Australian agribusiness looks set for exponential growth

The Australian economy is still riding the ripples created by the recent boom in the mining industry. However, a report by Deloitte has predicted which sectors could be the ones set to experience growth in the not too distant future, with agribusiness close to top of their list.

The report outlines its 'fantastic five' as gas, tourism, international education, wealth management and - of course - agribusiness. Collectively these five industries have the potential for growth which could see them collectively overtake the mining industry, and keep Australia at the top of the worldwide prosperity charts.

Despite the trajectory of agribusiness being very much downward if traced back to the mid-20th century, the overall health of the industry is good, due to the potential that the export market could hold in the coming years. Worldwide food demand is set to rise, twin that with projected increases in the global population and you have a whole host of markets and potential customers for Australian produce.

Emerging markets such as China may become a victim of their own success. Farming land in Asia is continually being urbanised to satisfy demand, again, leading to the need for more imported produce. Australia could be ready and able to pick up that slack.

The agribusiness sector currently brings in around $219 billion to the economy according to IBISWorld, and the sector also provides over 500,000 jobs. With those figures - and the potential growth being exponential - there is no better time to ensure your business insurance is in check if you're involved in agribusiness. Elders Insurance can offer a tailored policy, which takes into account your exact needs and the growth potential of your business.

Agribusiness has been declared as the 'forgotten hero of Australia's economy' by Deloitte. With statements such as that - and all the predicted growth - it appears there's no better time to be in the sector, as it looks set to reaffirm itself as a cornerstone of the Australian market.