Australia’s dairy and soy food sector is expected grow to $13.2 billion by 2023, with the increase linked to the rising demand in the drinkable yoghurt category, a recent GlobalData report revealed.
In 2018, the dairy and soy food sector in Australia was worth $10.8 billion, and is now anticipating a compound annual growth rate (CAGR) of four percent to 2023.
GlobalData’s Country Profile: Dairy & Soy Food in Australia report found milk was the largest category in the sector, accounting for 32.2 per cent value share in 2018, with drinkable yoghurt forecast with CAGR of 5.7 per cent between 2018-2023.
“With growing health consciousness among Australian consumers, the demand for dairy and soy food products with health and wellness claims such as ‘food-minus’, ‘free-from’ and ‘naturally healthy’ is expected to increase, particularly in drinkable yogurt, yogurt and, butter and spreadable fats categories,” said GlobalData consumer analyst Sneha Singh.
“With increasing disposable income and low food price inflation, Australian consumers are trading-up in the dairy and soy food sector fueling demand for products with high quality and novel ingredients.”
Despite Australia’s increase in value share on global scale from 1.7 per cent in 2018 to 1.8 per cent by 2023, GlobalData predicts the regional level will decrease by 0.5 per cent over the next five years, as other countries’ shares increase.
Original article sourced from https://www.foodanddrinkbusiness.com.au/