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Organic farming set to soar in 2014

Market research company, IBISWorld, has identified organic farming as one of Australia’s big growth industries for 2014.

In a study which identified the five industries expected to sour this year, and five that are expected to suffer, IBISWorld found that diamond and gemstone mining; superannuation funds; organic farming; online shopping and internet publishing and broadcasting will flourish this year.

Diamond and gemstone mining is expected to be the best performer, with growth of 24 percent expected for 2014. Organic farming is slated to generate $707.7 million in revenue, up 13.7 percent.

IBISWorld general manager (Australia), Karen Dobie, said “Increased demand for the sector’s produce will be driven by higher levels of household disposable income, health consciousness among consumers and increasing environmental awareness.”

Production is anticipated to increase because of supply chain improvements, more refined processing capabilities and increased variety in the sector.

“A broader selection of organic foods in supermarkets, independent retailers and markets should assist in increasing sales and driving revenue for primary producers. This will include more private-label organic products available at lower pricepoints”, said Dobie.

The five industries expected to fall this year are video and DVD hire outlets; sugar cane growing;  mineral exploration; newspaper publishing and horse and dog racing.

 

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