Food - Australia & Oceania

Australia & Oceania

Revenue in the Food market amounts to US$114.60bn in 2024. The market is expected to grow annually by 4.89% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$23.46bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$2,640.00 are generated in 2024.
In the Food market, 4.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 24.72bn kg by 2029. The Food market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Food market is expected to amount to 507.00kg 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 & Oceania is witnessing steady growth due to factors such as increasing demand for convenience foods, rising health consciousness among consumers, and the availability of a variety of products. However, the market is facing challenges such as minimal growth rate and increasing competition among sub-markets, impacting the overall growth.

Customer preferences: Consumers in Australia & Oceania are becoming more health-conscious and are increasingly seeking out organic and plant-based food options. This trend is driven by the growing awareness of the environmental impact of food production and the desire for sustainable and ethical food choices. In addition, there has been a rise in demand for convenient and healthy ready-to-eat meals, as consumers are leading busy lifestyles and are looking for convenient and nutritious options. This shift towards a more health-conscious and environmentally-friendly food market is also reflected in the popularity of farmer's markets and locally-sourced produce.

Trends in the market: In Australia & Oceania, The Food market market is experiencing a surge in demand for plant-based and sustainable food options. This trend is being driven by a growing awareness of environmental and health concerns, leading to an increase in vegetarian, vegan, and organic food choices. This trajectory is significant as it reflects a shift towards more conscious consumerism and a desire for ethically and environmentally responsible food options. Industry stakeholders, such as food manufacturers and retailers, need to adapt to this trend by diversifying their product offerings and investing in sustainable production methods to remain competitive in the market.

Local special circumstances: In Australia & Oceania, The Food market is heavily influenced by the region's unique geographical and cultural factors. With a diverse landscape and a strong emphasis on local and sustainable agriculture, the market is seeing a rise in demand for organic, healthy, and ethically-sourced food products. Additionally, strict regulations on food safety and labeling have been implemented, leading to a focus on transparency and traceability in the market. These factors have shaped the market dynamics, creating a strong demand for high-quality, local food products.

Underlying macroeconomic factors: The Food market market in Australia & Oceania is heavily influenced by macroeconomic factors such as economic growth, consumer spending trends, and government policies. The overall economic health of the region, as well as global economic trends, can impact the demand for food products. Additionally, fiscal policies and financial indicators, such as interest rates and inflation, can also affect market performance. As a result, companies operating in this market must closely monitor these factors and adapt their strategies accordingly to remain competitive.

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.