Opportunities in alternatives and premium products identified

Opportunities in alternatives and premium products identified

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CSIRO Economist Dr Katherine Wynn with the newly released report.

CSIRO Economist Dr Katherine Wynn with the newly released report.

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New CSIRO analysis has identified 10 opportunities for agribusiness would could be worth billions.

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New economic analysis of future market opportunities in the food sector has found Australia could increase the value of what it produces by $25 billion, by 2030.

The new CSIRO report, released at the Global Table conference in Melbourne on Wednesday, looked at three areas of the food sector - health and wellbeing products, sustainable solutions and premium interactions.

From those areas, 10 opportunities have been identified, ranging from alternative protein sources, fortified and functional foods to luxury and novel products.

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Driving the growth is strong demand for sustainable, ethical and healthy foods combined with export demand backed by Australia's 'clean and green' image.

CSIRO Senior Economic Advisor Katherine Wynn said if the Australian food industry could embrace these opportunities, it could become a growth orientated, value-adding and differentiated sector.

"We think the total industry - if it continues to grow at the historic rate - will grow at 2.4 per cent per annum," she said. "However we think these 10 growth opportunities would be growing at around 3.6 per cent per annum. We think that's worth about $25 billion by 2030.

We think these 10 growth opportunities would be growing at around 3.6 per cent per annum. We think that's worth about $25 billion by 2030 - Dr Katherine Wynn, CSIRO

"As consumer demand for healthy foods and foods with added health benefits increases, foods such as enriched yoghurt and fortified breakfast cereals are likely to claim a larger chunk of the $25 billion pie."

While alternative proteins, such as plant and insect-based ingredients, are one of the opportunities identified, Dr Wynn said the red meat sector, would remain vital.

"Livestock is important for Australia and will continue to be so, particularly with export growth," she said.

"We have looked at more the of the emerging opportunities and those that have both a lot of science and technology. Alternative proteins is one of them, but there are many others...we have thought about how we could capitalise on these opportunities."

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