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In 2023, Australia's foodservice industry was worth A$59 billion (US$39.1 billion). However, rising inflation and the overall cost of living have hindered its growth in 2023 and 2024.
Milk production for 2025 in Australia is forecast to increase by 1.1 percent to 8.8 million metric tons (MMT) after strong growth of 2.7 percent for 2024 at an estimated 8.7 MMT from previous years of declining production.
The Australian federal government’s strong support for biotechnology is evident in its considerable long-term funding commitment to research and development. Despite the contentious nature of biotech in Australia, the federal government remains a strong proponent, investing heavily in research and development and approving various genetically engineered crops for commercial use.
Stone fruit production in Australia is forecast to increase in marketing year (MY) 2022/23, following a MY 2021/22 season that was impacted by a shortage of labor supply at harvest, export freight logistical challenges borne about by the COVID-19...