AUSTRALIA’S ‘ASIAN’ FOOD SINGLE-FINGERED BEVERAGES ARE BOUNCE THE FOOD BEVERAGE MARKET TO THE WEST.
The Australian Beverage Market is one of the world’s largest food and beverage markets, accounting for more than $4.5 billion in revenue in 2016.
While the market’s share has risen over the past decade, there has been a shift away from the Western food and drink market, which has become increasingly dominated by the Asian market, and a recent trend has seen the number of Asian-owned restaurants in Sydney rise from 7,300 to 14,000 in just three years.
Asian-owned eateries have seen growth in Sydney over the last three years, according to market research firm ABI Research.
“The trend has been for a while now that Asian food has been gaining more market share in Sydney, with restaurants opening in the area and that trend has continued this year,” said Tony Smith, executive director of the Asian Beverage Association (AABA), which represents the industry.
“[Asian] restaurants have been opening in Sydney for a number of years now, particularly in the inner-city, and it’s a great time to be an Asian restaurant.”
Smith said the Asian-themed restaurants were also popular among young people and the ABA believed they were increasingly being used as cultural events to attract young people to the market.
He said Asian-friendly food was a popular trend amongst students, as well as a “great marketing opportunity”.
“We see that it’s getting more and more popular among students, and that’s also why it’s been getting so much more exposure on the Internet,” he said. AAP/ABC