International tourism consumption of food and beverage products in Australia stood at 5.63 billion Australian dollars in 2023. Over the past decade, the sector generally grew, with minor corrections. Significant growth percentages were seen in the mid-2010s. However, 2020 marked a severe decrease due to the global pandemic, followed by a swift recovery in 2021, achieving steady growth thereafter up to 2023.
The year-on-year variation for the past two years has been positive, at 14.46% in 2022 and 2.85% in 2023. The five-year CAGR from 2018 to 2023 stood at 3.16%, indicating a relatively stable growth rate over this period.
Forecasts project continued growth, with the sector reaching 6.42 billion Australian dollars by 2028. The future CAGR from 2024 to 2028 is anticipated at 2.17%, marking an 11.31% growth rate over the five-year period.
Future trends to watch for include:
- The potential impacts of global economic conditions on tourism
- Changes in Australia's travel policies
- Innovations in the food and beverage industry that may attract more tourists
- Environmental factors and sustainable tourism practices
