In 2023, the vegetables market in Australia stood at 2.35 million metric tons. The year-on-year variation over the last two years indicates moderate growth, with a 0.64% increase from the previous year. Over the past five years, the compound annual growth rate (CAGR) averaged at 0.86%, reflecting a steady but slow upward trend in market volume. Since 2014, the market has experienced fluctuations, including significant gains in 2015 (5.82%) and declines in 2018 (-2.26%).
Looking ahead to the forecast from 2024 onward, the vegetables market is expected to grow at a modest forecasted 5-year CAGR of 0.49%, amounting to a total growth rate of 2.49% by 2028. This suggests a sustained but gradual market expansion over the next five years.
Future trends to watch for:
• An increased focus on organic and locally sourced vegetables
• Technological advancements in agriculture and supply chain efficiency
• Potential impacts of climate change on crop yields and market supply
• Consumer trends towards plant-based diets and health-conscious eating
