One out of every three manufacturing jobs in Australia is in the food and grocery sector, which directly employs around 300,000 people. The food and beverage market in Australia is climbing greater heights, buoyed by a growing population with an appetite for good food. Jeffrey Bahar, Deputy Chief Executive Office of Spire Research and Consulting, highlighted the key opportunities in this sector during his presentation at the Sydney Franchise and Business Expo in August 2015.
As the population of Australia is set to reach 23.5 million in 2014, the food and beverage industry looks upbeat. A major portion of the population is present in the cities, like Sydney, Melbourne, Brisbane and Perth. The weekly average household spending per person on restaurant meals in these cities is AUD32 –a ripe market opportunity.
Bahar opined that food industry growth is directly proportional to the number of food outlets. With 58,602 commercial outlets and 15,954 institutionalized outlets recorded in 2012-13, the food services sector contributes approximately USD33 billion or 3% to the total Gross Domestic Product (GDP) of Australia.
Moreover, Australians have defined their out-of-home dining habits. For this, many regions in Australia are well-known for their specialization in particular cuisines and beverages. For instance, New South Wales offers an ethnically diverse foodservice market; Melbourne is famous as the coffee capital of the nation while the Gold Coast and Adelaide boast an established Food and Wine landscape.
Bahar’s presentation deck on “Australia – Food & Beverage Market Report 2015″ can be found here.
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