Finding International Markets
Identifying international markets has been one of the first major goals of the Food Industry Innovation project being delivered by DAFWA. Without knowing what Western Australia’s (WA’s) international market opportunities are for premium food products there is no potential for large-scale growth.
Therefore identifying these markets has been one of the first major goals of the Food Industry Innovation project, being delivered by the Department of Agriculture and Food, Western Australia (DAFWA).
One of DAFWA’s important investments in this domain has been to commission the Target Market Opportunities report through the $6 million Asian Market Success project. An investment funded by the state government’s Royalties for Regions program.
The report confirmed there are exciting, high growth, high value premium opportunities at the intersection between what Asian consumers want and what WA can produce. And the opportunities range from existing products targeted at new and emerging markets, to all new products.
The report analysed global trade flows of almost 680 food and beverage products from every country to 24 high potential Asian and Middle Eastern target markets. The trade deals were fed through a multi-stage screening process and combined with interviews with many of WA’s agrifood businesses.
All identified opportunities for WA share a common thread, they all have large and growing demand from emerging consumers across Asia and/or the Middle East.
According to the report, these opportunities have the potential to deliver an estimated $1.3 billion per year in incremental, new export revenue to WA in the next five to seven years.
The Target Market Opportunities report has already made a valuable contribution to the early stages of project planning for the Western Australian Premium Food Centre.
We encourage WA producers and processors to become familiar with this valuable resource. To find out more about the report, register online for a copy.