The health and wellness megatrend
Research by the Commonwealth Growth Centre for Food and Agribusiness, Food Innovation Australia Ltd (FIAL), has projected massive growth in demand for goods with verified nutrition and quality attributes, with most of the new demand in Asia. By 2025:
- the global market for foods catering to demand for trusted ﬁne foods, indigenous foods, and nutritious ‘convenience meals’ alone is projected to be worth AU$2.7–AU$3.6 trillion per annum;
- the ‘health and wellness’ category – which includes plant-based protein, organic foods, ‘free from’ foods catering to those with allergies and on special diets – is forecast to be worth AU$3.4 trillion p.a.; and
- the emerging market for ‘targeted eating’ – product reformulation to reduce fat and sugar content; functional or fortiﬁed foods; and ‘personalised’ products designed to address speciﬁc nutrient needs and health concerns – is projected to be worth AU$690–AU$770 billion p.a.
Building scale in these markets entails new collaboration across the agrifood value chain, innovation across logistics and manufacturing, and the development of specialised industry clusters.
Achieving national growth targets
The Commonwealth has set a target to double the value of Australian agriculture from $50 billion to $100 billion per annum by 2030.
This is achievable with smart investment in the value chain, guided by insight into the preferences and needs of future customers.