As curtains fall for Masterchef Australia this season, a renaissance has begun in other quarters of business, says a report by IBISWorld.
The program brought a feast of ratings victories for Channel 10, culminating in its record breaking episode last night. However, the real boon may be dished up over the next 12 months for the broader food industry.
Restaurants
The success of the hit program could prove just an appetiser for several food related industries, making contestants like Adam and Claire more confident in their dreams of opening their own restaurants.
The report predicts that as a result of the popularity of the show, Australians will be eating out more next year and spending at least $10.2 billion in Australia’s 15,000 cafes and restaurants next year.
“The cafe and restaurant industry is one of Australia’s most competitive, with more than half of new businesses closing inside three years. However, the days of the country’s eateries stomaching a slow economy are over, with IBISWorld forecasting the industry will grow by 3.8% in 2010-2011 and 22% over the next five years, numbers that compare very favourably to 1.7% growth in 2009-2010 and 14.5% over the past five years,” said IBISWorld General Manager (Australia) Mr Robert Bryant in a media statement.
Food magazines
It’s even more likely that you’ll see contestants like Marion Grasby not just in the kitchen but also in print. Marion recently signed an exclusive deal with Masterchef magazine. The title has experienced rising sales, three months in a row.
A classic case of the phoenix rising from the ashes (or the soufflé coming out on top), as the appetite in the food industry grows so have food related publications. The show has managed to bring life to this otherwise struggling industry.
“The extraordinary success of the Masterchef Magazine – its first two issues sold out and its third is selling like hotcakes – demonstrates Australia‘s appetite for food publications,” said Mr Bryant.
“Cookbooks are becoming one of the strongest performing segments in what has been a struggling industry, with IBISWorld forecasting cookbook sales of $200 million in 2010-2011, a rise of 13%.”
Domestic catering
Domestic catering, which the competition’s fifth placed contestant Courtney Roulston calls her speciality, is also a big winner as the report predicts growth of 3.5% in the current year and growth by over 20.7% in the next five years.
“Australia’s caterers and food services contractors have experienced lean times recently with their industry shrinking by 2.1% in 2008-2009 and 1.1% in 2009-2010 mainly due to the global financial crisis eating into the budgets of everyday people and corporates of all sizes. However, IBISWorld forecasts renewed growth of 3.5% in 2010-2011 and 20.7% over the next five years,” said Mr Bryant.
Gourmet foods
And what will they be cooking? Gourmet foods have caught the eye of many consumers. As supermarkets like Coles have reported, the ingredients of recipes popular in the show have consistently leapt from the shelves, forcing the retailers to rethink their stocking strategies to cater for this surge in demand.
“Coles has reported huge spikes of up to 1,400% on unusual ingredients after they have featured in a Masterchef recipe. IBISWorld forecasts Australia’s gourmet foods industry will be worth $5.5 billion by 2014-2015, which is 60.8% more than it is worth today,” said Mr Bryant.
Most popular are ingredients and spices to make Thai inspired sauces popularised by Marion on the show.
Kitchen makeovers
While more people are running to the kitchen to whip up a meal, others are running to the store to purchase new cooking accessories and equipment. Retailers of kitchenware are likely to feel the heat (in a good way), as analysts predict a 54% growth in this industry in the next five years right, following an industry slump that saw kitchenware retailers take a beating, in terms of sales, in previous years.
