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Billions in unmet market demand for NQ agricultural products
Vivien Lin
According to new research by the Cooperative Research Centre for Developing Northern Australia(CRCNA), there is currently more than $3 billion in unmet global demand for North Queensland-grown agricultural products.
The 12-month North Queensland Agricultural Market and Supply Chain Study investigated how the region is currently positioned to meet existing and future international market demand. The first study of its type undertaken across the region, it aims to inform producers on how they can diversify their existing agribusiness operations or explore emerging opportunities for investment.
The research reveals that there is $3 billion in unmet global market demand across ten of Australia’s leading agricultural export destinations, including China, Japan and South Korea. It identifies five priority Australian products – beef, avocado, macadamia, soybean and on-shore aquaculture – which offer the greatest potential for future growth and export returns.
Strategic efforts to embrace these high-value commodities will generate approximately 2,000 jobs across the region and represents a value of up to $271.1 million. Increasing agricultural output by 20 per cent will also inject an additional $168 million into the economy.
As Ministers for Resources and Northern Australia Matt Canavan notes, the study will boost outcomes for northern Australia.
“Transitioning land use and building value in North Queensland’s supply chains have been identified as critical to fulfilling the market potential of these sectors,” Minister Canavan says.
Additional investment and increased GDP will also have a multiplier effect on the region, creating jobs not only in agriculture but also other sectors in Northern Australia.
Further research, full commercial feasibility studies and further stakeholder engagement will need to be undertaken to achieve the desired future scenario. The report has identified the next steps necessary will include establishing co-ops, working with groups such as Austrade on policy positions, investing in infrastructure and coordinating industry on a state-wide agricultural mapping process.
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