There is no doubt the world has changed significantly over the last 12 months, inevitably resulting in industries and businesses also having to evolve, or risk being left behind.
With the easing of restrictions and the slow transition back to normality in Australia, we have seen the panic buying subside, however a large change in long term buying behaviour remains.
With newly formed habits, consumers have adjusted the way they purchase and behave, which looks set to stay.
What this means for manufacturers
With growth in industries where this behaviour shift is focused, we can expect investment in production, packaging and automation. It is important that these industries react in advance to the growing markets to ensure they capitalise on the segment growth, and don’t fall behind local and international competition.
As one of Australia’s leading packaging machinery and solution providers, Nupac has been heavily focused on working with companies in the food and pharmaceutical industries to ensure they are operating at full efficiency and have plans to effectively increase production and develop new lines in the future.
Working with the top machinery producers globally, Nupac has the access and knowledge to ensure companies are ahead of the curve and in a position to maximise growth within Australia and New Zealand.
Below are the key trends which have developed throughout COVID-19, with development and investment in these industries key to survival and growth.
Trends that are here to stay
Home cooking
- With a combination of extra free time, closure of hospitality, and an increase in health consciousness, home cooked meals became much more prevalent throughout 2020.
- Recent evidence states there has been a 45% increase in consumers eating home cooked meals, 33% increase in consumers eating more fresh fruit and vegetables and 60% increase in plant-based proteins. (ABC News)
- As a result, consumption of raw ingredients and cooking additions has and will continue to see growth within the Australian market.
Plant based food
- The plant based food industry is experiencing record growth globally, with consumers seeking healthier and more sustainable foods.
- The global plant based meat market size is valued at $3.3 Billion USD, with an expected CAGR of 19.4% for the forecast period until 2027. This is a substantial growth rate globally. (Grand view research)
- Australia is currently behind the mark globally, however, the room for growth in this industry is large, allowing great room for investment and development, as demand continues to grow.
Nutraceuticals and Functional Food & Beverages
- COVID-19 has amplified consumers consciousness around health and immunity, due to resulting in the demand for immune boosting foods, drinks and nutraceuticals increasing significantly.
- The global functional foods market is projected to reach $309 billion USD by 2027, growing at a CAGR of 7.5% (Precedence Research).
- The Asia Pacific region is seen to be the largest market, with this expected to continue into the future. This presents great potential for the Australian market, as the global industry continues to evolve.
if you would like to learn more about this, or speak with someone about your packaging and processing requirements, reach out to Nupac.
PH: (03) 9584 8111