$200bn on offer through food value-adding

An additional 300,000 jobs could be created within Australia’s food and agribusiness sector by 2030 through industry value-adding, according to a re[port for industry growth centre Food Innovation Australia Ltd (FIAL).

FIAL and consultant AlphaBeta Singapore found that if opportunities are realised this could unlock $200 billion in value across each state and territory.

They launched a series of state reports in Capturing the Prize that detail potential benefits ranging from $9 billion in Tasmania to $50 billion inn each of NSW and Victoria.

Growth could come from traditional sectors such as meat proteins, novel foods such as plant based alternatives and health and wellness products, as well as improvements in supply chains and precision agriculture and big data.

Fial said: “From droughts and bushfires to a pandemic, Australia’s food and agribusiness industry has navigated major disruptions in recent years.

“These events aside, the Industry has an immense opportunity before it to deliver greater value for the Australian economy.

“We must look to invest and innovate to ensure our ongoing resilience and prosperity – ‘business as usual’ will not suffice.”

The Growth Opportunities identified in Capturing the Prize are supported by 10 Future Trends impacting food production and consumption in Australia and its key export markets, and have the potential to boost the Industry’s competitiveness, stimulate employment and economic significance.

“These Growth Opportunities are underpinned by rapidly emerging technologies, which transform how food is produced, how it is distributed and tracked in the supply chain, shifting consumer preferences, and how it finally reaches our plates.

“Capturing the Prize has identified that this potential transformation of the Industry could create an additional 300,000 jobs by 2030.”

Image: FIAL

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