2014-02-07 05:19:01 - Vegetable and Animal Oils and Fats in Australia: ISIC 1514 - a new market research report on companiesandmarkets.com
Throughout the review period of 2000-2010 the Australian market for oils and fats was still in its growth stage, expanding mainly due to the increasing popularity of healthy diets, which stimulated the use of more expensive oils.
Consequently the market increased by an average of 7% annually to reach A$2.7 billion by the end of 2010. Demand was not highly affected by the global economic downturn (year-on-year growth contracted to less than 1% only in 2009), mainly as oils and fats are considered a necessity, demand for which is almost income inelastic. However, together with declining disposable income, people choose to consume cheaper products, for example instead of olive oil purchased oil made from sunflowers seeds.
By the end of the review
period the largest buying group was households, accounting for 51% of total sales, increasing their expenditure by 76% since 2000. Business-to-business consumers together accounted for 49% of total sales by the end of the review period.
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