Oilseed strategy: Plan outlines how Australian oilseed industry can thrive over next five years
Opportunities and challenges over the next five years for the Australian oilseed industry have been revealed in a new plan.
A NEW report has outlined how the Australian oilseed industry can overcome issues and capitalise on opportunities during the next five years
The Australian Oilseeds Federation 2020-2025 Strategic Plan, which aims to grow the industry from $3 billion to $5 billion in five years, indicates the global oilseed market is “continually evolving”.
The report focuses on consumers, sustainability, market access and innovation and has outlined how the Australian industry was ideally placed to capitalise on “growing consumer demand” for food, feed and fuel.
“The global oilseed market is continually evolving across the key market segments of food, feed and industrial,” the report said.
It said the value of oilseeds in the near term would be supported by tightening supply,, increasing demand for protein and growing demand for alternatives to fossil fuels.
And while canola “dominates the production of oilseeds in Australia” crops such as safflowers, soybeans, and sunflowers would add opportunities for growth and innovation in high-value food and industrial oil markets.
Opportunities were evident in the changing consumer trends on oil, driven by Asia’s rising middle class.
AOF said consumer trends would also show strong demand for soy-based foods and snacks in traditional markets, and increased demand for these products in western markets, as well as “rapidly growing demand” for plant-based protein.
In terms of feed demand, AOF found there was a “growing awareness” of the role of canola meal in livestock rations.
AOF executive Nick Goddard said he was confident the plan would help the industry thrive, following a tough year in Australia and around the globe .
“We’re confident the Australian Oilseed Industry Strategic Plan 2020-2025 will go a long way towards helping to keep our industry as resilient, determined and successful as the last 110 years of the Australian oilseed industry,” he said.
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