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Innovation

Meal kit industry will thrive in 2030, Westpac says

The meal kit industry has been identified among a wave of innovators driving transition and reshaping the future of food in Australia, through its efforts to reduce food wastage.

A report released by Westpac on Wednesday, identified a new breed of businesses transforming traditional industries working towards a “clean and connected Australia”.

One company continuing to capitalise on the popularity of meal kits in Australia is Marley Spoon.

Westpac highlighted the German-based company, which has experienced consistent growth since it entered the Sydney market in 2015, and has recently expanded the business into Queensland, Victoria and the ACT. Further regional expansion is also in the pipeline as the company’s supply chain develops.

“Most customers rate the convenience of actually knowing what they will be cooking next week, ” said Rolf Weber, co-founder and managing director of Marley Spoon Australia.

Marley Spoon Australia currently represents 35 per cent of the company’s total revenues. In March 2018, the company introduced Dinnerly, a more affordable meal kit option, to the Australian market.

The meal kit company’s supply chain is demand-driven, meaning it only orders as much food as it needs to fulfil orders. As a result, there is little to no food wastage for the business or its customers.

Fresh food wastage in the grocery sector can be as high as 40 per cent, but Marley Spoon targets internal food waste of less than 1 per cent.

The report concluded that while the transformation to a clean and connected economy in Australia is still in its early days, there is a multitude of positive indicators for the future.

“Change and transformation can be confronting, but it is an exciting development which we are dedicated to supporting,” Westpac’s national head of emerging industries Reeta Dhar said.

“Although it is a while away, and hurdles remain, there is still time for every part of the economy to not only adapt but participate in the opportunities that this will open up. All of us have a role to play in nurturing those businesses and industries that will fuel Australia’s future prosperity and Westpac is committed to playing its role to help emerging businesses meet their full potential.”

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