Hawke's Bay has the potential to capture up to $77 billion more in agricultural exports by 2050 if targeted actions are taken, an ANZ report says.
Greener pastures: The Global Soft Commodity Opportunity for Australia and New Zealand quantifies the opportunity open to New Zealand agriculture due to the shift in global economic growth to Asia.
Graham Turley, ANZ New Zealand managing director commercial & agri, says rising incomes and changing diets in developing countries mean the world will demand 60 per cent more agricultural output by 2050, compared with 2005-2007.
"This presents huge opportunities for New Zealand, and for Hawke's Bay. With abundant land, resources and skills, and proximity to the growth markets of Asia, Hawke's Bay's agricultural sector is ideally positioned to help meet this demand," he said.
The report estimated New Zealand could gain an extra $550 billion in agricultural exports - increasing to $1.3 trillion with favourable conditions and targeted actions. For Hawke's Bay, this translates to a potential boost of $29 billion to $77 billion in agricultural exports by 2050.