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The primary objective of the Identifying revenue opportunities for AgriFutures Australia’s rural industries project was to identify potential new and alternate revenue sources within 28 of AgriFutures Australia’s levied and emerging industries, and for Australian agriculture generally. Through a combination of stakeholder consultations and literature reviews, additional, new and alternate revenue sources were identified. These revenue sources range from completely new and novel opportunities to those previously explored but that could benefit from further investment. Similarly, what may be ‘old’ in one industry may well be new and untried in others.

New revenue opportunities may contribute to industry profitability and sustainability in four ways. Firstly, they provide diversification, reducing reliance on existing sources of income and thereby enhancing resilience against economic fluctuations and environmental uncertainties, such as drought or market downturn. Secondly, they can promote sustainable practices and innovation, encouraging industries to adopt environmentally friendly and technologically advanced approaches, which in turn supports long-term viability. Thirdly, they can foster economic growth and job creation in rural areas, helping to counter urbanisation trends and maintain vibrant rural communities. Finally, they can strengthen Australia’s position in the global market by tapping into emerging trends and consumer demands, ensuring the continued competitiveness of its rural industries on a global scale.

Industry-specific challenges

Specific insights relating to the Australian deer industry include:

1. There has been a decline in the number of deer farms and subsequently deer production in recent years.

2. Access to abattoirs that can process deer is crucial for industry growth and supporting its recovery.

3. Wild harvest of feral deer is a threat to farmed venison due to the cost to harvest wild deer being near-zero, compared to farmed deer, which involves buying feed, maintaining fences and yards, and other on-farm labour.

Industry-specific opportunities

Specific opportunities relating to the Australian deer industry include:

1. Value capture from by-products, including blood, tails, pizzles and organs, which represent an estimated 15% of a deer’s value and are in high demand in Asian markets.

2. Venison market development – developing the domestic market for venison is essential for consistent demand. Awareness campaigns and country-of-origin branding can also enhance Australian venison’s international marketability, particularly in Europe and Japan.

3. Promoting the nutritional profile of venison, which is known for its lower fat content compared to beef, lamb and pork, to grow its share of the lean meat market.