The Food and Beverage Services Value Added in Australia has shown a steady increase over the years, from AUD 27.85 billion in 2013 to AUD 39.54 billion in 2023. Despite experiencing a significant dip in 2020 due to the pandemic (-12.35% year-on-year variation), the sector has rebounded with notable growth (12.24% in 2022 and 3.15% in 2023). The cumulative annual growth rate (CAGR) over the last five years stands at 2.29%. Based on current forecasts, the value is expected to reach AUD 44.96 billion by 2028, with an anticipated five-year CAGR of 2.04%, translating to overall growth of 10.61%.
Future trends to watch for:
- Post-pandemic recovery trend sustaining growth in food and beverage services
- Influx of technological advancements in food delivery services
- Increasing consumer preference for sustainable and health-oriented food options
- Potential economic fluctuations impacting discretionary spending on dining out