Australia is world’s fastest changing food market
KEEPING YOUR FINGER ON THE PULSE of Australia’s foodservice market requires ongoing research and data analysis, as undertaken by market research specialists like Food Industry Foresight. For this year’s Fine Food Australia trade show in September, FI Foresight will be hosting a Talking Trends Stage, including expert presentations and seminars looking at current and emerging trends impacting the food sector. To find out more, we spoke to FI Foresight Managing Director Sissel Rosengren.
“The Australian foodservice market is really unique among all others in the world,” Sissel tells us. “It’s the fastest-changing food market in terms of market size of individual products, and we also have distinct regions where eating out preferences and cuisines vary, along with sources of supply. And while the market continues to evolve, independent cafes and restaurants have remained at its heart – these two channels still have the highest outlet numbers and volume.”
FI Foresight’s market forecasts for 2019 show that cafes are going from strength to strength, restaurants are holding steady, hotels are booming and pubs and clubs are doing well.
“Foodservice operators are ‘working smarter’,” Sissel tells us. “They’re serving smaller dishes and buying pre-prepared foods to save on time and yield, while also reducing the need for skilled staff. They are also choosing leaner fit-outs and making do with existing equipment for longer – compared to a decade ago, overall budgets for new fit-outs have probably halved.”
Australians have long been the biggest eater-outers of breakfast in the western world,
but the past few years have seen further growth in both the breakfast and brunch meal segments. “Breakfast and brunch are the fastest growing meal opportunities,” Sissel says. “In the last five years, they have grown by more than five per cent while lunch has declined. This has been particularly beneficial to both cafes, which have gone from two to three meal segments, and restaurants which are increasingly offering all day dining. Brunch has overtaken lunch as the meal of choice for business meet-ups – it’s cheaper, faster and there’s no wine bill!”
For the past several years, the number one foodservice market driver has been the increasing prevalence towards casual dining – “This has grown out of Australians still wanting to eat out even during volatile economic periods, and their willingness to trade down in their choice of outlet,” Sissel explains. “Dining out is no longer a more formal occasion – fine dining only accounts for a miniscule portion of the 1.7 billion meals served in restaurants and cafes every year. And for the younger generation, eating out is no big deal, it’s simply what you do.”
You can find out much more about foodservice market trends by visiting the Talking Trends stage at Fine Food in September, or obtain a copy of FI Foresight’s Annual Trend Report by visiting www.fiforesight.com where you can also sign up to receive a free regular newsletter.