Expanding market opportunities in Australia
21 November 2019
With the domestic market being the largest and most valuable for Australian red meat, the focus on growth opportunities at home was an apt start to MLA’s Global Markets Forum at Red Meat 2019.
The Australian population is set to grow to 35 million by 2040, presenting opportunities to capture plenty of new red meat consumers. However, a changing demography and competitive pressures from other proteins remain intense.
MLA Market Intelligence Manager, Scott Tolmie, outlined the consumer insights, growth drivers and opportunity areas that will ultimately bring more Australian consumers to the table.
Scott said when it comes to deciding what to eat, Australians have more choice than ever before, and combined with soft wage growth and strengthening red meat prices, it was critical to maintain a focus on demonstrating the real value of Australian red meat to consumers.
“Since 2000, the price of beef and lamb has risen 94% and 161% respectively. Combine this with the diversity of meal options available to consumers, and it’s pretty clear we need to stay focused on understanding what consumers want and then delivering that,” Scott said.
Scott outlined three key areas the industry should focus on to deliver against consumer demands, being quality, ease and variety.
Despite budget pressures, MLA research shows consumers still want quality meal options and are also more likely to pay a premium for meat and seafood than any other category.
“We’re seeing this in sales results in the retail channel with steaks growing 5% in the last 12 months and premium mince up 24%,” Scott said.
“At the same time, they want convenience and variety, so a focus on value-added, pre-packaged and convenience items, across a range of cuisine types and meal options, remains really important.
“The domestic market is our largest and most significant, and if we can continue to be at the forefront of what consumers want and are willing to pay for, then we’ll be able to seize the major opportunities this market presents.”
© Meat & Livestock Australia Limited, 2019