In the North American food and beverage market, Shanahan showed how extreme factors in 2008 both negatively and positively affected the food and beverage industry. Among these factors in early 2008 were: an “exponential increase in commodity and energy prices,” increasing biofuel production, depreciation of the US dollar, increasing demand from emerging markets, squeezed margins and inflated valuations of acquisition targets. End-of-year 2008 saw “exponential decrease in commodity and energy prices,” easing of margin pressures, a more realistic valuation of take-over targets, continued depreciation of the US dollar and restricted R&D and marketing investments.