The Australia foodservice market was valued at USD 43,529. 02 million in 2020 and is projected to witness a CAGR of 5. 16% during the forecast period, 2021 - 2026. The COVID-19 pandemic has altered the entire changing consumption habits of consumers, and this trend is not only pivoted to Australia but is a global transition to wary about.
New York, July 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Australia Foodservice Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06101218/?utm_source=GNW
The homebound scenario has been a prominent affair and the operation of food services were on an experimental basis. Although consumers had kept their tap on popular chains such as KFC, restaurants were mostly operational through online services or takeaway. Since out-of-home consumption had reduced drastically in the first phase, online delivery of food from these foodservice companies had increased during the period of the pandemic in the country.
The market studied is driven by a rise in value-conscious consumers willing to try new restaurants, with a wide range of menu options, including interesting international and local cuisines. Moreover, the Australia-US free trade agreement led to many tariff-free products entering the Australian market, leading to an expansion of the product portfolio in the foodservice sector.
The Australian foodservice market is also driven by the increasing frequency of dining out, amid time-pressed schedules, and the growing influence of cross-culture dietary patterns, due to the strong presence of foodservice providers offering Asian, American, Arab, and Mediterranean cuisines to the consumers.
Owing to the growing trend of veganism in the country, the restaurants in Australia are shifting toward offering healthier options, such as plant-based burgers, local sourcing, and fresh foods. Major operators are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders.
Key Market Trends
Tourism Contributing Toward Australian Foodservice
The growth in the tourism industry may enable various foreign foodservice companies to enter the market and offer a wide range of diverse multi-cuisine offerings to consumers travelling from diverse parts of the world. This may drive the foodservice market across the country.
Since 2011, Australia has seen a steady increase in international arrivals, with dramatic growth observed every year from 2012 onwards. This growth is expected to continue with projections estimating the number of international visitors to Australia may increase to 15 million by 2026-2027.
The market is not only fuelled with foreign tourism but is also driven by a larger number of Australians who contribute toward domestic tourists every year. Among domestic tourists, the main items of the spend were transportation (33%), accommodation and food services (29%), shopping (12%), food and drinks (11%), travel agency and tour operator services, and recreational, cultural, and gambling activities (7%).
Growth in Independent Outlets Restaurants in Australia
The independent outlets in Australia initially followed the footsteps of global QSR chains. However, with novel product development, the segment itself is giving stiff competition to previous establishments. Burger Project, Ribs & Burgers, and Red Rooster are few independent outlets that originated from the QSR concept.
In order to tap the growing market for healthier eating and premiumization, independent outlets providing common offerings, such as pizza, burgers, and taco bells, among others, are expected to secure their positions. The opportunity lies in making quality burgers with a focus on sustainable products, such as pasture-raised beef, organic and free-range chicken, and ethically raised pork.
The Australian foodservice market is highly competitive with major market share held by prominent players, such as McDonald’s Corporation, Yum! Brands Inc., Domino’s Pizza, Inspire Moreover, companies, such as Starbucks Corporation, and Doctor’s Associates have adopted expansion, and merger and acquisition as their strategy, along with product innovation to strengthen their expertise. The major focus of the companies is to offer unique products that can cater to the consumers’ preferences efficiently.
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