Horizon scan for new market opportunities in emerging industries

  • 103 pages

  • Published: 9 Oct 2023

  • Author(s): Yuyang He, David Pearce, Tingsong Jiang

  • ISBN: 978-1-76053-427-1

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Emerging industries exert an important influence within the Australian agricultural domain, contributing to the national economy while also facilitating the adaptation to evolving global demand. This horizon scan examines and documents the broad trends affecting emerging industries, both globally and domestically, such as production and key competitor analysis.

Several trends are pertinent to Australia’s emerging agricultural industries. These include environmental developments, such as adaptation to climate change; consumer preferences, such as an increasing focus on health, transparency and ethics; rapid technological developments in agriculture; trends in gluten-free products and plant-based proteins; and changes in macroeconomic policy.

Three types of new and emerging product strategies were identified, each with different underlying factors for success. They are: (1) new products that are direct substitutes; (2) new products to satisfy existing needs; and (3) new products to satisfy new needs.

Further, an overview and discussion is provided of the prospects for eight targeted emerging industries: the broad category of Australian native foods, industrial hemp, insects, native bees, pomegranate, seaweed, sesame and truffles. The identified strengths, weaknesses, opportunities and threats for each industry are the basis for forecasting over the next 10 years.