Food - Australia

Australia

Revenue in the Food market amounts to US$92.07bn in 2024. The market is expected to grow annually by 4.68% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$18.95bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$3,448.00 are generated in 2024.
In the Food market, 5.3% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 16.96bn kg by 2029. The Food market is expected to show a volume growth of 2.1% in 2025.
The average volume per person in the Food market is expected to amount to 577.60kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in Australia has seen gradual growth in recent years, influenced by factors such as shifting consumer preferences for healthier options, growing awareness of sustainable food production, and the convenience of online shopping. However, the market's minimal growth rate can be attributed to factors such as increasing competition, changing dietary trends, and the impact of natural disasters on food production. To sustain growth, businesses in The Food market must adapt to changing consumer demands and focus on innovation and sustainability.

Customer preferences: In Australia, The Food market has seen a significant shift towards healthy and sustainable food options. Consumers are increasingly seeking plant-based, organic, and locally sourced products, driven by a growing awareness of the environmental and health impacts of their food choices. This trend is also influenced by cultural values and a desire for authenticity and transparency in food production. Additionally, with the rise of social media and influencer culture, there has been an increased focus on visually appealing and Instagram-worthy food experiences, leading to the popularity of food trends such as "rainbow food" and "unicorn food.

Trends in the market: In Australia, The Food market industry is experiencing a surge in demand for organic and sustainable products. Consumers are becoming increasingly health-conscious and are willing to pay a premium for products that align with their values. This trend is expected to continue, with the market projected to reach $10.8 billion by 2023. Industry stakeholders, such as farmers and food manufacturers, must adapt to this trend by investing in sustainable practices and offering more organic options. Failure to do so could result in lost market share and potential backlash from environmentally-conscious consumers.

Local special circumstances: In Australia, The Food market is heavily influenced by the country's unique geography and diverse cultural preferences. With a large coastal population, seafood is a popular choice and the demand for locally sourced, sustainable options is on the rise. Additionally, the strong influence of Asian cuisine has led to a growing demand for authentic ingredients and products. The country's strict regulatory standards also play a role in shaping the market, ensuring high quality and safety for consumers. These factors contribute to a dynamic and competitive landscape for food companies in Australia.

Underlying macroeconomic factors: The Food market in Australia is heavily influenced by macroeconomic factors such as consumer spending, population growth, and government policies. The country's strong economic growth and stable political environment have contributed to the growth of The Food market. Additionally, the increasing trend of health-conscious consumers and the rising demand for organic and natural products have also played a significant role in driving the growth of The Food market in Australia. Moreover, the country's favorable regulatory environment and investment in food technology and infrastructure have created opportunities for market players to innovate and meet the changing demands of consumers.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.