Oilseed Sector Tipped as Best for Ag Growth in NSW
As New South Wales, Australia, pursue opportunity for growth, it might want to tap the oilseeds sector, says a new report by Deloitte Access Economics called “NSW Agribusiness – Positioned for Prosperity.”
The report, commissioned for the Department of Primary Industries, analyzed 24 sectors for their value of production, global demand, and competitive advantage to discover how New South Wales can best profit from Australia’s food and fiber industries.
The largest sectors based on economic value were food processing at $10.3 billion, followed by meat at $3.1 billion and cereals at $2.8 billion. The sectors with the strongest demand were meat, recreational fishing, dairy, timber, ag R&D, aquaculture and oilseeds. However, the sector with the strongest combination of factors including demand and advantage was oilseeds (with canola being the top oilseed), followed by recreational fishing, legumes, and then agritourism.