Cultivation and Processing of Modern Superfood—Aronia melanocarpa (Black Chokeberry) in Slovak Republic

Abstract

This scientific paper is based on the results of the research focused on the growing and processing of selected medicinal plants. Black chokeberry (Aronia melanocarpa) was included in the research because it is currently one of the most sought-after superfoods in Europe and throughout the world. Based on authentic data and literary sources, the model of economic efficiency was developed for assessment of the establishment and operation of the black chokeberry plantation in the Slovak Republic. The modelled plantation shall be spread over 10 hectares with an intensive method of cultivation (high soil quality, deep plowing, drip irrigation, fertilization with organic and inorganic fertilizer and mechanized fruit harvesting). This intensive cultivation method is characterized by higher yields in t/ha compared to an extensive cultivation method. The model is reviewed over a 12-year period. In this paper are presented three alternatives for processing total production. “Alternative A” represents the sale of the harvest to either the final consumer or the processor for further processing (fresh fruit). “Alternative B” represents the finalization of production in the form of apple–aronia juice (ratio 25% aronia–75% apple). “Alternative C” represents the finalization of production in the form of apple–aronia juice (ratio 50% aronia–50% apple).

1. Introduction

Medicinal plants, also called medicinal herbs, have been part of traditional medicine since time immemorial. This commodity is currently booming, especially in an advanced society. World and domestic production are determined not only by the demand for various plant species, but also by the requirement to ensure the quality of cultivated and harvested medicinal plants, including knowledge of their origin. The Slovak Republic has ideal soil and climatic conditions for growing medicinal plants, which, in the context of constantly increasing demand, causes interest in cultivated and harvested medicinal plants in our territory. The expected production of that commodity must take into account the species composition of the cultivated medicinal plants, as well as their harvested part. In addition to suitable soil and climatic conditions, these two factors are decisive determinants in the cultivation of medicinal plants.

Black chokeberry has the following beneficial effects: it has a beneficial effect on the vascular system and heart; regulates blood pressure; eliminates gastric juices; removes heavy metals from the body (chokeberry fruits were administered to the public after the Chernobyl nuclear accident); reduces the risk of arteriosclerosis; stimulates thyroid function; prevents liver and digestive tract diseases; helps treat chronic diseases, such as cancer, Parkinson’s disease, and bronchitis; increases skin elasticity (slows down the aging process); improves memory and vision; prevents diabetes; relieves migraines; protects the intestines; and strengthens the immune system [1,2,3]. Aronia melanocarpa, the (black) chokeberry (Rosaceae), is indigenous to eastern parts of North America and is nowadays also cultivated in Europe. Aronia melanocarpa is a native deciduous shrub in the north-eastern United States. Several lines of evidence support a potential therapeutic role for the extracts of the black chokeberry in the regulation of platelet adhesion and aggregation [4], pancreatic ɑ-amylase and lipase [5] and chemo preventive benefit. With the improvement of purification technology, the extracts of the black chokeberry have been well recognized as optional natural resources in health care [6].

From the growing point of view, the main advantages of this perennial crop include fast onset of fertility, good health, resistance to low temperatures in winter and its soil condition requirements are not very demanding [7]. A typical shrub is only 0.5–1 m tall, but there are some vigorous (to 3 m) varieties with larger fruits with a diameter up to 1 cm. They have lustrous dark green leaves, attractive white flowers in spring and shining black fruits in summer turning blazing red in autumn. The black chokeberry is propagated by tissue culture in vitro or by cuttings. Black chokeberry needs a medium soil rich in humus. The pH should be in the range of 6–6.5 and the medium precipitation should amount to 700 mm/a. A high yield can only be achieved by an appropriate supply of mineral fertilizers. Container-grown plants are planted in the ground after two years, preferably in March or April, at a distance of 0.7 × 4 m [8].

The performance of the chokeberry was evaluated by Strik, Finn and Wrolstad (2003). A planting of chokeberry was established in 1997 using a rooted cutting. The cultivars evaluated were Albigowa, Darbrowice, Egerta, Kutno, Nero and Nowa Wies. All the cultivars grew vigorously in the planting year. The yield in 1999 ranged from 4.4 kg/plant (Egerta) to 12.4 kg/plant (Nero). In 2001, the yield ranged from 13.1 kg/plant (Egerta) to 24.1 kt/plant (Nero) [9].

The Aronia genus (Rosaceae family, Maloideae subfamily) includes two species of native North American shrubs: Aronia melanocarpa (Michx.) Ell. (black chokeberry) and Aronia arbutifolia (L-) Pers. (red chokeberry)—the fruits of A. melanocarpa have been traditionally used by Potawotomi Native Americans to cure colds [10].

Chokeberry fruit production is seasonal, ensuring its availability throughout the year, and requires processing [11]. One of the methods for extending the durability of the fruit is drying. The method of fruit drying, as well as the process of preparation for drying, affects the preservation of the bioactive components, such as polyphenols. Polyphenols contribute to many health benefits and can act as antioxidants [12]. The most frequently used drying methods consist of convection and freeze-drying, while the new direction of research involves the use of microwave and infrared radiation, radio frequency drying, methods using reduced atmospheric pressure or differences in osmotic pressure, as well as combined methods. Convection drying is a process of removing water from the material by exposing it to a hot air stream. Increased temperature of the material leads to water evaporation, as well as contributing to significant changes in the chemical and physical properties of food. Most frequently, the level of undesirable changes increases with the increase of the process temperature. Freeze-drying consists of the sublimation of water crystals from the frozen material under reduced pressure, influenced by the supplied heat energy. The material is kept in a frozen state, which allows water to evaporate in layers by moving the ice boundary towards the center of the material. Freeze-drying, to a large extent, prevents damage to the structure of the dried material and allows for considerable preservation of the components in an unaltered state. The combined method, involving the pre-drying of the material and its subsequent drying using microwave radiation energy in a vacuum, allows for relatively good preservation of the bioactive components. Convection pre-drying enables the removal of the unbound part of water. Microwave drying in a vacuum allows for significantly increasing the efficiency and shortening the processing time [13].

The major ingredients of the chokeberry fruits that are part of foodstuff include proanthocyanins, anthocyanins and further phenolic compounds. Within the last several years, numerous studies have been performed with chokeberry fruit extracts. They revealed antioxidative, anti-inflammatory and chemo preventive activities, as well as effects on the metabolic syndrome [14,15]. Anthocyanins are water soluble pigments accounting for the dark blue and even black color of the fruits. Anthocyanins derived from the fruits and Aronia melanocarpa fruit juice have been studied intensively for the last 15 years. Most of the effects of Aronia melanocarpa anthocyanins are due to their high antioxidative activity [16].

Chokeberries have recently become one of the most popular and widely used berry fruits, and there are numerous studies dealing with the investigation of their chemical composition and biological activities [17].

The application of suitable processing methods is necessary for the acquisition of a product with desirable quality traits. To satisfy consumer expectations, one should search for such fruit processing technologies through which the presence of biologically active substances in the products will enhance their nutritive value. After the application of appropriate processing methods, the raw material has potential for use in the production of health-promoting foods [18]. The three-week consumption of chokeberry juice significantly increased serum antioxidant capacity, and the best results were observed just after one week of the experiment. However, there was no significant change in the blood lipid profile, except for people with higher levels of triglycerides, in whom the consumption of chokeberry juice reduced these compounds to normal values [19]. Black chokeberry juice improves the lipid profile of supplemented animals and slows down the age-related changes in the aortic wall. The analysis of the atherogenic and cardioprotective results confirms that chokeberry juice has antiatherogenic and cardioprotective effects and can be recommended as a prophylactic means for healthy aging [20].

Black chokeberry fruits are among the richest sources of polyphenols and anthocyanins in the plant kingdom and are a suitable raw material for the production of functional foods. The popularity of chokeberries is not only due to their nutritional value, but also to the constantly emerging evidence for their health-promoting effects [21]. The anthocyanins extracted from Aronia melanocarpa are of great interest because of their potential health-related functionalities [22]. Chokeberry fruit exhibits a high level of pro-health potential, associated with a significant amount of polyphenol content and antioxidant activity. The fruit is easily perishable and therefore needs to be processed in short order to ensure its availability throughout the year [23]. Aronia melanocarpa has gained a huge interest due to its complex biochemical composition that gives it various beneficial effects on health. Polyphenols (especially anthocyanins and procyanidins) represent the most important group of biologically active compounds, which give these fruits their therapeutical properties and antioxidant potential [24].

Many plant juices, extracts and teas have been shown to possess antiviral activity. We analyzed the virucidal activity of black chokeberry, pomegranate (Punica granatum) and elderberry (Sambucus nigra) juice, as well as green tea (Camellia sinensis) against different respiratory viruses. We found that all the tested plant-derived products effectively inactivated the influenza virus, whereas only chokeberry juice diminished the SARS-CoV-2 and vaccinia viruses’ infectivity. None of the products inactivated non-enveloped human adenovirus type 5. Thus, black chokeberry juice exerts virucidal activity against different enveloped viral pathogens under in vitro conditions. Whether application of virucidal juices or green tea as oral rinses may lower viral loads in the oral cavity in vivo remains to be evaluated [25].

Black chokeberry represents a lesser-known fruit species utilized mainly as juices, purees, jams, jellies and wine, as important food colorants of nutritional supplements [26].

The aim of this paper is to assess the cultivation and processing of a modern superfood—black chokeberry. The result of the research will point to the fact that an intensive cultivation method of this medicinal plant is economically very interesting in the conditions of the Slovak Republic.

The expected assumptions of the research results are as follows:

• The selected economic indicators (revenues per ha, costs per ha, economic result per ha, average profitability of revenues, average profitability of costs) of the black chokeberry shall achieve more favourable values compared to conventional crops (wheat, barley, maize) grown in the maize production area.
• The more economical choice for a business entityis processing the harvest of Aronia melanocarpa in the form of fruit juices compared to the alternative of selling the fresh fruit.
• The purchasing of a harvester for collection of Aronia melanocarpa production (mechanized fruit collection) may result in savings of personnel costs for harvesting, which will be reflected in a high profitability of costs.

2. Materials and Methods

The data used in this paper were obtained by direct research of a plantation with a size of one hectare. Valuable information was provided from an interview with its owner. The plantation is located in the village of Pitelová, district Žiar nad Hronom. The cultivars Viking, Nero and Mičurin are represented in an approximately equal share of the structure of the stand, with the bushes spaced 2 × 1 m. The professional knowledge from an article published in Roľnícke noviny [7] was used as well. Based on the planting technology used and the method of cultivation, we can classify this plantation as extensive. The plantation proposed by us shall have the character of intensive cultivation method, which differs from the extensive cultivation method by the following features:

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Preparation of the land before the establishment of the plantation, which consists of improving the physical and chemical properties of the soil. The deep plowing carried out in the autumn and the subsequent processing of the soil into a favourable structure is important.

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Fertilization is provided by both organic (manure) and inorganic fertilizers (superphosphate 18%, potassium sulphate, ammonium). This is one of the reasons why higher yields are achieved.

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Based on professional knowledge and practical experience, each shrub of Aronia melanocarpa needs at least 5 liters of water after planting; based on this empirical knowledge, drip irrigation shall be built in order to achieve higher annual yields per hectare.

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Fruit collection shall be carried out through a harvester.

According to the valid Slovak laws, the growing units of permanent stands with a fertility period longer than 3 years are:

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Hop gardens—land planted with hops;

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Vineyards—land on which vineyards are grown;

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Fruit trees planted on a continuous plot of land with an area of more than 0.25 ha in a density of at least 90 trees per ha;

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Fruit bushes planted on a continuous plot of land with an area of more than 0.25 ha in a density of at least 1000 bushes per ha [27].

According to the valid Slovak laws, the acquisition price of tangible assets is the amount of ownership costs. The plantation is a cultivation of permanent crops with a fertility period of more than 3 years, and the investment costs for establishing the Aronia melanocarpa orchard shall be reflected in the operating costs in the form of depreciation.

2.1. Quantification of Project Investment Expenditures

Capital expenditures will be determined in the amount of ownership costs incurred for the establishment of the orchard and its care until the first year of fertility. The first year of fertility in the case of Aronia melanocarpa is the fourth year from the establishment of the plantation. These items include:

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Costs in the year of planting;

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Ttreatment costs in the second and third year of vegetation

The following static and dynamic methods of evaluation of investment projects are used in this paper.

Static evaluation methods of investment projects [27]:

$$\mathrm{return}\mathrm{on}\mathrm{revenues}:=\frac{EBT}{R}\times 100$$

(1)

EBT = economic result before tax,

R = revenues

$$\mathrm{average}\mathrm{return}\mathrm{on}\mathrm{costs}=\frac{EBT}{OC}\times 100$$

(2)

OC = operating costs

We use the economic result before tax for subsequent comparison with conventional crops.

$$\mathrm{payback}\mathrm{period}:\mathrm{PP}=z-1+\frac{{{\displaystyle \sum }}_{i=1}^{n-1}NC{F}_i}{NC{F}_n}$$

(3)

PP = payback period

NCF_i = net cash flows in the i-th year of setup and the planned life of the project;

NCF_n = net cash flow in the year in which the accumulated net cash flows reach a positive value;

z = the order of the year in which the accumulated net cash flows reach a positive value.

Dynamic evaluation methods of investment projects [28]:

(a)

Assessing the investment using net present value

$$\mathrm{NPV}={{\displaystyle \sum }}_{\mathrm{i}=1}^{\mathrm{n}}\frac{{\mathrm{NCF}}_{\mathrm{i}}}{{\left(1+\mathrm{k}\right)}^{\mathrm{i}}}$$

(4)

NPV = net present value;

n = the lifetime of the project from the beginning to the end of project operation;

k = discount rate (8% in our model);

NCF = net cash flows.

(b)

Assessing the investment using an internal rate of return

The internal rate of return (IRR) is the interest rate at which the net present value (NPV) of all the cash flows (both positive and negative) from a project or investment equals zero. The IRR is massively used as a primary and important tool in capital budgeting decisions by scholars, practitioners, analysts and CEOs. It is used in capital budgeting to measure the profitability of an investment by comparing it with the company’s required rate of return [29].

(c)

Discounting as a part of dynamic investment calculations

The discount rate, the amount of which depends on the cost of equity, plays an important role in the calculation of dynamic indicators. The cost of equity is understood as the required rate of return on the business invested capital by the company’s shareholders. This cost should be a kind of interest rate that the investor will achieve with the alternative use of invested resources [30]. The average revenue of government bonds in the Slovak Republic has been 3.5% over the last 15 years.

The investment projects can be divided into 3 groups [31]:

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Low-risk projects—the discount rate will be 1–3% lower than company’s cost of capital;

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Projects with average risk—the discount rate will be equal to the company’s cost of capital;

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High-risk projects—the discount rate will be 2–5% higher than average cost of capital.

The revenue on government bonds of 3.5% is achieved at low-risk. If we add projects with a higher risk of up to 5%, the discount rate shall be equal to a maximum of 8.5%. In this paper, a discount rate of 8% was used.

2.2. Analysis of Break-Even Point

The break-even point can be expressed also follows:

$${\mathrm{X}}_{\mathrm{bz}}=\frac{a}{\mathrm{p}-\mathrm{b}}$$

(5)

X_bz—break-even point;

a—fixed costs;

p—production price;

b—variable costs per unit.

The break-even point determines the amount of production from which a company begins to achieve profit [32].

To consider uncertainty of price and yield in comparison of possible alternatives, a Monte Carlo simulation was employed. This method allows us to simulate different values for inputs from selected statistical distributions. Our analysis included 5000 iterations for each alternative. The simulated inputs were price and yield.

For both inputs that were simulated, the values from the statistical distributions were based on real data.

The price was simulated using triangular distribution, which is determined by minimum, maximum and mode value.

The yield, as a biological factor, was approximated by normal distribution, which is determined by mean and variability. The parameters of distribution were estimated from historical prices and yields.

The final comparison was conducted using histograms and cumulative density functions, which were obtained as results from simulations of all three variants. The main indicator for the comparison of the simulated results was the net present value. An analysis was performed using the software Risk Kit.

3. Results

3.1. Parametrization of Project Inputs

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The area of the projected plantation is 10 hectares. In our case, we calculated the alternative without the cost associated with acquiring the land.

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The spacing of bushes in the plantation is 3.5 × 1.5 m, which represents 1550 shrubs per hectare. In the model, we consider the even planting of the Viking, Nero and Mičurin cultivars. This planting clip was chosen because of the mechanized harvesting of the fruit and the consequent need for larger gaps between the rows.

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We planned for expenses associated with the acquisition of drip irrigation in the model, which will contribute a higher yield per hectare.

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Three alternatives for finalizing production of Aronia melanocarpa are compared. “Alternative A” represents the sale of the crop to either the final consumer or the processor for further processing (fresh fruit). “Alternative B” represents the finalization of production in the form of apple–aronia juice (ratio 25% aronia–75% apple). “Alternative C” represents the finalization of production in the form of apple–aronia juice (ratio 50% aronia–50% apple). We planned for the pressing and packaging of the juice using the supplier’s method.

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The first growing year–year of planting;

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Soil fertilization–application of organic (manure) and inorganic (superphosphate 18%, potassium sulphate, caliche ammonium) fertilizers, the subsequent work of tractors and machines related to soil fertilization (transport, distribution and spreading of manure and industrial fertilizer);

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Preparatory work–deep plowing, covering of areas for planting, stone collection, land surveying;

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Planting of the plantation–purchase of planting material, import and planting of cultivars, woods chips and its application to flower beds.

In the second and third growing years, the parameters include:

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Cutting shrubs;

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Mowing between the rows (6 times a year);

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Consumption of industrial fertilizers;

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Spreading of industrial fertilizers.

The parametrization of costs during plantation fertility includes:

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Mowing between the rows;

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Annual cutting of the shrubs;

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Annual fertilization costs;

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Harvester maintenance costs;

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Depreciation;

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Disposal of the plantation at the end of its life;

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Personnel costs for mechanized fruit harvesting (workers’ wages);

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Personnel costs for manual fruit picking;

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Other harvesting costs (tractor work, transport of fruit from the plantation);

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In “Alternative B” and “Alternative C”, the processing of juices will be provided externally (includes the pressing of Aronia melanocarpa, the pressing of apples, the cost of raw material–apples and cost of bags).

3.2. Parametrization of Production and Yields from Plantation

The model published by us during the planned lifetime of the plantation (12 years) was calculated with an average annual yield of 6.48 kg per shrub, which is approximately 10 t/ha. In the first year of the production period, we plan to harvest 0.50 kg per bush, while the maximum yield of 9 kg per bush will be achieved in the fifth to seventh production years. After this period, we plan to reduce the harvest every year. The average annual yield in the eighth to twelfth year per bush is at the level of 8.09 kg.

The price of individual alternatives was determined on the basis of our marketing survey. In “Alternative A”, the price is set at €3/kg in the first year, at €3.8/kg in the second year, then we plan a 5% annual increase in the realization price of production by the sixth year. The price set in this way will remain unchanged from the sixth year. When setting the price of the juices, the resulting purchase depends on the type and volume of packaging. Five L packaging (a fixed bag in a box with a valve) with a juice ratio of 25% aronia: 75% apple is sold for €20. In the ratio of juices 1:1, the price oscillates around €26 and higher. For the juices, we calculated an annual valorisation of 1%.

The planned costs for the establishment of 10 hectares amount to €277,103, while the purchase price of the plantation will be determined on the basis of the costs incurred for planting and treatment until the first production year. The first fruitful year in the project is the fourth year after planting. Investment expenditures for the establishment of an Aronia melanocarpa plantation consist of the expenditures for the construction of a drip irrigation (a key intensification factor that will ensure higher yields per hectare), expenditures for procuring fencing, the purchase of a mower and the costs of planting and treating the plantation by the first production year.

Table 1. Costs of planting and treating the Aronia melanocarpa plantation up to the first year of fertility (intensive cultivation method).

Item	Measure Unit	Cost per 1 Ha (€)	Cost per 10 Ha (€)
Costs in the 1st year of planting	ha	34,687	252,568
Costs in the 2nd year of vegetation	ha	1225	12,247
Costs in the 3rd year of vegetation	ha	1229	12,288
Total	ha	37,140	277,103

shows that costs in the year of planting consist of more than 90% of the total investment expenditures.

From the facts of

Table 2. Resultant indicators of the economic efficiency of investment—black chokeberry (intensive cultivation method).

Indicator/Alternative	A	B	C
Payback period	6.56	6.09	6.41
Average return on revenues (%)	84.55	58.30	65.19
Average return on costs (%)	547.07	139.81	187.29
Net present value (€)	1,867,518	2,649,639	1,879,893
Internal rate of return	39.33%	46.62%	40.03%
Break-even point	13,515 kg	18,656 L	12,619 L

, it is clear that the most economically efficient option for a grower is “Alternative B”, where he will finalize the entire production from this medicinal plant in the form of fruit juices in the ratio of 1:3 (25% chokeberry–75% apple). The internal rate of return for this alternative is 46.62%, the payback period is in the sixth production year and the net present value of this investment is €2,649,639. When we compare the economic result in “Alternative A” and “Alternative C”, we can see that the second alternative requires a shorter payback period, as well as higher net present value, which has been confirmed by the research assumption that fruit juice finalization is economically efficient for the business in comparison with the finalization of the production in the form of fresh fruit. We could see also the high profitability on costs, which is highest in “Alternative A”. This high result is due to two factors: the first is that with the same fixed costs for all alternatives, this alternative incurs only additional variable costs associated with harvesting. The second is the fact that harvesting in an intensive cultivation method is realized by use of a harvester (decrease in personnel costs of harvesting the plantation), which was reflected in the total operating costs of harvesting, which caused the above-mentioned high return on costs. Based on this fact, the research assumption that the procurement of the harvester for collection of Aronia melanocarpa production (mechanized fruit collection) will cause savings in personnel costs for harvesting, which is reflected in a high profitability of costs that has been confirmed. The average break-even point in finalizing the entire production in form the juice is 12,619 L for “Alternative C”, which is about 6000 L less than “Alternative B” and is due to a higher uniform price and lower processing costs for “Alternative C“ than “Alternative B”. The variable costs, as well as total revenues of the alternatives where the entire production is processed into juices (“B” and “C”) are influenced by the percentage share of Aronia melanocarpa in the 5 L package.

In

Table 3. Comparison of economic indicators among black chokeberry and selected conventional crops (intensive cultivation methods vs. maize production area).

Crop	Wheat	Maize	Barley	Black Chokeberry
Alternative				A	B	C
Revenues per hectare (€)	804	995	770	44,754	89,271	58,027
Costs per hectare (€)	831	971	757	6916	37,225	20,198
Economic result per hectare (€)	−26	24	13	37,838	52,046	37,829
Return on costs (%)	−3.18	2.47	1.78	547.07	139.81	187.29
Return on revenues (%)	−3.28	2.41	1.75	84.55	58.30	65.19

, there is final comparison of the selected economic indicators (revenues, costs, economic results per hectare, average profitability on revenues and average profitability on costs) among black chokeberry and selected conventional crops (wheat, barley and maize) grown in a maize production area. The reference period for black chokeberry is 12 production years of the plantation; for conventional crops, it is the last 12 production years. We present average values per hectare without subsidies. The source of data for the conventional crops was the publication Cost of Agriculture Products, which is reported by the Research Institute of Agriculture and Food Centre of the Slovak Republic. When we compare the economic result per hectare, we could see that the average profit of conventional crops was €4, while in the production of the black chokeberry fruit, it was €37,838. In the case of the juices, the economic result of this medicinal plant was even higher, which confirms the assumption that the finalization of production in the form of juices is economically very interesting. When we compare revenues, we can see that if the average revenue per hectare was €857 for commonly grown crops, then it was €44,754 for aronia fruit and €89,271 and €58,027 for aronia–apple juices, respectively. The amount of revenue is affected by the harvest, as well as the unit price for each kilogram or liter. When we compare the costs, we can see that if the average costs for conventional crops were €853, then for aronia fruit, it was €6916 and for aronia–apple juices, it was €37,225 and €20,198, respectively. These facts are reflected in the profitability of revenue, as well as the profitability of costs, which are influenced on the one hand by harvest and unit price, and on the other hand by the cost of growing and processing individual crops. We can see that the average profitability of costs for conventional crops is 0.35%, while in the processing of production in the form of aronia fruit, it is up to 547%. The average profitability of revenue for conventional crops is 0.29%, while for aronia in the form of fruit, it is 84.55%.

The uncertainty of yields and the production price was analysed using a Monte Carlo simulation. The price of the production and yields were simulated as random variables with distributions based on real data. In each alternative, random variables with the same distribution parameters were simulated. The alternatives were compared using distribution of their NPV values. Figure 1 shows the cumulative distribution functions of each alternative. The X axis shows the possible NPV values, which can be a result of investment, and the Y axis shows the probability that NPV will be smaller than the value on the X axis. Figure 2 shows a histogram of NPV for 5000 simulations in the case of each alternative. The simulation results are concluded using descriptive statistics in the table.

The cumulative distribution function for “Alternative B” belongs to the highest NPV values. It is on the right side compared to “Alternative C”, which means that it clearly dominates it.

It is also on the right side compared to “Alternative A”, but it crosses the distribution function for this alternative in the bottom part, which means that this alternative is not clearly dominated, but investors who prefer a smaller risk could pick this alternative despite its smaller expected NPV values.

Complete information about the uncertainty of each alternative can be obtained from Figure 2. It is important to notice that the uncertainty was examined in relation to production price and yield. “Alternative B”, with the highest expected NPV values, also includes a possibility of significant loss. This is the highest possible loss from all the alternatives. “Alternative A” seems to be the safest, with the smallest negative values on the left side of NPV distribution. On the other hand, the right tail of the NPV distribution in the simulations was similar for “Alternatives A” and “C”. Therefore, “Alternative A” can be denoted as the least risky alternative. “Alternative B” offers the opportunity to obtain the highest NPV in this comparation, but it is also the most risky alternative because of possibility of great loss and large variability of the results.

The conclusion of the comparison of Figure 1 and Figure 2 is shown in the table below. It includes the expected value of NPV and the standard deviation for each alternative. “Alternative B” has the highest expected NPV value, but also the highest variability, which means the greatest risk. On the other side, “Alternative A” has the smallest expected NPV value, but it is also the least risky alternative. Based on the cumulative distribution functions of these two alternatives, it is not possible to use the rule of stochastic dominance, but a conclusion depends on the decision-maker’s propensity to risk. Most decision-makers would prefer “Alternative B”, but a decision-maker with very high risk aversion could prefer “Alternative A”.

Based on the above-mentioned data, the research assumption confirmed that the selected economic indicators (revenues, costs, economic results and average profitability of the revenue, as well as the average profitability of costs) of the studied medicinal plant (Aronia melanocarpa) using an intensive cultivation method reaches more economically interesting values compared to the selected conventional crops (wheat, maize and barley) grown in the maize production area. It can be seen also in comparison of NPV values in

Table 4. Mean and variability of the simulated NPV values for each alternative.

Alternative	Average NPV	Standard Deviation
A	1,732,612	1,084,120
B	3,006,585	1,691,469
C	2,120,211	1,275,798

.

Based on the primary market research results, the Fiscal and Economic Research Center (FERC) recommends that the Kohler Company should work to secure a contract to sell their fruit before planting begins. Sales should be targeted to companies making health food snacks, drinks and energy bars. These products would specifically be aimed at consumers who are health-conscious and seeking healthy food solutions for the prevention and treatment of disease. Aronia berries fit well into this market, which includes other “superfood” products, such as açai and goji berries. A secondary market for aronia berries would be producers of products such as wine, juices, jellies, jams and other consumer products that may be as interested in the unique health benefits of the berry. FERC research found that in order to supply quality aronia berries to the health food market, the Kohler Company must grow, harvest, clean and store the berries. The estimated revenue based on a selling price of $2 per pound and 1,356,000 pounds of berries harvested is $2,712,000. The variable costs associated with operating capital equipment totaled $231,930. This leads to an EBTIDA of $2,480,070. It was determined that the specialty berry harvester equipment would cost $45,000, cleaning the equipment would cost $4500 and storage of the berries via walk-in refrigeration costs $339,628. This leads to total capital costs, including contingency costs, of $1,488,725, which then leads to a breakeven point after 3.6 years [33].

Our previous research focused on the evaluation of investment economic efficiency of the establishment and the operation of a black chokeberry plantation in the marginal conditions of Slovakia through static and dynamic methods of investment evaluation. The calculation of the deterministic model was based on authentic data obtained from a grower of the black chokeberry. The planned cost of establishing a 10-hectare plantation of this medicinal plant is €208,880. The content of our research includes three alternatives for finalizing the products of this crop. “Alternative A” counts on the sale of the crop “from the field” and in “Alternative B” and “C”, we plan to finalize the harvest by selling fruit juice. The difference between these two alternatives lies in the different proportions of apple and chokeberry juice. The most economically efficient option for the grower is “Alternative B”, where he will finalize his entire production in the form of fruit juices in a ratio of 1:3 (25% chokeberry–75% apple). The internal rate of return for this alternative is 49.67%, the payback period is earlier than in the fifth growing year and the net present value of the investment with a planned 12-year fertility and discount rate of 8% is €1,779,004 [34].

Few authors throughout the world, as well as in Slovakia deal with the economics of growing and processing Aronia melanocarpa. More attention should be paid to this issue, mainly because of the undeniable health benefits it provides to consumers. In this paper, we present a detailed technical and economical proposal for the establishment and operation of this medicinal plant using an intensive method of cultivation. The Slovak Republic has suitable soil and climatic conditions for growing this superfood. Based on the conclusions published in this article, cultivation of Aronia melanocarpa may be interesting to those farmers who decide to diversify their activities through the cultivation of this interesting crop.

The aim of further research could be an economic evaluation of the processing of the Aronia melanocarpa. In addition to the alternatives listed in this paper, we can also process production of Aronia melanocarpa in the following forms:

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Juice in various proportions (100% Aronia melanocarpa, 33% Aronia melanocarpa–33% sea buckthorn, 33% apple);

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Tea—which is made from Aronia melanocarpa marc, which contains the most antioxidants, anthocyanins and has anticancer effects;

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Jam—a combination of Aronia melanocarpa–figs–cognac, Aronia melanocarpa–pear–orange or Aronia melanocarpa–cinnamon;

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Dried fruits;

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Wine from Aronia melanocarpa.

4. Discussion

For U.S. marketing other than for fruit consumption, Aronia juice might be sold to a juice blender that custom blends several fruit juices for other users. Aronia juice also is included in mixed juices for its high anthocyanin content that yields a deep purple color. An appropriate measurement to include would be Hunter ColorLab values. One U.S. fruit juice processor said that Hunter measurements were the most important characteristic monitored on inbound Aronia juice because the Aronia is used mainly for its color [35]. The number of sales from the Aronia melanocarpa plantation depends on marketing channels, which are key in achieving profitable production. The total costs of planting one acre of plantation is estimated at $10,000. According to the European Central Bank, in 2016, the average annual exchange rate of USD against EUR was 0.9033. One acre represents 2.471058 acres. By a simple recalculation, we find that the initial investment for the establishment of one hectare of Aronia melanocarpa plantation is €22.320. These investments concern the preparation of soil, purchase of seedlings and the installation of an irrigation system. This amount may be higher due to the so-called additional costs associated with procurement of collection containers, packaging and transport, but also the cost of protecting the crop from wild animals, especially birds [24]. Authors Gurčík, Porhajaš and Bajusová, evaluated the economic efficiency of the establishment and operation of the Aronia melanocarpa plantation in the mountain and foothill areas of the Slovak Republic. Two alternatives were modelled. In “Alternative A”, the authors considered mechanical and acoustic methods of deterring wildlife. “Alternative B” had higher capital expenditures, which were affected by the acquisition and construction of safety nets, thus protecting the crops from birds. The area of plantation was 1.8 ha. The conclusions of the analysis confirm the relatively high profitability of “Alternative A”. The net present value at a discount rate of 10% and a growing season of 15 years (of which 12 years was fruiting) was €20,797, the internal rate of return was almost 21% and the payback period is six years after planting. The authors consider the change (increase/decrease) in the price of production to be the most sensitive determinant that affects the net present value, the internal rate of return and the payback period. On the other hand, the change of the intensification input had the least significant effect on the values of the resulting indicators. This result is also confirmed by the fact, which is stated by several botanists, that it is an undemanding plant in terms of quality and weather conditions and is resistant to diseases [36].

5. Conclusions

The aim of this paper was to assess the cultivation and processing of a modern superfood, black chokeberry, on the basis of authentic data, but also from literature sources. The plantation we modelled has an area of 10 hectares and the total harvest was finalized in three forms. Investment expenditures for the establishment and operation of this superfood amounted to €277,103. The conclusions confirmed relatively high profitability of “Alternative B”, where all the production will be processed in form of fruit juice in a ratio of 1:3 (25% Aronia melanocarpa–75% apple), where the net present value at a discount rate of 8% and growing season 15 years (of which 12 is fruiting) is €2,649,639, the payback period is after approximately six years of the growing season, the internal rate of return is 46.62% and the average break-even point is 18,656 L. Based on the results of the sensitivity analysis, it is clear that the most sensitive determinant affecting the net present value of the investment for establishing and operating a plantation of Aronia melanocarpa can be considered the change in revenue, which are affected by the variability of the plantation yield and realization price. Through the performed analysis, we confirmed all research assumptions:

• The most economically efficient option is the implementation of “Alternative B”, where the grower processes the whole production in the form of juices in a ratio of 1:3 (25% Aronia melanocarpa–75% apple). Additionally, when we compare “Alternative A” and “Alternative C”, the economically more advantageous option is the realization of production in the form of fruit juice in a ratio of 1:1 (50% Aronia melanocarpa–50% apple).
• The selected economic indicators (revenue, costs, economic result per ha, average profitability on revenue and average profitability on costs) of Aronia melanocarpa using an intensive cultivation method reach more economically interesting values compared to the selected conventional crops (wheat, barley and maize) grown in a maize production area.
• The procurement of a collector for harvesting Aronia melanocarpa (mechanized fruit harvesting) will be reflected in the high cost-effectiveness, which was achieved in “Alternative A” up to 547%.

The results presented in this article show that growing black chokeberry is more economically efficient compared to conventional crops grown in a maize production area (wheat, maize and barley). In the article, we pointed out the high efficiency of the investment, despite considerable investment expenditures during the first three years of the plantation’s life.