The Australian Food and Grocery Council’s ninth State of the Industry Report bears a positive message for Australian businesses supported by hard facts and figures.
Representing a substantial hive of commercial activity in 2015-2016, the Australian food and beverage sector achieved a total turnover of $104.2bn—with food and beverage exports increasing by 1.6 per cent (in nominal terms) from $26.0bn to $26.4bn.
These positive figures form part of a greater trend in the sector. According to a new study released by the market intelligence consultancy IBISWorld Australia, exports by the food and beverage sector recorded an impressive five-year growth CAGR of 8.7 per cent in 2017.
Food and beverage businesses and investors are also seizing this great opportunity, further bolstering the industry’s potential for future growth. Capital investments in the food and beverage manufacturing sector reached $2.9bn in 2015-16; an increase of 4.7 per cent from the previous year.
These figures do not come as a surprise, as the industry has been growing steadily over the last 5 years—and the good news is that with the right approach we can do even better!
One of the biggest obstacles for many Australian food and beverage businesses in expanding their reach is the knowledge gap inherent in such an evolving space. To make the most of this wave of interest in Australian products, it is imperative that businesses select the right market for their product and connect with the buyers and retailers who will best suit their needs, setting themselves up for maximum growth at this exciting time of great opportunity.