Australia Processed Food Market to Grow at Steady Rate till 2026
High expenditure capacity
and increased shelf stability of food is expected to drive the demand for Australia
processed food market in the forecast period.
According to TechSci Research report, “Australia
Processed Food Market By Food Type (Fruits & Vegetables, Seafood, Meat,
Others), By Distribution Channel (Traditional Trade, Institutional Sales,
Supermarkets/Hypermarkets, Online, Others), By Company, By Region, Forecast
& Opportunities, 2026”, Australia processed food market is expected to witness
a steady growth in the next five years. The major factor driving the processed
food market is the need to ensure safety from any external tampering for
maintaining the quality of the food. Processed food is defined as the process
of transformation of food to modify them from their natural state by subjecting
them to go through cleaning, washing, cutting, heating, blanching, cooking,
freezing, packaging, dehydrating, among other processing procedures. Breakfast
is taken as the most important meal of the day thereby maximum focus is given
on breakfast processed food items such as cereals, milk, eggs, among others.
Also, demand for baked food items is on the rise due to consumer preference for
the consumption of natural food items. Technological innovations to upgrade the
existing infrastructure of the processed food industry and advent of new
methods aid the demand for processed food in Australia. Increasing focus on
quality packaging of processed food items to ensure that perishable food items
are not damaged during the transportation process is augmenting the market
demand. Certain standards maintained while packaging the food are that
materials used for packaging should not react with the food product. It should
be durable in nature and strong enough to withstand the external disturbances.
Social media is considered a major driver for the
processed food market growth. High-end investments by key players to run
digital campaigns for packaged food promotions is fostering the market demand. Big
data analytics are asked to gather data about the consumer preference, choices
and engagement to increase the demand for processed food items in Australia.
With the help of social media, companies are involved in making the network of
customers having similar food preferences, which ultimately leads to a higher customer
base and increases the product awareness in the mind of the consumers residing
in Australia. Rise in commodity prices in the region is raising the cost for
cooking food at home which is generating the need for processed food in
Australia. Food can also be processed by adding some nutrients to add a value
to the item or inhibit the growth of the bacteria such as milk is fortified
with Vitamin D for the prevention of rickets and iodine added to salt to
prevent goiter in consumers.
However, chances of food contamination and concerns
regarding the health of the consumers may hamper the processed food market
growth during the forecast period.
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Australia
processed food market is segmented into food type, distribution channel,
region, and company. Based on distribution channel, the market is further
divided into traditional trade, institutional sales, supermarkets/hypermarkets,
online and others. Online segment is dominating the processed food market in
2020 and is expected to maintain its dominance over the forecast period,
2022-2026. A plethora of options are available for consumers and the ease of
convenience to buy processed food items is fostering the online market growth
in Australia. Lucrative discount and promotional offers by major brands are
positively augmenting the demand for processed food market in Australia.
Beak
& Johnston Pty. Ltd., Chef's Pantry, Colonial Farm (Aust) Pty Ltd, Flavour
Makers Pty Ltd, H.J. Heinz Company Australia Limited, Australian Convenience
Foods Group Pty Ltd, Vesco Foods Pty Ltd, Cerebos Australia Ltd, Flavour Makers
Pty Ltd., Kerry Ingredients Australia Pty Ltd, Nestle Australia Ltd. are the
leading players operating in the Australia processed food market. Manufacturers
are increasingly focusing on research and development processes to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several processed food manufacturers are coming up
with their technologically advanced offerings.
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“Consumers
prefer food items having low cholesterol and fat, less preservatives and high
nutritional value. Adoption of organic food by major players in the processed
food industry is accelerating the market demand. Increased brand awareness and
access to information about the calories consumed is augmenting the growth of
the Australia processed food market. Also, presence of multiple food items by
different key players is paving the way for processed food market growth in
Australia until 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a global research-based management consulting firm.
“Australia Processed Food
Market By Food Type (Fruits & Vegetables, Seafood, Meat, Others) By
Distribution Channel (Traditional Trade, Institutional Sales,
Supermarkets/Hypermarkets, Online, Others) By Company, By Region, Forecast
& Opportunities, 2026” has evaluated
the future growth potential of the Australia processed food market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the Australia processed food market.
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