The agricultural industry has grown exponentially this year, driven by robust demand and high food prices. The sharp spike in food prices is mainly attributed to the Russia-Ukraine war and the rising cost of fertilizer and energy over the past year.
Curtailed food supply due to the Russia-Ukraine war and food commodity export bans by countries like Ukraine and India have worsened the supply chain disruptions. And an imbalance between the demand and supply has led to food prices surging to record highs.
