Australian Ministry for Agriculture, Fisheries and Forestry putting the value of food and beverage exports for 2006 identical to last year at Aus $ 24 bn.
The news published on Nutura Ingredients reported Australian Ministry for Agriculture, Fisheries and Forestry putting the value of food and beverage exports for 2006 identical to last year at Aus $ 24 bn. This represented 15 percent of total export merchandise in Australia.
In order to keep these levels of food production constant, Australia needs to take on the challenges of expansion to the fast-growing profitable markets including Asia with increasing sophistication where demand is concerned.
Processed dairy products increased in value in 2006 to reach around Aus$ 2.6 bn, representing a 3 percent growth along with wine value that emulated its performance with a 2 percent increase to Aus$ 2.8 bn. It was also a good year for cereal foods as export value rose 8 percent to Aus $468m.
Past several years have witnessed increased focus on the Australian food industry potential for growth in exports of processed food products, mainly to the booming Asian markets. Noted for high quality dairy and livestock products, Australia has built a reputation for exports of processed food and beverages to Asia. The success of Australia's exports is credited to cashing in on the changing demands of the growing affordability of Asian consumers.
Dramatic growth in per capita incomes in the Asian region has led to the rapid transformation of middle class with substantial discretionary spending power. The growing affluence has boosted consumption of traditional foodstuffs like rice, fish, fruit and vegetables and more significantly diversification of food consumption pattern, extending to alternative cereals like wheat, meat, dairy products and temperate fruit and vegetables.
At Supermarket to Asia, both medium and long-term trends in Asia suggest optimistic prospects for Australian food exports to Asia. The trends comprise population growth, urbanization, inclination towards the consumption of western style foods, and better market access.
Some industry experts believe, to maximize the potential of Asia's food demands, Australian food and beverage companies should rise to the challenges of prosperous new markets in the region.
According to a RNCOS research analyst, Australia boasts of the cleanest, greenest ingredients, technology and critical mass necessary as reliable long-tern food suppliers to Asian markets. With huge food production potential and constant supply push, Australia is destined for greater strength in export markets.
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