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.
Twenty six high potential rural industries have been identified, offering insight into the industries that can meet changing demand and make a strong contribution to Australia’s economy.
The industries ranged from highly sought after marron crayfish in China, sheep milk used in infant formula, to jackfruit, an exotic food rapidly emerging as a meat substitute, with the benefit of not being grown in a lab.
Fifty three industries were identified as having global demand and commercial presence in Australia.
AgriFutures Australia managing director John Harvey said the scan confirmed Australia’s emerging industries were 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,” Mr Harvey said.
“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,” he said.
AgriFutures Australia research and innovation program manager Duncan Farquhar said the next step was 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,” Mr Farquhar said.
“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,” he said.
For insight into emerging industry investment opportunities read New opportunities in new and emerging agricultural industries in Australia agrifutures.com.au/wp-content/uploads/2017/07/Coriolis-Scan_new-and-emerging-industries.pdf.
