A global rice shortage is on the horizon, potentially the largest one in two decades. The shortage is primarily due to extreme weather conditions, including floods, droughts, and typhoons, as well as the ongoing war in Ukraine. Additionally, the COVID-19 pandemic has exacerbated the situation by disrupting supply chains, leading to decreased production, transportation delays, and labor shortages in the agricultural sector.
Business leaders should be prepared for the implications of this rice shortage, including higher prices and potential supply chain disruptions. To mitigate the impact, companies should consider diversifying their sources of rice, exploring alternative grains, and investing in technology to improve agricultural productivity. Firms may also need to adjust their pricing strategies and communicate transparently with customers about the reasons behind price increases.
For more see: https://www.cnbc.com/2023/04/19/global-rice-shortage-is-set-to-be-the-largest-in-20-years-heres-why.html
