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
Samsung has revealed a new fridge which will create recipes for the entire family, taking into accou...
Blueberries and supplements could be the key to eliminating the “baby blues” says a group of Canadia...
A new study has found one in five children living in regional or remote Western Australia are worrie...
Cold Rock Ice Cream is partnering with Chocolatier to offer customers ice cream in Easter eggs.
This week is National Nutrition Week (11 -17 October 2016), with the theme of “Try for 5”, where die...
Australian ice cream and beverage producer, Frosty Boy, has revealed what it thinks will be 2017’s b...
AFTER a decade of turning Coles around, Wesfarmers will demerger their $20 billion supermarket busin...
Chobani Yoghurt has opened a Chobani Café inside a Target store in New York.