From 2013 to 2023, the domestic tourism consumption of takeaway and restaurant meals in Australia grew consistently until a sharp dip in 2020 due to the COVID-19 pandemic. By 2021, the sector rebounded robustly, followed by steady growth in 2022 and 2023, reaching 21.05 billion Australian Dollars in 2023.
Key trends observed:
-2013-2019: Steady growth with year-on-year increases ranging from 5.22% to 8.04%.
-2020: Significant decline of 43.18%, driven by pandemic-related restrictions.
-2021-2023: Strong recovery with a notable surge in 2021 (65.47%) and continuous growth onwards, although at a moderate pace in 2023 (2.68%).
The Compound Annual Growth Rate (CAGR) over the last five years up to 2023 was 3.37%. The forecasted CAGR for the upcoming five years is 2.05%, indicating a more moderate growth rate compared to the recovery period post-pandemic. By 2028, consumption is expected to rise to 23.81 billion Australian Dollars, reflecting a forecasted 5-year growth rate of 10.66%.
Future trends to watch for:
-Potential impacts of economic fluctuations on discretionary spending in the tourism sector.
-Evolving consumer preferences towards healthier and sustainable meal options in restaurants and takeaway services.
-Technological advancements in food delivery services and their influence on market dynamics.
