The AgriFutures Australia funded report by Coriolis Australia scanned global food industries to identify new opportunities in emerging agricultural industries that have a potential $10 million annual turnover.
Fifty three industries were identified as having ‘global demand’, and ‘commercial presence’ in Australia. Of these, 26 priority industries with a combination of success factors, including premium products, health benefits and new or emerging cuisines, were profiled in the report.
The industries ranged from marron crayfish, a premium seafood product highly sought after in China; sheep milk, used in infant formula and touted for its health benefits, to jackfruit, an exotic food rapidly emerging as a ‘meat substitute’, with the benefit of not being grown in a lab.
AgriFutures Australia Managing Director, John Harvey said the scan confirmed Australia’s emerging industries are ripe for the picking and will deliver big value to the sector.
“AgriFutures Australia has set an ambitious goal of supporting the emergence of five agricultural industries with a collective turnover of at least $50 million in the next five years,” said Mr Harvey.
“With focused management and investment these industries are tipped to be the next big thing. The industries could make a significant contribution to the future prosperity and profitability of Australian agriculture, we will use this report to identify opportunities to invest in RD&E, focusing on real commercial outcomes.”
Emerging animal and plant industries play an important part in the Australian agricultural landscape, they contribute to the national economy, provide alternative enterprises for rural and regional communities and some will be tomorrow’s major industries.
AgriFutures Australia Program Manager, Research & Innovation, Duncan Farquhar said the next step is connecting investors with new opportunities.
“Each industry outlined in the report has unique dynamics and we are seeking partnerships with industry leaders who can make these industries investor ready,” said Mr Farquhar.
“Commercially viable and sustainable emerging industries will be key to meeting growing global food demands. The scan has shined a spotlight on a number of niche industries, now is the time for farmers and investors to get involved.”
The scan supports AgriFutures Australia’s case for investment in emerging industries. The team are refining the investment criteria which will ensure industries can make a positive difference to the sector, determine the best projects and partners, and the right investment mechanism to unlock industry growth.
Learn more about Australian agriculture’s emerging industries: Farm Diversity
For insight into emerging industry investment opportunities read New opportunities in new and emerging agricultural industries in AustraliaFull report