The Australian Food Standards and Marketing Authority (AFSPA) has released its final forecast for Australia’s future grain markets.
According to the latest estimates, the world market for grain products will reach $12.9 trillion by 2040, up from $8.9tn in 2019, and by $6.9tr by 2020.
This is largely due to the continued economic growth and the rising popularity of cereal grains.
This increase is due to both domestic and imported demand, which is expected to remain at or above current levels until 2020, at which time prices will have dropped to their average level.
In terms of export volumes, the market is expected for $7.3 trillion by 2020, up by about $2.5tr from 2019, although it will fall to $2 trillion by 2025.
This reflects the growing demand for grains in the EU and the US.
However, the Australian market is forecast to grow to $8 trillion by 2030, with exports forecast to increase to $3.5 trillion by 2021.
According the AFSPA, the global market for grains will remain stable for at least the next 25 years, although the market may decline in the longer term due to food security concerns, as a result of a reduced global population and the ageing of the population.
However, this will not have a significant impact on the Australian grain industry, as the market will continue to grow and is expected grow in the future.
According a spokeswoman for the AFA, “the Australian market for agricultural products is expected at $9.9 TRILLION by 2060, up 6% from 2019.”
The spokeswoman added that the market was expected to grow at a moderate rate of 4.5% per annum until 2050, when the AAFSPA expects the annual growth rate to reach 5% to 6%.
“However, the AASMA will be working with the AFOA to ensure the Australian industry continues to be competitive and is able to support its customers in the face of market changes,” she said.
The AFA also said that it is “looking forward to continuing to provide a valuable contribution to the global agricultural and agri-food industry in the coming years”.