THE DOMINO EFFECT OF THE WAR IN UKRAINE: THE WAY GLOBAL FOOD INDUSTRY HAS BEEN AFFECTED BY THE ARMED CONFLICT
THE DOMINO EFFECT OF THE WAR IN UKRAINE: THE WAY GLOBAL FOOD INDUSTRY HAS BEEN AFFECTED BY THE ARMED CONFLICT

Summary/Abstract: The war in Ukraine has not only impacted the lives of millions of people, but also has sent shockwaves through the global food industry. Ukraine, a key player in the global food market, has seen its agricultural sector severely disrupted by the conflict. The repercussions of this deregulation have been felt worldwide, leading to increased price uncertainty, food shortages and concerns about long-term food security. In this article, we analyze what kind of impact the armed conflict in Ukraine had and continues to have on the food industry, and approach potential solutions to mitigate these effects. Ukraine is the world's largest exporter of sunflower oil. At the same time, Russia ranks first in the world in wheat exports, with Ukraine being the fifth largest wheat exporter and fourth largest corn exporter in the world. The two countries involved in the military conflict are two of the biggest players in the energy, food and fertiliser markets. Russia is also the world's largest exporter of wheat and the world's second largest exporter of sunflower oil. Russia is also the world's largest exporter of fertilisers in general, ranking second in the world in exports of nitrogen fertilisers and third in exports of potash fertilisers.

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