Page 8 - Food&Drink Magazine October 2018

ON TREND
Tasting times
Emerging export markets are hot topics, but don’t overlook tasty opportunities closer to home, writes food industry analyst Ryan Lin.
AUSTRALIA has always
been known for the role it
plays in food exports, especially the exports of grains, meats and dairy across the Asia-Pacific region. At a time many of our neighbours are experiencing substantial economic growth, Australian food exports have benefited from the evolving dietary patterns of many
of these nations, with red
meats and dairy making up
a larger portion of diets than ever before.
However, one of the most crucial trends impacting Australian food manufacturers, and one often overlooked from a manufacturing perspective, is the growing diversity in food offerings back at home.
EXOTIC TASTES
With around one-third of Australian’s today born overseas, it is no surprise that food trends are now evolving to reflect a multicultural nation. Diets involving rice, noodles and various legumes are becoming increasingly commonplace within Australian households. At the same time, the influx of global cuisine is also seen as a sophistication of our dining culture. However, we are importing more food than ever before to cater to new and emerging trends.
Over the past five years, a surge in the number of foreign food establishments is possibly a sign of what’s to come. Chinese hot pot and milk tea chains, Japanese and Korean barbeque and dessert houses, as well as Vietnamese noodle and street food eateries are just some of the examples of new dining trends taking place across Australian capitals. Despite this showing of diversity, the common narrative is the insignificant role that most Australian food manufacturers have played in the rise of new eating trends. Sure, many of the food inputs such as meat, grain and dairy can be efficiently sourced from our domestic producers, but the unique value-add food items that create the defining characteristics of foreign food, remain largely served by growing imports.
IMPORTERS’ PARADISE
At present, it makes sense that big producers within the domestic market have no significant interest to produce these exotic food items. Given the diversity of culture and food, the food items and ingredients in these new food trends are far too fragmented for larger companies to seriously consider dominating. Currently, this niche is mostly held by a handful of small players spread across multiple cities, with many both producing and
importing to satisfy the level of demand, however is only a matter of time
8 | Food&Drink business | October 2018 | www.foodanddrinkbusiness.com.au