Deloitte’s recent study into 25 areas of growth within Australia put food processing as one of its “fantastic five” – the top five industries which could bring $250 billion to the Australian economy over the next twenty years. Food processing is seen as an extension to the already booming agriculture industry which is coping well for a phenomenon known as “The dining boom” as more and more people take an interest in fine food.
Australia’s boom also has its geographical location to thank. While Australia itself is fairly self sufficient, they also help produce some foods for their Asian neighbours, and Deloitte think that the demand from abroad is only going to increase the need for Australian food processing. Why’s that? Because Asian people are moving away from a largely vegetarian diet with minimal dairy content, driven by exposure to western media and travel. This has begun the trend for incorporation of these “outsider” foods into their home grown meals.
Deloitte has recommended to the Australian government that they focus their energies on premium products, which are loved both by Australians and their high value export market in delicatessen style foods, rather than mass market production of cheap food. It’s still an emerging market, and Australia has the opportunity to get in early, grab the proverbial bull by the horns and become a big player, particularly as Asia’s demand for Western food looks likely to increase.
Australia remains a proud and patriotic country, and keeping their food processing options open will mean that their potential for growth keeps increasing. Deloitte thinks that Australia will remain the world’s fastest growing western nation. What they can’t do is predict what food craze is coming next, but whatever it is, Australia’s open mindedness sees them well placed and ready to get on board.