NEW YORK, Nov. 22, 2016 /PRNewswire/ -- While our outlook for Australia's food and drink sector remains largely positive, this quarter we have revised down our sales growth forecasts due to weakness in the private consumption outlook for the remainder of 2016 and 2017. We anticipate that food sales will accelerate from 2018 onwards, however, after household spending recovers. Health and wellness trends will support the strong performance of food categories with perceived health benefits, such as dairy products.
Latest Updates & Industry Developments
- Food sales (local currency) growth in 2016: +2.9%; compound annual growth rate (CAGR), 2015 to 2020: +3.8%.
- The health and wellness trend will negatively affect the sales growth of baked goods, which are forecast to underperform, recording a CAGR of 1.9% during 2015-2020.
- Alcohol consumption in Australia will remain on the decline over the next five years due to rising health awareness among consumers, government campaigns advocating responsible alcohol consumption as well as adverse taxation policies.
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