A challenge many farmers face is making their business more profitable. So, for many, farm planning means moving beyond traditional products and produce and branching out into niche markets. Although these markets vary greatly, often they are a new, and steady, income stream for the savvy farmer.
Potato Vodka
For Dorcas Roehrs and David Souza, farmers in New York and California, respectively, the niche market meant tackling a novel idea for a farm-based product – potato vodka. Liquor, long considered a product that sells itself, can work on smaller farms because producing batches usually only requires a handful of people. Although this mode of production is costlier than mass-produced alcoholic drinks, it is still comparatively low, enabling the farm to profit from the enterprise.
For customers, it is an opportunity to enjoy a unique flavor based on the farm’s mash recipe.
Chinese Medicine
Another market some experts project to grow significantly is Chinese medicinal herbs and plants. Although many Chinese medical practitioners still rely heavily on imports to supply their needs, American farmers in New York are part of a group actively growing plants with the Chinese medical industry’s needs in mind. They are banking on Chinese medical practices becoming more mainstream in the United States – and with that acceptance an increased demand for more than 300 plants, flowers, herbs and trees used in the industry.
According to one expert, successful farmers could add an income stream of up to $15,000 annually.
Future is Bright
Ohio farmer Lee Jones knows from past experience the difficulties of making a farm financially viable, but, Jones, part-owner of The Chef’s Garden, also knows the value of a niche market and remains optimistic about farming’s future. The Chef’s Garden has successfully tailored its products to satisfy the needs of a discerning customer base — chefs — but, according to Jones, farmers with an open mind can find their own distinctive product.
“There are opportunities out there and the key is to identify certain needs and trends and to jump on them and do something exceptionally well.”
And, as these farmers have learned, that simple formula does, in fact, lead to success.
To learn more about niche markets and farming products, contact us today.
