Food co-operatives contribute significantly to NZ economy, study
Auckland, New Zealand
A new study has found that co-operatives contribute significantly to the New Zealand economy, along with providing jobs.
Food co-operatives feature heavily with Fonterra earning the highest amount of revenue out of all of New Zealand’s co-operative.
The study, conducted and published by Massey University in New Zealand, discovered that the co-operative sector contributes revenues of more than NZ $42.3 billion per annum. The country’s top 30 co-operatives have 1.4 million millions and employ 48, 500 people.
Lead researcher, Dr Elena Garnevska, said the study provides a much needed glimpse into a significant economic and social sector.
“With 1.4 million memberships the results show how much the co-operative economy is woven into the everyday lives of New Zealanders,” she said.
Key findings from the report included:
- Fonterra co-operative creates NZ $18.8 billion per annum in revenue
- Foodstuffs North Island’s average revenue per annum is NZ $6.2 billion
- Foodstuffs South island’s average revenue per annum is NZ $2.7 billion
- Silver Fern Farm’s average revenue per annum is NZ $2.4 billion
- Over 65 per cent of co-operative revenue funds in New Zealand come from agri-food
- Fonterra has NZ $18.3 billion in assets
- Foodstuffs North island has NZ$ 2.6 billion in assets
Cooperative Business New Zealand Chief Executive, Craig Presland, said the co-operative ethos of working together collaboratively is part of who New Zealanders are.
“We now have the opportunity to extend our research on co-operatives, and advocate even more strongly for them, so we ensure this enduring and sustainable business model is better understood and more widely utilised across New Zeeland business.
- Murray Goulburn takes home $40 million net profit despite farmer crisis
- Fonterraturns Australian results around
- Bellamy’s changes and newFonterra deal announced
Woolworths, Coles and Harris Farm Markets have all made a commitment to stop offering customers sing...
Woolworths has launched its own product testing group.
Australian food companies wanting to succeed in China need to tell a brand story says a key executiv...
The Australian Federal Government has today released its draft bill to change the Competition and Co...
The first of a series of Eagle Boys restaurants re-opening as Pizza Hut stores has began trading in ...
Whilst Australia is in the middle of an “ideas boom”, there is one country that is being turned to a...
A new frozen meal range, targeted as a meal solution for children, is being sold in Australian super...
Australia has suspended the import of raw green prawns from White Spot disease affected countries.