The increasing pace of change creates global opportunities. The food and agribusiness sector is a vital contributor to the Australian economy and presents a key source of growth for the nation. To work out how much this growth is worth, CSIRO Futures provided an economic evaluation of Australia's food and agribusiness sector. Major growth opportunities and their potential market size were also identified.
The report built upon our previous collaboration with industry and researchers in developing the CSIRO Food and Agribusiness Roadmap, through providing quantifiable economic analysis focusing primarily on domestic consumption and export opportunities for Australia.
Using a combination of economic expertise, industry strategy, consulting and research capabilities, we revisited the Roadmap to estimate domestic consumption, exports and environmental benefits for identified growth opportunities over the next decade.
The analysis included considerations for global population and income growth, changing consumer preferences, household expenditure patterns, food and agribusiness export trends, industry maturity and the availability of substitutes. The method, assumptions and results were also refined through consultations with industry experts and research scientists in CSIRO's Agriculture and Food business unit.
The economic analysis quantified $25 billion in growth opportunities by 2030 across health and wellness, sustainability and luxury markets for the Australian food and agribusiness sector. To support growth, continued investment will be required in science and technology to meet customer demands.
These findings complement and strengthen the Roadmap and help inform strategic and investment planning for the sector.