CSIRO's strategic advisory arm, CSIRO Futures, has valued the full range of opportunities identified in the 2017 Food and Agribusiness Roadmap. This new economic analysis provides an update on the sector's opportunities as well as their potential market size.
Opportunities identified by the Roadmap could be worth $25 billion by 2030. The goal to grow our share of emerging food markets complements the National Farmers' Federation strategic target to reach $100 billion in farm gate output by 2030, which similarly expects a growth rate of approximately four per cent per annum.
This growth will require investment in science and technology to create the next wave of products and services that will meet the needs of tomorrow's global customers.
These opportunities are driven by growth in Asian-Pacific markets and consumer preferences for sustainable and natural foods.
One of the largest chunks of the $25 billion pie is fortified and functional foods. This opportunity includes foods and beverages that contain added health ingredients and nutrients for intended nutritional benefits. Examples include probiotics and omega-3 oils added to yoghurt and milk and antioxidant rich breads, cereals and beverages.
Alternative proteins, foods that are consumed as substitutes to meat as part of one's diet, could see high growth with products such as plant proteins and emerging opportunities such as insect-based ingredients which are becoming more popular.
Convenience meals such as pre-prepared or frozen packaged meals sold by supermarkets, grocery stores and other home delivery ready meal services is likely to be another high growth sector.
Harnessing the opportunities
Growth in the sector will require continued innovation and investment by all players in the food industry. The 2017 Roadmap outlined five key growth enablers:
- Traceability and provenance
- Food safety and biosecurity
- Market intelligence and access
- Collaboration and knowledge sharing
Read the report
Want to learn more about how food and agribusinesses can harness these opportunities? Talk to CSIRO Futures about how we can help.