Over the course of 10 years of product embargo, the Russian Federation has formed one of the most competitive agricultural markets in the world

Published 2024년 8월 6일

Tridge summary

Over the past decade, Russia has emerged as one of the most competitive and technologically advanced agricultural markets in the world, as stated by the Ministry of Agriculture. This development was fueled by the food embargo, which led to a significant increase in agricultural production by 33.2% and in the food sector by 42.9%. Domestic manufacturers stepped in to fill the gaps left by foreign brands, with notable growth in key areas such as grain, sugar beets, oilseeds, and dairy production. The dairy industry experienced a 13.2% increase in milk production, driven by higher productivity and the creation of new and modernized facilities. The fishing industry also saw growth, with a 2.1 times increase in commercial fish farming. This growth was supported by increased state support and the resilience of Russian businesses, adapting to external conditions and showing robust development in various sectors.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

INTERFAX.RU - Over the 10 years of the food embargo, the Russian Federation has formed one of the most competitive, flexible and technologically advanced agricultural markets in the world, the Ministry of Agriculture notes. “Today we not only provide ourselves with all the basic food products in the widest range, but also have one of the most competitive, flexible and technologically advanced markets in the world. Russian companies are able to produce almost everything that is needed and adapt to any external conditions - this has been well proven the situation in 2022-2023, when a number of foreign brands left the country. As in 2014, the vacated niches were quickly occupied by domestic business, and consumers did not feel any changes,” Russian Minister of Agriculture Oksana Lut told Interfax. Her words were reported by the department's press service. The minister also emphasized that the trends of recent years allow us to speak about the Russian Federation’s course towards ...
Source: Oilworld

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