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Can technology create a sustainable future for the agri-food industry?
November 2017
EY agri-food industry briefing 2
According to the Food and Agriculture Organisation, global demand for food is expected to grow by 75% up to 2050, with half of the demand coming from Asia.
At a recent EY gathering, business leaders from Ireland and Australia came together to discuss how best to collaborate and take advantage of global agri-food opportunities.
Australia and Ireland have always had a fantastic relationship. There are many examples of cultural cross-over between the two nations with 2.5 million Australians claiming Irish ancestry.
With a reputation for safe, high quality produce, both countries are strong on industry-led research and share an appetite for innovation in agri-tech.
The fact remains that digital uptake in agriculture lags way behind areas like fintech and the knowledge intensive industries.
Global agri-food opportunities
Currently, there is a huge unmet demand to do things differently in the agri-food sector and help it move to digital maturity.
EY agri-food industry briefing3
There is now a pressing need for the agri-food sector to fast-track technology innovation across the entire value chain.
Data analytics is a key growth area for research and for a new breed of ag-tech entrepreneurs. Investment is helping to bridge the gap between general society and agriculture in term of digital uptake.
Some examples of existing innovation include:
► No-till technology in grain farming to improve crop establishment
► Irrigation technology that boosts crop yield profitably and sustainably
► Lidar imaging – light waves to calculate carbon sequestration in soil
► Sensing devices in meat processing give objective data on eating quality
Digital technology gathers data and turns it into useful information to be used in the field. Data is also used in circulation to understand signals from consumers, minimise risk and improve regulation.
Technology innovation across the value chain will create greater connectivity, scale and market access for agri-food producers.
The innovation ecosystem has lots of different players; food producers, universities, regional government, rural development corporations, developers, SME’s, technology companies, global research partners and processing companies.
Growing advantage through digital transformation
EY agri-food industry briefing 4
Deeper participation between global systems is needed to take advantage of new research capabilities and funding opportunities that will improve economic, environmental and social performance.
A key part of the strategy is identifying areas of research that require funding and then making sure it gets adopted and utilised.
To help farmers respond to disruption and absorb the changes, design-led innovation must ensure that technologies are both useful and not too complicated.
With a shared heritage, entrepreneurial culture and appetite for innovation, Ireland and Australia are well placed to collaborate and take advantage of global agri-food opportunities.
New research capabilities
A globally connected innovation eco-system will bring the best agri-food technology start-ups, industry players and investors to the table.
EY agri-food industry briefing5
Key insights
► Industry-led research creates a strong opportunity to scale and take advantage of global opportunities
► Data analytics minimise risk and help the agri-food industry react to signals from consumers
► Innovation will protect core business and help the industry respond to disruption
► Collaboration is essential and co-investment opportunities currently exist
Key speakers
Julianne DavisDirector - Australian Trade and Investment Commission
1
Prof Bronwyn HarchResearch Director, Institute for Future Environment -Queensland University
2
Dr Owen BrennanDirector, Devenish Nutrition Ireland
3
Gordon MurphyCFO Glanbia Ingredients Ireland
4
Christine PittGeneral Manager at Meat and Livestock Australia
5
EY agri-food industry briefing 6
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Simon MacAllisterPartner | Transaction Advisory Services
+353 1 221 2611+353 86 830 4580 [email protected]
Julie FentonPartner | Australian Trade
+353 1 221 2321+353 86 383 [email protected]
EY contacts
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Liam O’NeillAssistant Director | Agri Sector Lead
+353 1 221 1742+353 87 417 [email protected]
Cathal McDonaghPartner | Assurance
+353 1 221 2143+353 87 709 [email protected]
