Australia's Prepared Meals Market Set to Reach 800K Tons and $6.6 Billion by 2035

IndexBox has just published a new report: Australia - Prepared Dishes and Meals - Market Analysis, Forecast, Size, Trends And Insights.

Australia's prepared dishes and meals market saw consumption rise to 717K tons in 2024, with market value at $5.8B. Production reached 590K tons while imports totaled 215K tons and exports 88K tons. The market is forecast to grow to 800K tons and $6.6B by 2035, driven by increasing demand. Key import sources include Thailand, Japan, and Malaysia, while major export destinations are China, New Zealand, and Japan, with significant price variations between trading partners.

Key Findings

• Market forecast to reach 800K tons and $6.6B by 2035
• 2024 consumption hit 717K tons with revenue of $5.8B
• Production reached 590K tons while imports satisfied 30% of domestic demand
• Singapore, New Zealand and US are highest-value import partners
• China accounts for 50% of export value despite being second in volume

Market Forecast

Driven by increasing demand for prepared dishes and meals in Australia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 800K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $6.6B (in nominal wholesale prices) by the end of 2035.

Consumption

Australia's Consumption of Prepared Dishes and Meals

In 2024, the amount of prepared dishes and meals consumed in Australia rose notably to 717K tons, picking up by 7.3% compared with 2023 figures. The total consumption volume increased at an average annual rate of +2.8% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2023 with an increase of 9.7% against the previous year. Over the period under review, consumption attained the peak volume in 2024 and is expected to retain growth in years to come.

The revenue of the prepared dishes and meal market in Australia shrank slightly to $5.8B in 2024, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a prominent expansion from 2013 to 2024: its value increased at an average annual rate of +6.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +18.1% against 2022 indices. Over the period under review, the market reached the peak level at $5.8B in 2023, and then fell slightly in the following year.

Production

Australia's Production of Prepared Dishes and Meals

In 2024, prepared dishes and meal production in Australia rose sharply to 590K tons, surging by 6.6% against the year before. The total output volume increased at an average annual rate of +2.7% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2023 with an increase of 22% against the previous year. Over the period under review, production hit record highs in 2024 and is expected to retain growth in the near future.

In value terms, prepared dishes and meal production reduced modestly to $5B in 2024 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2013 to 2024: its value increased at an average annual rate of +7.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +45.0% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 37%. Over the period under review, production attained the peak level at $5.1B in 2023, and then reduced slightly in the following year.

Imports

Australia's Imports of Prepared Dishes and Meals

In 2024, supplies from abroad of prepared dishes and meals increased by 8.7% to 215K tons for the first time since 2020, thus ending a three-year declining trend. In general, total imports indicated moderate growth from 2013 to 2024: its volume increased at an average annual rate of +3.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -26.6% against 2020 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 34% against the previous year. Imports peaked at 293K tons in 2020; however, from 2021 to 2024, imports remained at a lower figure.

In value terms, prepared dishes and meal imports amounted to $1.6B in 2024. Over the period under review, total imports indicated a notable expansion from 2013 to 2024: its value increased at an average annual rate of +2.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -3.9% against 2022 indices. The growth pace was the most rapid in 2019 with an increase of 29%. Imports peaked at $1.7B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

Thailand (27K tons), Japan (24K tons) and Malaysia (18K tons) were the main suppliers of prepared dishes and meal imports to Australia, with a combined 32% share of total imports. China, New Zealand, India, Singapore, Taiwan (Chinese), Indonesia, the United States, the Netherlands and Denmark lagged somewhat behind, together comprising a further 45%.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +14.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($441M), New Zealand ($247M) and the United States ($137M) were the largest prepared dishes and meal suppliers to Australia, with a combined 52% share of total imports. China, Thailand, Malaysia, the Netherlands, Denmark, Indonesia, India, Japan and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 29%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +20.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average prepared dishes and meal import price amounted to $7,393 per ton, remaining relatively unchanged against the previous year. In general, the import price showed a mild decrease. The pace of growth appeared the most rapid in 2021 when the average import price increased by 43%. Over the period under review, average import prices reached the maximum at $8,374 per ton in 2013; however, from 2014 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Singapore ($40,745 per ton), while the price for Japan ($1,414 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports

Australia's Exports of Prepared Dishes and Meals

In 2024, shipments abroad of prepared dishes and meals increased by 6.1% to 88K tons, rising for the second consecutive year after five years of decline. Over the period under review, total exports indicated notable growth from 2013 to 2024: its volume increased at an average annual rate of +3.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +19.8% against 2022 indices. The pace of growth appeared the most rapid in 2015 with an increase of 32% against the previous year. Over the period under review, the exports reached the maximum at 130K tons in 2017; however, from 2018 to 2024, the exports remained at a lower figure.

In value terms, prepared dishes and meal exports dropped slightly to $798M in 2024. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2015 when exports increased by 89% against the previous year. Over the period under review, the exports reached the peak figure at $1.3B in 2017; however, from 2018 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

New Zealand (33K tons), China (24K tons) and Japan (5.5K tons) were the main destinations of prepared dishes and meal exports from Australia, together comprising 70% of total exports.

From 2013 to 2024, the biggest increases were recorded for China (with a CAGR of +25.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($395M) remains the key foreign market for prepared dishes and meals exports from Australia, comprising 50% of total exports. The second position in the ranking was taken by New Zealand ($126M), with a 16% share of total exports. It was followed by Thailand, with a 4.9% share.

From 2013 to 2024, the average annual rate of growth in terms of value to China totaled +32.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+4.8% per year) and Thailand (+24.7% per year).

Export Prices By Country

In 2024, the average prepared dishes and meal export price amounted to $9,067 per ton, declining by -10.2% against the previous year. Over the period under review, export price indicated a prominent increase from 2013 to 2024: its price increased at an average annual rate of +6.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, prepared dishes and meal export price increased by +6.4% against 2021 indices. The growth pace was the most rapid in 2015 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices hit record highs at $10,282 per ton in 2017; however, from 2018 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($19,503 per ton), while the average price for exports to Japan ($2,319 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.