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What is the market size (sales revenue) for the microgreens/ microherbs /wheatgrass industry in Sydney Australia?
Hello there! Thank you for your question on the market size (sales revenue) for the microgreens/ micro-herbs /wheatgrass industry in Sydney Australia. The short answer is between 1,148,881,129.80 AUD and 1,435,994,120.40 AUD. Below you will find a deep dive of my research findings as well as how I came to this conclusion. I hope that this helps you!
METHODOLOGY
In my research, I extensively searched through reports, Australian government websites, news articles and social media. Unfortunately, I was unable to find the requested information. Additionally, I conducted Google searches, including Google scholar. In the databases I searched, I could not find aggregate data for microgreens/micro-herbs/wheatgrass. I was only able to find lettuce and chicory production data for Australia on FAO.org, using FAOSTAT. Unfortunately, no lettuce consumption data was available, only production data. In order to provide a market size (sales revenue) estimate for the microgreens/micro-herbs/wheatgrass industry in Sydney, I used lettuce as a proxy, and then performed the following calculations that I have listed for you below. My results are as follows:
CALCULATIONS
1.) I used the latest available data (2014), per capita consumption of fresh lettuce in the US to determine it was 10.0 pounds.
2.) I assumed that Australians consume a similar amount of fresh lettuce to those living in the United States. I then used this information to help me to calculate the total amount of lettuce consumed by Sydney residents.
3.) I determined the population for Greater Sydney, according to the Australian Bureau of Statistics to be 4,291,674 (Latest data 2011)
4.) I used the following formula to calculate the total lettuce consumption in Sydney, Australia: (Population) x (per capita lettuce consumption)=(4,291,674 persons) x (10 pounds/person) = 42,917,704 pounds of lettuce consumed/year in the Sydney area
5.) I then estimated the potential sales of the microgreens/ micro-herbs/wheatgrass market, based on pricing information published by Modern farmer. Modern farmer stated that, "selling in bulk is estimated between $20–$25 per pound (if you’re selling in bulk to a commercial kitchen; otherwise, you’ll likely sell by the ounce, priced at around $2 per ounce" According to AugVeg, microgreens are a "a niche product demanded primarily by high-end foodservice owners"
6.) Next, I converted USD to AUD. USD converted to 1 US Dollar (USD) = 1.34 Australian Dollar (AUD) (20-25 USD = 26.77 - 33.46 AUD)
7.) Last, I estimated the total market size in sales revenue is estimated (on the high end) as 42,917,704 x 26.77 AUD = 1,148,881,129.80 AUD 42,917,704 x 33.46 AUD = 1,435,994,120.40 AUD Total Market Size for microgreens/micro-herbs/wheatgrass is between 1,148,881,129.80 AUD and 1,435,994,120.40 AUD.
CONCLUSION
In my research, I initially searched through Australian government websites, news articles and social media. Unfortunately, global data does not exist on the information that you requested. It is possible this is due to the fact that the microgreens industry is highly fragmented. I then broadened my search to look for data I would help me to triangulate the information. I triangulated the market size, I by using lettuce to serve as proxy for microgreens/micro-herbs/wheatgrass. I estimated the market size to be between 1,148,881,129.80 AUD and 1,435,994,120.40 AUD. I hope that this helps you and thank you for using Wonder. If you have any further questions please feel free to ask Wonder again.