The CSIRO recently released the Food & Agribusiness Roadmap — a report that proposes a course to secure future success in Australia’s food future industry. The report was developed in collaboration with the government-funded food and agribusiness growth centre, Food Innovation Australia Limited (FIAL), along with industry consultation and analysis. It highlights the importance of innovation and entrepreneurship in driving new economic growth.
CSIRO Agriculture and Food deputy director Dr Martin Cole said, “To survive and grow, the challenge facing Australia’s 177,000 businesses in the food and agribusiness sector is to identify new products, services, and business models that arise from the emerging needs of tomorrow’s global customers.”
Fast facts from the report:
Projections and trends
• Major trends influencing food and agribusiness in Australia’s food future are unpredictable growing conditions, increased connection with global value chains, and customers who demand healthier, more convenient and traceable foods.
• By 2021, markets for naturally healthy, food intolerance and organic products are expected to have grown up to 4.5 per cent.
• The global edible insect market is expected to grow from US$34 million in 2014 to more than $520 million by 2023.
• Australian businesses are increasingly value adding. For the first time in Australia’s food future and history, value-added/premium foods accounted for the majority (60 per cent) of food export growth in three years to 2016.
Value adding opportunities for growth
• Products for health and wellbeing, including free-from and natural foods, supplements, fortified and functional foods, and personalised nutrition.
• Sustainability-driven products and processes, including those that convert waste, provide alternative protein sources, sustainable packaging and green and ethical value chains.
• Premium foods, including high-quality, convenient, fresh and packaged products; luxury products and gifts; tourism; and novel tastes, smells and textures.
COMMENTS