Tensions between Russia and Ukraine push up prices of aquafeeds in Vietnam

Published 2022년 3월 8일

Tridge summary

The article highlights the impact of the Russia-Ukraine conflict on the global animal feed market, with an emphasis on the aquaculture industry. It notes that the conflict has led to significant increases in the prices of key raw materials such as wheat and corn, which are used in the production of animal feed. These increases are due to the disruption of production and export facilities in Ukraine, a major exporter of these crops. The article also mentions that the crisis is causing market volatility, which could lead to the use of alternative ingredients like algae and seaweed. Despite these challenges, the article suggests that aquaculture companies are experiencing profit growth due to high demand for seafood.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the seafood website UndercurrentNews, an industry expert recently said that the Russia-Ukraine tension could push up the prices of some raw materials for animal feed production, which are already at a very high level. Mr. Steve Hart, vice president responsible for market development at the Global Aquaculture Alliance, said that tensions between the two countries pushed wheat prices up sharply. According to the US Department of Agriculture, Ukraine accounts for 12% of the world's total wheat exports and is expected to provide about 16% of the world's corn exports this year. “We saw a 6% increase in wheat prices as soon as tensions between the two countries started to rise,” said Mr. Hart. Now all ports in Ukraine are closed." The Dutch SHV Group - the parent company of Nutreco, recently said that the Russia-Ukraine conflict forced them to suspend investment in new projects. “Currently, we have no new investments, no new projects and no new export orders to Russia,” the ...

Source: Vietnambiz