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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 kangaroo industry include:

1. Demonstration of sound animal welfare practices is critical to the industry’s social licence to operate. The industry has a positive animal welfare story to tell, but it must be able to present the scientific evidence to support it.

2. There is a general lack of awareness regarding the sustainability of kangaroo harvesting and meat production.

3. The industry has been unable to consistently deliver a reliable supply of kangaroo meat.

4. The market for hides has been trending down, with some clothing manufacturers moving away from the use of kangaroo leather and adopting new synthetic materials.

Industry-specific opportunities

Specific opportunities relating to the Australian kangaroo industry include:

1. Export market expansion – utilising the available quota to ensure consistency of supply and promoting product sustainability will assist in securing channels to international markets. With the United States market opening and the Vietnam market reopening, there are potential opportunities for international market expansion.

2. Pet food market opportunities for kangaroo meat are expected to increase. Studies have also shown the nutritional attributes of kangaroo meat and the health benefits for humans when consumed.

3. Value-add opportunities for kangaroo hide/skins – products such as kangaroo leather and collagen could provide additional revenue. Given the high cost of collagen and its vast number of applications, extraction could prove both sustainable and commercially viable.