25 June 2024
Kia ora koutou,
With the memory (and mud) of Fieldays still fresh on the brains (and boots) of many in TIN’s community, here’s an update on agritech in Aotearoa.
A recent Westpac report shows how productivity growth in the agricultural sector has slowed, in part because the levels of production have edged ever closer to the ecological limits of what can be farmed from the available land in NZ. Agritech is the answer to this: our world-leading innovation not only boosts productivity but improves sustainability, a key credential for selling our products into overseas markets.
Food security in the face of the changing climate is a key concern for everyday Kiwis and consumers around the globe. Agritech has huge a role to play in turning those risks into opportunities. Boston Consulting Group asked in 2023 whether NZ was investing aggressively enough in agri-research. With recent cuts to Crown Research Institutes, the question is not so much whether New Zealand will be able to lead the world on this, but whether it will be able to keep pace with its trade partners.
With some technological applications having achieved such deep domestic market penetration already as to be commonplace (think electric fences or milking machines), there’s appetite for further advances: a KPMG survey of agribusiness leaders showed that the industry is keen to prioritise development in gene-editing, following recent government proposals to remove the ban on this biotechnology. Methane inhibitors are also waiting on legislative action.
Methane reduction company CH4 Global told Business Desk it is currently fully focused on growing its markets elsewhere. It’s in good company. TIN reports on close to twenty agritech firms and these big players are exporters, with 63% of sales made offshore – with North America the fastest growing market. According to Agritech New Zealand there are around 700-900 firms operating in the sector in NZ: here’s hoping some of them ripen into juicy TIN200 firms soon.
If you want your firm to be counted among the elite group of the TIN200, all you have to do is fill out our survey. Doing so makes you eligible for our revenue-based awards and will also boost your profile among the engaged international and local readers of our report. Check your emails for a personalised link or fill out a blank one here.
If you want your firm to be counted among the elite group of the TIN200, all you have to do is fill out our survey. Doing so makes you eligible for our revenue-based awards and will also boost your profile among the engaged international and local readers of our report. Check your emails for a personalised link or fill out a blank one here.
Mānawatia a Matariki!