The war currently raging in Ukraine is a tragic event that has led to the deaths of many people and could prove to have a great impact on the global economy. The pet food industry is no exception.
Ukraine is not a big market for US pet food companies, and the US pet food producers haven’t been able to export their products to Russia since the late-2020 ban. But, this doesn’t mean that the US $97.111 million pet industry won’t suffer at all.
Before the war, Ukraine and Russia were major producers and exporters of grains and oilseeds. Combined, they were responsible for the export of 90% of the world’s corn, 78% of sunflower oil, 31% of barley, and 23% of canola.
With the new circumstances, it’s uncertain how the production and export will turn out. But, what’s inevitable is the ingredient shortage that could impact the production of human and pet food globally.
With the already existing supply issues, it will be difficult for the producers to get access to the ingredients.
This shortage could also bring changes in pet food prices. Now, the average owner spends around $300 per year on food and treats. These already high prices of pet food could increase even more.