-based polymers Best Packaging/Label Design - Water in carton package Tetra Top - Eau Neuve Theoni Best Natural Still Water - Theoni Natural Mineral Water Best Packaging/Label Design - Theoni Natural Mineral Water *with Braille writing on the cap Best Packaging/Label Design - Theoni Natural Mineral Water in Carton Box 2L Waiākea Hawaiian Volcanic Beverages Best Sustainability Initiative - Hawaiian Volcanic Water (OceanPlast Collection) Water Plus Supplements Best Functional Water - Water Plus Supplements Yili Best Brand Extension - QuanAi Baby Each shortlisted entry will be recognised as either a Winner, Finalist or Commended. Results will be revealed at the Global Water Drinks Congress, and online here at foodbev.com . The Global Water Drinks Congress 2025 Designed for industry leaders, suppliers, customers and advisers, the Congress offers attendees a complete overview of the latest market trends, developments, innovation and issues, alongside extensive networking opportunities. The event will feature two days of conference sessions, a tour of Mattoni 1873’s Szentkirály bottling facility (the leading mineral water brand in Hungary), extensive networking opportunities, a gala industry dinner and presentation of the Global Water Drinks Awards 2025, highlighting the best in global water drinks innovation worldwide. Leading international and regional manufacturers, industry suppliers and advisers will present on the latest market and strategic developments, as well as topical issues ranging from packaging and sustainability to water stewardship and innovation. About FoodBev Awards FoodBev Media awards schemes have been running for more than 20 years and are now recognised as the most credible and respected awards schemes to influence the international food and beverage industry. For more information about our selection of awards programmes, please visit foodbevawards.com  or email awards@foodbev.com .

US-based mochi ice cream brand My/Mochi is expanding its global flavour inspiration line-up with the launch of what it claims is the first Dubai Chocolate Style Mochi ice cream in the US. The latest innovation features creamy pistachio ice cream, crunchy kadayif and chocolate bits, all wrapped in chocolate-flavoured mochi dough. Inspired by the viral Dubai Chocolate dessert trend, each mochi contains just 80 calories. “Dubai chocolate has become a standout flavour across food and beverage categories, but it hasn’t made its way into mochi ice cream,” said Bridgette Wolf, chief marketing officer at My/Mochi. The Dubai Chocolate Style Mochi ice cream will debut in select US stores this month, followed by a national rollout in spring 2026. In the UK, retailer Aldi also unveiled a Dubai Chocolate Style Mochi product this summer, highlighting the global popularity of the viral food trend.

Indian food brand Aagrah Foods has expanded its range of premium cooking sauces with a vegan-friendly Butter Chicken Tarka Paste. The paste combines a smooth, creamy tomato base with a balance of aromatic spices and subtle sweetness. Unlike a finished curry sauce, which offers a heat-and-serve solution, a tarka pasta provides the foundation for a convenient, freshly cooked dish while enabling consumers to engage more in the cooking process. Aagrah’s latest offering is made with slow-cooked onions, tomato, garlic, ginger and its signature bled of spices, giving home cooks the flexibility to customise dishes without the complexity of cooking from scratch. The brand said the product is ideal for consumers seeking authentic, restaurant-quality dishes that can be prepared at home within minutes. Though Butter Chicken is traditionally made with meat and dairy, the fully plant-based paste also caters to consumers seeking to make vegetarian and vegan alternatives to the dish by substituting chicken for a plant-based chicken alternative or tofu, and using plant-based dairy alternatives. The launch comes as the UK ambient cooking sauce category continues to grow, now valued at over £1 billion and driven by rising interest in world cuisine and premium at-home dining. Aagrah Foods was founded by family-owned Yorkshire-based Aagrah Restaurant Group, established in 1977. Beyond its sauces, the brand offers a broad range of Indian products including chutneys, spice blends and marinades, and breads and snacks such as naans, popadoms and an onion bhaji mix. Shezad Aslam, managing director of Aagrah Foods, said: “Butter Chicken has long been a crowd pleaser in our restaurants, and we wanted to make that same flavour experience available for consumers at home”. “Our new tarka paste is rich, indulgent and true to our Northern Indian roots. We’re continuing to see a strong appetite for people wanting to cook authentically at home using premium-quality ingredients that offer both convenience and credibility, and this new addition to our ever-expanding range meets that demand perfectly.” The new Butter Chicken Tarka Paste is available across the UK grocery, speciality and convenience channels for £3.76 per 270g jar.

Hormel Foods, the company behind brands such as Spam and Hormel Black Label Bacon, has announced a series of significant developments designed to position the business for long-term growth and operational efficiency. As part of these plans, Hormel Foods has initiated a corporate restructuring aimed at aligning resources with strategic priorities and strengthening the business, announced yesterday (4 November 2025). As part of this initiative, Hormel Foods as introduced a voluntary early retirement programme and will reduce around 250 corporate roles across its office-based workforce. It is expected that this restructuring will result in up to $25 million in charges, most of which will be recognised in the fourth quarter of 2025 and the first of 2026. Speaking about the changes, John Ghingo, president of Hormel Foods, said: “We’re directing resources toward technology, innovation, food safety and quality and the people capabilities that will shape our future“. The company has also recently announced the appointment of an interim chief financial officer and revealed that its nut butter brand, Justin’s, will now operate as a stand-alone company. On 27 October 2025, Hormel announced the appointment of Paul Kuehneman as interim chief financial officer and controller, succeeding Jacinth Smiley and reporting to Jeff Ettinger, interim chief executive officer. Hormel Foods plans to conduct a comprehensive search for a permanent CFO in the coming months. Kuehneman has held multiple leadership roles at Hormel, including as VP and controller. Ettinger praised him as “a respected leader with deep knowledge of our business and a proven track record of results.” In a move reflecting Hormel’s broader strategy to optimise its brand portfolio, the company also revealed a strategic partnership with Forward Consumer Partners, a private investment firm, on 28 October 2025. Under this agreement, Justin’s – which Hormel acquired in 2016 – will once again operate as a stand-alone company, owned 51% by Forward and 49% by Hormel Foods. Since acquiring the brand, Hormel has expanded its product line of nut butters and organic chocolate snacks, with the aim that the new partnership with unlock further growth. As part of the deal, Justin Gold, the brand’s founder, will return as a strategic advisor and Peter Burns, who previously led the company prior to its sale to Hormel, will return as Justin's CEO. Despite restructuring costs and other challenges, Hormel Foods continues to emphasise long-term brand investment, operational modernisation and strategic portfolio management. “We remain confident in the relevance of our portfolio and our brands,” Ettinger said, “Our focus is on sustainable, profitable growth and delivering long-term value for our shareholders.”

Bühler has announced the launch of CompactMix, a new solution for spreads, fillings and coatings in chocolate and confectionery production. The solution combines mixing and grinding technologies designed to deliver precision fineness, consistent quality, flexible production capacity and high-energy efficiency. Its capabilities range from producing soft praline centres to coatings for snack bars and ice cream. The system responds to growing demand for on-the-go products, such as filled biscuits, wafers and snack bars, providing a production solution that offers the flexibility to handle a wide variety of recipe applications. Bühler noted that the significant price volatility in cocoa markets has also meant manufacturers are increasingly turning to chocolate alternatives that allow for a greater range of formulations without compromising taste and quality. CompactMix brings together the Swiss tech company’s ShearMix mixing system with a spiral agitator for fast, uniform mixing, and the Aurora ball mill to reduce particle size. This combination aims to ensure optimal mixing and refining performance, forming the basis for product consistency. According to Bühler, the system delivers uniform textures with particle sizes below 20 microns, resulting in a smooth mouthfeel. It also handles everything from low-fat to high-fat recipes, giving producers full flexibility in chocolate mass production while consuming up to 30% less energy than conventional models. The solution enables fast product changeovers with minimal waste and cleaning time under two hours. It features a hygienic, fully enclosed design to support global food safety standards, and its modular scalability – from 400 kg/h to 3000 kg/h – make it well-suited to both small-scale and industrial production. In regions with consistently high temperatures – such as Africa, South Asia and the Middle East – maintaining the stability of chocolate products during storage and transport is challenging. Traditional chocolate melts easily, affecting both product quality and shelf life. CompactMix produces chocolate-based masses designed for thermal stability, using recipes that combine alternative fats and tailored textures. As a result, products have higher melting points and stronger structures, ensuring quality and taste is not impacted in warm-climate markets. CompactMix is also equipped with digital solutions that give manufacturers full control over production. Real-time monitoring, recipe management and smart control features enable manufacturers to optimise consistency, reduce waste and ensure each batch meets the desired fineness and taste profile. CompactMix integrates into Bühler’s complete chocolate processing line – from raw material handling and mixing to grinding and moulding. In Bühler’s R&D centres, customers can develop and test new recipes, optimise process parameters and evaluate machine performance under real production conditions. Skeljzen Nesimi, head of product management for chocolate and coffee at Bühler, said: “With CompactMix, we are not just launching a new solution – we are enabling our customers to rethink chocolate production”. “From raw ingredients to finished products, Bühler provides the technology and expertise to support every step of the process, helping customers craft the chocolate of the future, delicious and affordable.”

Tillamook County Creamery Association (TCCA) has partnered with Japanese condiment producer Kewpie to release a limited-edition spread combining butter and mayonnaise. Named Butternaise, the product blends Tillamook Extra Creamy Unsalted Butter with Kewpie’s Organic Mayonnaise and added spices. It was developed by Tillamook’s executive chef of culinary development, Josh Archibald, as part of the company’s work on improving the texture and flavour of grilled cheese sandwiches. The spread will be available in limited quantities from 6 November through Tillamook’s online store.

Chocolate giant Barry Callebaut has today (5 November 2025) announced a long-term partnership with Planet A Foods, a start-up innovating in sustainable cocoa-free chocolate alternatives. The partnership aims to meet the growing consumer demand for sustainable chocolate solutions without cocoa – though Barry Callebaut has affirmed that cocoa remains at the core of its business and will continue to play a central role in its future. In a press statement, the company said it is navigating volatility in today’s cocoa market with a proactive and diversified approach. Through collaborating with Planet A, it will enhance its portfolio by using sustainable, locally sourced non-cocoa ingredients to shorten supply chains and reduce its environmental footprint, complementing the group’s broader sustainability ambitions. Planet A’s ChoViva brand offers a cocoa-free chocolate alternative solution made from locally available crops, such as sunflower seeds, designed to offer a chocolate-like experience without compromising on quality or taste. The partnership will provide a foundation for global growth for Germany-based Planet A Foods, while supporting innovation on its platform technology. Planet A and Barry Callebaut will jointly strengthen their presence across Europe while accelerating their worldwide expansion, aiming to bring Planet A Foods’ vision of resilient and sustainable food ingredients to consumers and customers around the globe. Headquartered in Munich, Planet A was founded in 2021 and has since launched over 70 products in more than eight countries. The company closed a $30 million Series B funding round last December , and last month expanded its partnership with UK retailer Aldi through the launch of several seasonal ChoViva products. Barry Callebaut, based in Zurich, Switzerland, reported annual sales of CHF 14. 8 billion (approx. $18.3 billion) in fiscal year 2024/25. It produces solutions across the full spectrum of chocolate, cocoa, coatings and non-cocoa alternatives, from sourcing and processing cocoa beans to crafting premium chocolates, fillings and decorations. The company operates more than 60 production facilities worldwide and employs a workforce of over 13,000 people. Christian Hansen, head of global strategy at Barry Callebaut, said: “Through this partnership with Planet A Foods, Barry Callebaut is embracing technology to open further avenues for growth while enhancing our resiliency to today’s cocoa market volatility”. “We are excited about the collaboration with Planet A Foods to shape the future of chocolate solutions together with our customers.” Maximilian Marquart, CEO and co-founder of Planet A Foods, said: “Our goal has always been to scale ChoViva into a global ingredient platform – and this equal partnership helps us do just that”. “By combining Barry Callebaut’s global footprint and capabilities with our innovation, we can scale responsibly and bring more products to markets worldwide, faster than ever.”

The Every Company has secured $55 million in Series D funding to expand manufacturing capacity and advance commercialisation of its precision-fermented egg proteins. The round was led by McWin Capital Partners, through the McWin Food Tech Fund, with participation from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian, SOSV, among others. Founded in San Francisco, Every uses precision fermentation to create functional proteins that replicate the performance of conventional eggs without relying on animal agriculture. Its ingredients are already being used across retail, foodservice and online channels, and the company said it will expand availability this month with new products launching in Walmart stores across the US. Every said the investment will support its goal of achieving profitability while growing its footprint in the $270 billion global egg market, with a focus on high-volume applications such as bakery. The company’s technology aims to provide a stable alternative to traditional egg supply chains, which have been affected by avian flu, feed costs and price volatility. Its precision fermentation process produces egg proteins that are free from animal inputs, have an 18-month shelf life, and can be stored in powder form, reducing reliance on refrigerated logistics. Arturo Elizondo, co-founder and CEO of Every, said: “This new injection of capital will allow us to make good on our promise of making products that are accessible to everyone – in every state, every city and every grocery store. This milestone first close is a powerful validation of our ambitions and we’re grateful for the trust of our incredible investors.” Phil Morle, partner at Main Sequence, added: “Every is proving what this technology can do – real products solving real customer problems, at industrial scale, with a clear path to profitability. Their progress shows how biomanufacturing has matured into a resilient, scalable part of the global food supply chain. This is a massive opportunity to build the next generation of food production.”

PepsiCo has partnered with Griffith Foods and Milhão to launch a direct farmer incentive pilot programme promoting regenerative agriculture in Brazil’s Cerrado region, one of the world’s most biodiverse savannas and a key agricultural production area. The Cerrado produces around 60% of Brazil’s soybeans and significant volumes of corn, but the region faces increasing environmental pressure from deforestation, soil degradation and climate change. PepsiCo identifies the area as one of its highest-impact sourcing regions. The new programme will test a hybrid 'Payment for Practice and Payment for Outcomes' model, compensating farmers both for adopting regenerative methods – such as composting, biological inputs and reducing chemical fertiliser use – and for achieving measurable environmental improvements. Farmers will receive upfront payments to help cover the cost of sustainable inputs and performance-based bonuses for lowering agrochemical use over the growing season. According to PepsiCo, the initiative aims to remove one of the main barriers to adoption of regenerative farming: the financial risk farmers face when shifting away from conventional practices. “By providing direct economic incentives, we’re helping facilitate outcomes such as improved soil health, reduced greenhouse gas emissions, and climate resilience,” said Thais Souza, sustainability lead at PepsiCo Brazil. The pilot will initially cover 7,000 acres, with plans to scale up to 30,000 acres – PepsiCo’s full corn sourcing volume in the region – within three years. The project is co-funded by PepsiCo and Griffith Foods, with additional contributions from Milhão, and represents a total investment expected to reach $1 million by the third year. Nicholas Costa, regional sustainability director at Griffith Foods Central and South America, said the collaboration reflects the company’s broader climate commitments: "This collaboration shows how science, innovation and shared purpose can turn ambition into a positive impact and help nourish both people and the planet". "By sharing costs and aligning on sustainability ambitions, PepsiCo, Griffith Foods and Milhão are demonstrating how competitors can work together pre-competitively with the aim of helping drive systemic change." JP Cavalcanti, senior director and market supply officer at PepsiCo Brazil Foods, added: “This is more than a pilot, it's a blueprint for efforts to transform agriculture in one of the world's most critical regions". The initiative aligns with PepsiCo’s Climate Resilience Platform, an open-access tool that supports agricultural stakeholders in mitigating climate impacts through region-specific, high-impact practices aimed at strengthening long-term supply and farming community resilience.

Luxembourg-based company Lagfin, which owns over 50% of the global drinks giant The Campari Group, has had over €1.2 billion worth of shares seized by Italian authorities amid allegations of tax evasion linked to a corporate restructuring. Italian financial police said shares were confiscated following a year-long investigation into how Lagfin absorbed its Italian operations. Prosecutors allege that Lagfin failed to pay taxes equivalent to the value of the seized shares during the merger process. In a statement, Lagfin said it had “always acted in the most scrupulous respect of any applicable laws and regulations, including Italian tax laws,” and vowed to “defend itself vigorously.” The investigation centres around €5.3bn in undeclared capital gains between 2018 and 2020, on which Lagfin allegedly failed to pay an “exit tax” – a levy applied when companies move their headquarters abroad. Authorities claim Lagfin transferred Italian assets to foreign ownership purely for tax purposes. The Campari Group, which also owns Italian aperitif brand Aperol, has stated that neither the group itself nor its subsidiaries are under investigation. Founded in 1860 by Gaspare Campari, the Campari Group is one of the world’s largest spirit producers, owning over 50 brands and distributing in more than 190 countries. The current seizure does not affect Lagfin’s control of the business.

Cob, a startup aiming to redefine the popcorn category, has debuted its first product line, a corn-free, gluten-free alternative made from sorghum, an ancient grain known for its sustainability and nutritional profile. The launch is supported by a seed round led by tennis player Novak Djokovic, with participation from investors such as Bullish, Daxos, Furthermore and Venrex. “Eating gluten-free shouldn't mean sacrificing taste, texture or nutrition,” said Djokovic. “Cob represents everything I value in wellness, thoughtful ingredients, amazing flavour and accessibility.” Founded by serial entrepreneur Jessica Davidoff, Cob was inspired by her family’s search for corn-free foods after discovering her son’s allergy to corn. Davidoff developed the concept after experimenting with popped sorghum, which she describes as tasting even better than traditional popcorn. Cob’s debut line-up includes four flavour varieties: Cacio e Pepe, Mediterranean Herb, Olive Oil & Pink Salt and Seriously Cheesy. Each Cob variety is designed to deliver all the flavour and crunch of popcorn while offering functional benefits and a cleaner label. Beyond its nutritional appeal, Cob’s use of sorghum offers significant environmental advantages. Sorghum requires minimal irrigation, supports soil biodiversity, and contributes to regenerative agriculture. The brand also emphasises non-GMO, filler-free and preservative-free formulations. “Our goal is to help consumers break their dependence on corn by creating insanely delicious, sorghum-based snacks made the way you’d make them in your own kitchen,” said Davidoff. “It’s simple, craveable food that’s good for you, good for your gut and good for the planet.”

Tetra Pak has today (4 November 2025) announced the launch of its new Automation and Digitalisation (A&D) portfolio, Tetra Pak Factory OS, at the Gulfood Manufacturing event in Dubai. The new portfolio, available globally, aims to support food and beverage producers with modular, open and scalable smart factory technologies, establishing a foundation for ‘AI-ready’ manufacturing sites. It follows a recent study showing that highly automated beverage factories can achieve 20% higher overall equipment effectiveness, 45% less product waste and 20% fewer packaging line stops compared to less automated facilities. However, Tetra Pak noted that many producers are held back from adopting automation technologies by limited digital expertise and difficulty finding holistic end-to-end solutions. Its new Factory OS portfolio has been designed to bridge the gap by combining advanced technologies with F&B expertise, aiming to help manufacturers tackle cost pressures, meet sustainability goals and prepare for AI-driven production. A new data integration platform is at the core of the portfolio, integrating open technologies and analytics with industry standards. It connects equipment and systems throughout the factory, transforming fragmented data into a unified, real-time view. This aims to equip F&B producers with the ability to deliver consistent product quality, enhanced efficiency, reduced utility usage and lower total cost of ownership. The Factory OS portfolio standardises data collection across all equipment, regardless of age or supplier, to ensure full compatibility and scalability. It enables producers to utilise a suite of digital applications for real-time monitoring of materials, quality, production and asset performance. Developed in collaboration with Accenture, the portfolio is supported by a technology ecosystem that includes Siemens, Rockwell Automation and Inductive Automation. Sean Sims, vice president of automation and solutions at Tetra Pak, commented: “Today, food and beverage producers are under enormous pressure. They must deliver more with fewer resources – less water, less energy, less waste – all while maintaining quality and reducing costs.” He added: “Our next-generation portfolio transforms complexity into clarity. By combining contextualised data – the foundation of effective AI adoption – with high-performing equipment automation, Tetra Pak Factory OS gives food and beverage producers the confidence to act decisively in an increasingly volatile market.”