Cooking ingredients and meals in 2024: The big picture
In 2024, cooking ingredients and meals in Australia is experiencing solid retail volume growth as consumers focus on preparing meals at home. With the high cost of living and tightened consumer budgets, many Australians are turning to home cooking as a more affordable solution.
Key trends in 2024
One of the most significant trends in 2024 is how players are addressing consumers' increasing focus on affordability. Brands are finding innovative ways to meet these expectations by reformulating products with cheaper ingredients.
Competitive landscape
The competitive landscape of cooking ingredients and meals in Australia is witnessing a rise in brand collaborations, as players strategically partner to refresh consumer memory and create excitement that drives increased traffic. These collaborations are not merely about blending products but also about leveraging each brand’s unique identity to generate synergy and appeal to a broader audience.
Channel developments
In 2024, supermarkets remains the dominant distribution of cooking ingredients and meals in Australia, with key players such as Woolworths and Coles focusing on low-price labels to attract budget-conscious consumers. However, aggressive pricing strategies have led to increased scrutiny, prompting an ACCC inquiry to assess the transparency and fairness of these pricing models.
What next for cooking ingredients and meals?
Convenience has emerged as the next major trend in cooking ingredients and meals, as Australian consumers seek products that are both easy to buy and simple to prepare. Convenience in cooking ingredients and meals is increasingly defined by two key factors: easy access to products and simplification of cooking.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Australia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Australia?
- Which are the leading brands in Cooking Ingredients and Meals in Australia?
- How are products distributed in Cooking Ingredients and Meals in Australia?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Australia?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Australia
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Australia
KEY DATA FINDINGS
Rising unit prices drive strong value growth of edible oils in Australia
Affordability takes centre stage as Australians remain impacted by economic pressures
Rising popularity of vegetable seed oils in Australia
Health benefits and rising prices to further fuel value growth over forecast period
Growing interest in avocado oil amongst local consumers
Sustainability to increase in importance
Meals and Soups in Australia
KEY DATA FINDINGS
Rising demand for meals and soups as consumers search for convenient but healthy meal solutions
Ready meals continues to expand with new Korean flavours
Packaging formats evolve to adapt to consumers’ changing lifestyles
Further growth opportunities as busy consumers rely on quick meal solutions
Soup players explore weight management and wellbeing claims
E-commerce offers further growth potential but not without challenges
Sauces, Dips and Condiments in Australia
KEY DATA FINDINGS
Home cooking drives retail growth of sauces, dips and condiments
Health-focused reformulations and innovation
Larger sizes of table sauces to meet the needs of budget-conscious Australians
Low growth predicted for category over the forecast period
Making cooking easier: Brands use packaging to empower home cooks with clear guidance
Flavour fusion to add interest and appeal to broader audience
Sweet Spreads in Australia
KEY DATA FINDINGS
Unit price growth drives value sales of sweet spreads in Australia
How health trends are the shaping development of sweet spreads
Packaging innovation within sweet spreads
Slow growth for sweet spreads
Honey to increasingly embrace functional food positioning
E-commerce growth driven by convenience, but allergen transparency challenges will persist
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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