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The global food system is owned by an ever smaller number of companies – it’s damaging our health, our communities and the planet
Key Excerpts from Article on Website of The Conversation
Posted: July 29th, 2024
https://theconversation.com/the-global-food-system-is-owned-...
Across the world, over 800 million people spend their days hungry. More than 2 billion have limited access to food. Yet today’s global food system produces enough to feed every person on the planet. To account for these trends, we need to look at market concentration, and how a small number of very big companies have come to dominate the production and supply of the food we all eat. The global food system has become much more concentrated in recent years, partly through an increase in mergers and acquisitions, where large firms buy up rival companies until they completely dominate key areas. High levels of market concentration mean less transparency, weaker competition, and more power in the hands of fewer firms. And our research reveals that a rise in the number of mergers and acquisitions is taking place at all stages of the global food system – from seeds and fertilisers to machinery and manufacturing. This is all part of food being increasingly seen as a source not only of human sustenance, but as a profitable investment – or what is known as the “financialisation of food”. Just four firms control 44% of the global farm machinery market, two companies control 40% of the global seed market, and four businesses control 62% of the global agrochemicals market. This trend is matched in food retail, with four firms – Tesco, Sainsbury’s, Asda, and Morrisons – estimated to control over 64% of the UK grocery market.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the food system and in the corporate world from reliable major media sources.
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