Report Overview

Increasing environmental awareness, growing health consciousness, rising demand for sustainable and cruelty-free food options, and innovative product offerings by manufacturers, catering to a broader consumer base seeking plant-based alternatives are propelling the growth of Australia Plant-based Meat Market during the forecast period between 2023 and 2029.

Australia Plant-based Meat Market – Industry Trends & Forecast Report, 2029

Australia plant-based meat market size was estimated at USD 98.26 million in 2022. During the forecast period between 2023 and 2029, the size of Australia plant-based meat market is projected to grow at a CAGR of 14.08% reaching a value of USD 247.09 million by 2029. Major factor driving the growth of the Australia plant-based meat market is shifting consumer preferences towards healthier and sustainable food options. Increased awareness of environmental concerns, animal welfare, and health benefits of plant-based diets is driving demand. Major food retailers and restaurants are expanding their plant-based offerings, while startups are entering the market with innovative products. Collaborations between traditional meat companies and plant-based producers are also on the rise. Technological advancements in food science are improving the taste and texture of plant-based meats, making them more appealing to a broader audience. Overall, the plant-based meat sector in Australia is experiencing a rapid and promising evolution.

Australia Plant-based Meat Market - Overview

Plant-based meat, also known as vegan or meatless meat, is a food product designed to replicate the taste, texture, and appearance of conventional animal-based meat using plant-derived ingredients. These products are typically made from sources such as soy, peas, mushrooms, or wheat, and are processed to mimic the mouthfeel and flavor of real meat. Plant-based meats have gained popularity due to various factors, including increasing consumer interest in sustainable and ethical food choices, concerns about the environmental impact of traditional livestock agriculture, and a growing trend of flexitarian and vegetarian diets. They offer an alternative for individuals seeking more sustainable and cruelty-free protein options.

Growth Drivers

Rising Health Consciousness and Sustainability

The growth of Australia's plant-based meat market is primarily fueled by a surge in health-conscious consumers seeking alternatives to traditional meat products. As people become more aware of the environmental impact of animal agriculture, the demand for sustainable and cruelty-free food options has escalated. Also, advancements in food technology have led to improved taste, texture, and variety of plant-based meat products, attracting a broader consumer base. Government support for sustainable agriculture and the expansion of vegan and vegetarian lifestyles further contribute to the booming industry, making plant-based meat a significant driver of change in the Australian food landscape.

Restraints

Limited Consumer Awareness

The plant-based meat industry in Australia faces several challenges hindering its growth. Limited consumer awareness, low acceptance of plant-based alternatives, entrenched meat-eating culture, and the perception of plant-based products as inferior in taste and texture are significant barriers for the growth of Australia plant-based meat market. Additionally, the high cost of production, sourcing quality plant-based ingredients, and competition from established meat producers pose challenges. Moreover, the lack of supportive policies and infrastructure, along with potential supply chain issues, present further restraints for the widespread adoption of plant-based meat products in the Australian market.

Impact of COVID-19 on Australia Plant-based Meat Market

The COVID-19 pandemic significantly impacted Australia's plant-based meat sector. As consumers became more health-conscious and concerned about food safety, the demand for sustainable and plant-based alternatives surged. Lockdowns and supply chain disruptions led to increased interest in plant-based products, with consumers seeking nutritious, shelf-stable options. However, food service closures and economic uncertainties initially hindered growth. Despite challenges, the plant-based meat industry adapted with innovative marketing and online retail strategies, eventually experiencing a notable rebound. This shift in consumer preferences and adaptability within the industry is expected to fuel long-term growth in the post-pandemic era.

Australia Plant-based Meat Market

Segmental Coverage

Australia Plant-based Meat Market – By Source

Based on source, Australia plant-based meat market is divided into Soy, Pea, and Wheat segments. These three segments constitute the main categories of plant-based meats available in the market. Each segment caters to different consumer preferences and dietary needs, driving the overall growth of the industry. With the rising demand for plant-based protein alternatives, these segments play a crucial role in shaping the landscape of the Australian plant-based meat market and are likely to continue expanding as more people embrace plant-based diets and sustainable food choices.

Australia Plant-based Meat Market – By Product Type

By product type, Australia plant-based meat market is categorized into Burger Patties, Sausages, Strips & Nuggets, and Meatballs segments. The burger patties segment is the largest product type in the Australia plant-based meat market. The market is further divided into several segments, including sausages, strips & nuggets, and meatballs. However, the burger patties segment stands out as the most significant, indicating a strong demand for plant-based alternatives to traditional meat in the form of burger patties. This growing popularity is driven by the increasing awareness of health and environmental concerns, as consumers seek sustainable and healthier options while still enjoying familiar and delicious food choices.  

Australia Plant-based Meat Market – By Type

Based on type, Australia plant-based meat market is divided into Beef, Chicken, Pork, and Fish segments. These segments represent the primary categories of plant-based meat products offered in the market. Each segment caters to different consumer preferences and dietary choices, providing a wide range of options for those seeking alternatives to traditional animal-based meats. As the plant-based movement continues to gain momentum, the demand for these segments is likely to grow, shaping the future of the Australian meat industry and fostering a more sustainable and environmentally friendly approach to food consumption.

Australia Plant-based Meat Market – By End Use

On the basis of end use, Australia plant-based meat market is divided into Retail, Foodservice, and Industrial segments. The retail segment stands out as the most significant in terms of size and market share. The segment caters to consumers purchasing plant-based meat products for personal consumption through grocery stores, supermarkets, and online platforms. The rising demand for healthier and sustainable food options has led to substantial growth in the retail market, making it the dominant player in the plant-based meat industry in Australia.

Competitive Landscape

Major players in the Australia plant-based meat market include The Fry Family Food Co., v2food, Fable Food Co., Suzy Spoon's Vegetarian Butcher, The Alternative Meat Co., Beyond Meat, Rebel Meat, Hungry Planet, Deliciou, and Soulfresh. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Source

• • Soy

  • Pea

  • Wheat

By Product Type

• • Burger Patties

  • Sausages

  • Strips & Nuggets

  • Meatballs

By Type

• • Beef

  • Chicken

  • Pork

  • Fish

By End Use

• • Retail

  • Foodservice

  • Industrial