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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 industrial hemp industry include:

1. Growing hemp successfully is difficult. Farmers need to be well equipped and have agronomic knowledge to maximise production.

2. Success of the industry in Australia requires a collaborative approach across the entire supply chain.

3. Consumer misperception, due to the legal status of hemp and its association with medicinal, nutraceutical and pharmaceutical applications.

Industry-specific opportunities 

Specific opportunities relating to the Australian industrial hemp industry include:

1. Monetising carbon by leveraging hemp’s carbon sequestration potential, and using hemp-derived biomaterials, such as carbon-negative bioplastics and construction materials.

2. Almost all of the hemp plant has some potential use. Market analysis and product development to establish and maintain high-quality production, while complying with regulation and creating uniform standards for effective marketing and branding, could provide additional revenue opportunities for the industry.

3. Growing certified, true-to-type seed with high germination will enhance crop consistency, leading to more predictable yields and high-quality products.