The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Euromonitor International was proud to open the panel session on the future of food at the QSR Detpak Conference 2016 in Sydney, Australia. In her presentation, Lily Lam revealed how changing lifestyles in Australia was fundamentally changing eating habits within the quick service restaurants (QSR) space.
In the Australian market, Naturally Healthy ranked highest by retail value, at A$5.3b in 2015. Looking into the future, however, it will be Food Intolerance that sees the most growth. Turning to Fast Food, Latin American Fast Food continued to be the fastest-growing category in 2015, with operators maintaining relevance through innovation and a healthy positioning. Other Fast Food was the second fastest growing: this category consists of emerging formats influenced by health and wellness trends; for example, Paleo Café, Thrive or Oliver’s.
Protein is one the hottest ingredients right now. The source where consumers get their protein from is shifting and, above all, expanding. Although meat remained by far the largest in volume terms in 2015 and in 2020, Euromonitor’s fresh food data reveals a shift away from meat in highly developed markets, including Australia. Based on this, plant-based proteins – derived from different types of legumes, nuts, grains, seeds, vegetables – will be more important in the future.
Non-conventional foodservice formats reflect the country’s foodie culture, as Australians trade up to satisfy their desire for gastronomic experiences. The Australian market has become a playground for international and domestic chefs alike, and pop-up restaurants have found success. Examples include: Noma, Fervour and In-N-Out Burger. Lessons learned? Chains can benefit from experimenting with new concepts, in both cost-effective and creative ways.
Finally, the demand for delivery has never been greater. Driving this demand are millennial consumers that are accustomed to tech-oriented convenience. As delivery becomes widespread, consumers want more than take-out, they want restaurant-quality food. And they want it delivered. At the same time, foodservice operators that typically lack takeout or delivery mechanisms are increasingly willing to cooperate with delivery services. So is the shift in the food delivery paradigm, from Deliveroo to UberEATS, what will be next?
View the presentation here: http://www.slideshare.net/Euromonitor/food-of-the-future-in-australia