The demand for fermented beverages in Australia has shown a continuous decline from 2014 to 2023, with minor fluctuations. The demand dropped from 46.0 thousand metric tons in 2014 to 19.0 thousand metric tons in 2023, representing a significant decrease. The year-on-year variation reveals consistent decreases, with notable annual drops in 2015 (-10.87%), 2017 (-17.5%), and 2018 (-27.27%). Despite a slight uptick in 2019 (4.17%), the overall trend remains downward.
Recent years have demonstrated less variability but continued declines; 2022 saw a year-on-year drop of 9.09%, followed by a 5% decrease in 2023. The 5-year CAGR leading up to 2023 was -4.56%, indicating an average annual decline.
Looking ahead, the forecast for 2024 to 2028 suggests further decreases in demand, with a predicted 5-year CAGR of -9.15% and an overall drop of 38.11% by 2028. By the end of this period, demand is expected to reduce to 10.59 thousand metric tons.
Future trends to watch for include:
- Potential shifts in consumer preferences towards healthier beverages.- The impact of new product innovations in the beverage industry.- Economic factors that could influence disposable income and spending habits.- Changes in regulations or policies surrounding fermented beverages.