Capturing the Prize: The A$200 billion opportunity in 2030 for Australian food and agribusiness
From droughts and bushfires to a pandemic, Australia’s food and agribusiness industry (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' (BAU) will not suffice.
In this context, The Food and Agribusiness Growth Centre (FIAL) commissioned a report Capturing the Prizethat identifies 19 Growth Opportunities with the potential to grow the Industry’s annual value-addition capability from its current $61 billion per annum to over $200 billion per annum by 2030. 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.
“Capturing the Prize has identified the potential to transform the livelihoods of the sector’s 176,000 businesses, 90% being small-to-medium-sized, family-run businesses. It also has the potential to align industry direction, government policy, and commercial investment behind a shared target. This will focus efforts to see the sector’s contribution to Australian annual GDP exceeding $200 billion by 2030” –
Food and Agribusiness Growth Centre Chair, Dr Michele Allan.
What is Project 2030?
Project 2030 responds to the $200 billion opportunity through the development of industry-led roadmaps for each of the 19 Growth Opportunities. The intent of each Roadmap is to identify and align action within and across the Industry, also supporting engagement with governments, consumers and the broader community as the Industry implements value-adding initiatives. Due to the interconnected nature of the opportunities, each Roadmap identifies interdependent opportunities that it enables or is reliant upon to achieve the potential value-addition.
The 19 Growth Opportunities identified are based around
four key themes
Feeding the growing and ageing population with functional and nutritional foods, personalised to their taste, health and lifestyle preferences
Food Security & Sustainability
Protecting Australia’s economy, environment and people from climate change, pest and disease through improved integrity and traceability systems that target food safety and biosecurity risks
Enhanced Production & Value Addition
Using better genetics, novel technologies and processing techniques to optimise operational efficiencies, minimise waste, and produce highly differentiated and value-added foods
Increasing connectedness with the emerging middle class in Asia, and with global value chains, provide new market insights into the needs of future consumers, identifying new opportunities, markets and supply chain
The 19 Growth Opportunities
Plant-Based & Alternatives Proteins
& Land Management
Food Loss &
Advance Breeding & Fertilisation
Technology in Smallholder
Precision Agriculture & Big Data
Direct to Consumers
How Are The Roadmaps Being Developed?
We have developed a process that is industry-led, providing initial thinking through engagement with small working groups of technical and commercial experts. The Draft Roadmaps identify three time horizons of activity that deliver a range of proposed outputs and ultimately the 2030 vision for the opportunity. This is designed to be an iterative process, involving consultation with a wider group of stakeholders at the appropriate time in the development cycle.
Have your say
We are seeking your feedback on the Draft Roadmap through a Survey to identify ways in which the Roadmap for this opportunity can be enhanced, including consideration of the level of ambition, key activities required to enable growth, ways in which we can measure success and the identification of existing initiatives with which the Roadmap should align and support.
You will find a link to the Survey together with summarised information on each opportunity, including the Draft Roadmap.
If you or your organisation would like a more detailed briefing on Project 2030 or to be involved further in the development and / or implementation of the Roadmaps please register your interest here and we will keep you informed of opportunities to be involved.