food bub·ble (noun): The inflation of food production based on the unsustainable use of water and land.
Lester Brown, president of the Earth Policy Institute, explained the term food bubble in an interview with New Scientist:
That's when food production is inflated through the unsustainable use of water and land. It's the water bubble we need to worry about now. The World Bank says that 15 per cent of Indians (175 million people) are fed by grain produced through overpumping - when water is pumped out of aquifers faster than they can be replenished. In China, the figure could be 130 million.
Frederick Kaufman also used food bubble, but to describe inflation in food prices, in a July 2010 article in Harper's titled "The food bubble: How Wall Street starved millions and got away with it."