36941 - Specialty Agriculture in Virginia A Growth...

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Unformatted text preview: Specialty Agriculture in Virginia A Growth Opportunity Charles R. Green, Virginia Department of Agriculture & Consumer Service Specialty Agriculture • Non- traditional agribusiness products, including commodity items not traditional to Virginia • Value-added agribusiness products or processes • Traditional agribusiness products which are marketed or distributed using new / innovative channels Examples of Specialty Agriculture • Extended season produce • Identity preserved grains • Organic products • Bio-fuels • Further processed food items • Alternative forest products • Agritourism / Agritainment Specialty Agriculture The emphasis of specialty agriculture is adding value to a product or process Why Specialty Agriculture? Why Add Value? Importance of Specialty Agriculture • Potential for greater return on investment or greater return per acre than traditional commodity items • Allows agribusiness producers to take advantage of competitive advantages gained through diversification and / or differentiation • Greater long-term growth potential for specialty agriculture products than traditional commodity items Status of Farming in VA Today • Smaller acreage farms, compared to national average • Increasing land prices per acre • Increasing production costs • Growing disconnect between value of farm production and retail food prices $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 1974 1978 1982 1987 1992 1997 2002 Est. market value of land & buildings per acre Increasing Land Values in Virginia Farmers Retain a Small Portion Consumers’ Food Expenditures Farm value share of retail food price (%) 5 10 15 20 25 30 35 40 45 50 1 9 5 2 1 9 5 5 1 9 5 8 1 9 6 1 1 9 6 4 1 9 6 7 1 9 7 1 9 7 3 1 9 7 6 1 9 7 9 1 9 8 2 1 9 8 5 1 9 8 8 1 9 9 1 1 9 9 4 1 9 9 7 2 Trends in Food Spending (Current Dollars) $0 $100 $200 $300 $400 $500 $600 $700 1 9 7 1 9 7 2 1 9 7 4 1 9 7 6 1 9 7 8 1 9 8 1 9 8 2 1 9 8 4 1 9 8 6 1 9 8 8 1 9 9 1 9 9 2 1 9 9 4 1 9 9 6 1 9 9 8 2 Billion dollars Farm value Total consumer expenditures Trends in Food Spending (Real Dollars)...
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This note was uploaded on 02/23/2012 for the course AGRICULTUR 200 taught by Professor Staff during the Fall '11 term at Rutgers.

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36941 - Specialty Agriculture in Virginia A Growth...

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