In July 2019, the Government of British Columbia created the Food Security Task Force, with the mandate to find new ways to use technology and innovation to strengthen BC’s agriculture sector and grow the economy by helping farmers and processors become more productive.
In support of the work of the Task Force, the BC Ministry of Jobs, Trade, and Technology (“the Ministry”) engaged MNP LLP (“MNP”) to carry out an industry overview and assessment of the potential economic benefits of the BC agritech sector (“the Sector”).
The Sector encompasses organizations and businesses that are engaged in the development, production, commercialization, and implementation of agritech in BC. These organizations and businesses can be grouped into the following three categories by the nature of their operations: Core-Agritech, Research, and Support Services.
• The total revenue of the Sector in 2017 is estimated at $72.4 to $110.6 million.
• In 2017, the Sector is estimated to have generated $111.4 to $170 million in total output, $56.7 to $85.6 million in total gross domestic product, 456 to 690 total full-time equivalent positions, and $11.2 to $16.9 million in total federal, provincial, and municipal tax revenues.
• Based on a review of existing literature on historical growth rates and trends of the agritech sector and similar sectors in BC and telephone interviews with Sector organizations, Sector revenues and employment are projected to grow by compound annual growth rates of 8.04 percent and 7.49 percent, respectively, from 2017 to 2025. As a result, the Sector is projected to generate the following approximate economic benefits in BC in 2025:
-Total revenues of $134.5 to $205.3 million.
-Total FTE positions of 813 to 1,230.
-Total federal, provincial, and municipal tax revenues of $20.8 to $31.4 million.
-Total export revenues of $56.4 to $93.9 million.
-Total business investment of $5.4 to $14.4 million.
Download the full report here.