According to the Commonwealth’s Food and Agribusiness Growth Centre, Food Innovation Australia Ltd (FIAL), Australia’s food and agribusiness sector has huge expansion potential.
In its ‘Capturing the Prize: The A$200 billion opportunity in 2030 for the Australian food and agribusiness sector’ report, released in October 2020, FIAL found that the sector has potential to more than triple its current $60-odd billion annual value to exceed $200b p.a. on a value-add basis by 2030 (value-add being the difference between a product’s ultimate sale price and the cost of its production).
The Growth Centre’s forecast exceeds all previous estimates for the sector’s growth, more than doubling those made by the National Farmers’ Federation and CSIRO. The difference, says FIAL, can be explained largely by the fact that its work encompasses pre- and post-farm-gate value-add, considering value along the entire supply chain from paddock (or greenhouse) to plate.
Drafting the Growth Opportunity Roadmaps
‘Capturing the Prize’, part of the Food and Agribusiness Growth Centre’s Project 2030 strategy, identifies 19 Growth Opportunities that, if pursued by the F&A sector, could triple the sector’s value and create 300,000 new jobs by the end of the decade.
Since releasing the report, FIAL has been developing draft Roadmaps for each of the Growth Opportunities it identifies, drawing on the expertise and input of more than 100 thought leaders, decision-makers and technical and commercial experts from across the agri-food value chain, commodities and industries – including representatives from the Future Food Systems CRC.
“We wanted to convene a small group of industry and research leaders to work collaboratively in developing draft Roadmaps that will unlock the whole-of-value-chain potential,” says Dr Mirjana Prica, Managing Director of the Food and Agribusiness Growth Centre.
“But this is just the first step of the ambitious journey required for the sector to realise its $200B potential.”
Seeking broad stakeholder input
The next step is getting feedback from a far larger group of food and agribusiness sector stakeholders, including primary producers, food manufacturers and retailers, service providers, supply chain and logistics partners, as well as from researchers in related fields.
Cognisant that more than 90 per cent of the F&A sector’s 176,000-odd businesses are SMEs – small or medium-sized enterprises – FIAL notes that it ‘needs to explore every opportunity to overcome the scale, capacity, innovation, infrastructure and cultural challenges’ such businesses face.
Dr Michele Allan, Food and Agribusiness Growth Centre Chair, is urging all food and agribusiness stakeholders to provide input to the draft Roadmaps, viewing widespread consultation as critical in ensuring the 19 Growth Opportunities are realised.
“This work really has the potential to not just be another report, but to transform the sector through focused and coordinated pursuit of the 19 Growth Opportunities,” Allan says.
“To thrive, the sector must rethink how it operates, harness the collective expertise, and avoid duplication of effort and investment.
“Unlocking the $200B potential is not a foregone conclusion,” she adds. “Success is contingent on the sector working as whole-of-value chain.”
Get involved
Register your interest in the current consultation process, access reports, summaries and draft Roadmaps to review, and give your feedback.
Read the report here or an overview of Project 2030 in the attached fact sheet.
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Get more information
For more information, visit FIAL’s website or contact FIAL Communications manager Sophia Stewart-Kasimba on Sophia.stewart-kasimba@fial.com.au or 0437 088 950.
About the Food and Agribusiness Growth Centre
The Food and Agribusiness Growth Centre, trading as Food Innovation Australia Limited/FIAL, was established by the Australian Government as part of its Industry Innovation and Competitiveness Agenda. The purpose of the Centre is ‘to catalyse the growth of the agrifood value chain’, working collaboratively with agrifood industries and commodities, researchers, commercial partners, service providers and support agencies across the entire food supply chain from farm to fork.
Source: Food Innovation Australia Ltd (FIAL), the Commonwealth Food and Agribusiness Growth Centre