Higher food prices and export restrictions may rekindle interest in indigenous agriculture. India restricted wheat exports earlier this month, and a ban on sugar exports will be implemented later this week. If the food crisis persists worldwide, it may encourage technology investments that support locally cultivated food.
Rising Food Prices
Wheat prices rose after India’s export ban was announced last month. Malaysia recently banned chicken exports, and rice and palm oil export prohibitions were recently established in Vietnam and Indonesia.
If more countries implement such bans, their trade partners will face higher food prices. Russia and Ukraine supplied one-third of the world’s wheat exports before the war.
India intended to export 10 million tonnes of wheat to countries that relied on it. But, that is no longer possible as extremely hot weather wreaked havoc on the wheat harvest, and local prices skyrocketed.
Experts on food insecurity now estimate that the world’s wheat supply is less than a 10-week supply and that food prices will continue to climb unless there is a worldwide reaction.
“Grow Your Own Food” Movement
The new technology that boosts domestic food production could be a solution to this rising food crisis.
Indoor farms allow food to be transported across a two-mile distance rather than thousands of miles from other countries. Vertical and urban farms also can provide food to locations with limited access and provide 100 percent coverage for urban populations. However, engineers will need to solve energy costs and restricted spaces, which limits what crops can be cultivated to scale up these types of facilities.
Click & Grow and Lettuce Grow are two new app-enabled smart garden solutions. Average citizens could cultivate their own veggies and herbs wherever they are with the help of Farmstand. People may turn to food autonomy to satisfy their requirements when food costs rise.
BCG Offers Solutions for the Food Crisis
A new report by BCG, Boston Consulting Group, offers 30 near and medium-term solutions to help respond to the food crisis and improve the resilience of worldwide food systems.
The approaching global food catastrophe, according to the report, has nothing to do with the globe’s ability to grow enough food. Instead, it’s the inadequacy of our food systems to store and distribute enough food and the resources needed to create it safely and equitably in the face of the ongoing conflict’s disruption.
The report recommended that to help ease the current crisis, all stakeholders, including governments, development agencies, banks, nongovernmental organizations (NGOs), and private companies, must act quickly and address the most pressing humanitarian needs.