Source: foodprocessing.com.au --- Sunday, October 08, 2017
GlobalData ’s report ‘Top Growth Opportunities: Dairy & Soy Food in Australia’ predicts that the dairy and soy market will be worth US$13 billion between 2016 and 2021, with a compound annual growth rate (CAGR) of 4%. This comes after the market value declined 2011–2016 at a CAGR of -2.8% due to the depreciation of the Australian dollar and slow wage growth. As a result, this increased price sensitivity and damaged consumer spending confidence, leading to Australians changing their purchasing behaviour to seek value for money. However, there was also some value growth of 2.1% during this time, which suggests that consumer buying habits shifted towards searching for better deals and buying in bulk in order to save money. “The contraction of the market was a stern test for dairy brands on their ability to be flexible and adapt their products towards current consumer needs. During a market downturn it is especially important to accurately read consumers’ requirements. Over the past five years, better value has been a priority; however, this is changing with a return to growth, and manufacturers must once again stay current as consumers become more willing to pay a premium,” said Veronika Zhupanova, analyst at GlobalData. Consumers are willing to pay more for products that align with their taste, dietary and lifestyle demands. Not only will higher protein content and dietary requirements become more important, but time-poor consumer ...
from Australia http://ift.tt/2g2kDxs
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