Potential for new rural industries

SOME 26 high-potential new rural industries have been identified in an Australian report looking at ways to meet changing demand and make a strong contribution to the economy.

The AgriFutures Australia report scanned global food industries to identify new opportunities in emerging agricultural industries that have a potential A$10 million (£5.7 million) annual turnover.

It was looking for new niche industries to follow in the footsteps of crops such as avocados, almonds and chia that have emerged into multimillion dollar industries over the past 10 years.

The report found 53 industries as having global demand, and commercial presence in Australia, 26 of them with a combination of success factors, including premium products, health ben-

efits and new or emerging cuisines.

The industries ranged from marron crayfish, a premium seafood product highly sought after in China, and sheep milk, used in infant formula and touted for its health benefits, to jackfruit, an exotic food rapidly emerging as a meat substitute, with the benefit of not being grown in a lab.

Managing director John Harvey says AgriFutures Australia has set a goal of supporting the emergence of five agricultural industries with a collective turnover of at least A$50 million (£28.5 million) in the next five years.

“With focused management and investment these industries are tipped to be the next big thing,” he says

Emerging animal and plant industries play an important part in the Australian agricultural landscape, they contribute to the national economy, provide alternative enterprises for rural and regional communities and some will be tomorrow’s major industries.

AgriFutures Australia research and innovation manager Duncan Farquhar says the next step is connecting investors with new opportunities.

“Each industry outlined in the report has unique dynamics and we are seeking partnerships with industry leaders who can make these industries investor ready,” Farquhar says.

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