The tourism consumption of food and beverage products in Australia has shown a volatile trend over the past decade. From 2013 to 2019, there was a consistent upward trajectory, indicating strong growth in this sector. However, the onset of 2020 saw a dramatic decline due to the impact of the COVID-19 pandemic, with a year-on-year decrease of 43.24%. The recovery in 2021 marked a substantial rebound with a 64.6% increase, and continued growth through 2023 where it stood at 15.37 Billion Australian Dollars, although at a slower pace of 2.21%. The CAGR over the past five years was 2.88%.
Looking forward, from 2024 onwards, the forecast suggests moderate growth with a 5-year forecast CAGR of 1.72%, leading to a projected value of 17.02 Billion Australian Dollars by 2028. This represents an overall growth rate of 8.9% over this forecast period.
Trends to watch for include the ongoing impact of global travel restrictions, the potential resurgence of domestic tourism, and evolving consumer preferences towards healthier and sustainable food and beverage options. These factors will play a critical role in shaping the future dynamics of this sector.
