Pie chart showing a break down of the economic analysis and market sizing for Australian food and agribusiness.
Titled A piece of the $25 billion pie.
- Convenience meals = 15%
- Luxury and novel products = 8%
- Agritourism = 5%
- Free-from and natural = 11%
- Fortified and functional = 27%
- Vitamins and supplements = 14%
- Personalised nutrition = 2%
- Alternative proteins = 18%
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 which are 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.
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.
This report provides a 2019 economic valuation of the full range of opportunities identified in the 2017 CSIRO Food and Agribusiness Roadmap. While COVID-19 has introduced uncertainty to market forecasts, the qualitative indications of some of the following opportunities have been emphasised by COVID-19. Read about how COVID-19 has affected the food and agriculture sector.