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.