Big Food is fast on its way to surpassing Big Tech as the world's most politicised business. There is little that is more essential to life than agricultural production. But food security is a term that was, until recently, used only in developing countries.
Now, the coronavirus pandemic has exposed the vulnerability of highly concentrated food supply chains. In the US, this has led to calls for antitrust action. A federal judge filed a big warning shot last week, by giving Bumble Bee Food's former chief executive a rare prison sentence for his role in an antitrust conspiracy to fix the price of canned tuna. The Department of Justice is also investigating Tyson Foods, Cargill, National Beef and JBS SA. The meat industry, a hotspot in the spread of Covid-19, has not felt this much heat since Upton Sinclair wrote The Jungle.
Food has also become a focal point for concerns about US-China decoupling and the broader deglobalisation of supply chains. China recently threatened to boycott imported salmon after allegations that it could be linked to new cases of Covid-19. European countries including Italy and France are doubling down on protections for local producers. In the US, there are calls to support local agriculture and small farmers, not just for health and national security but also economic reasons.