BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Australia plant-based meat market size at USD 98.26 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Australia plant-based meat market size to grow at a robust CAGR of 14.08% reaching a value of USD 247.09 million by 2029. Shifting consumer preferences toward healthier and more sustainable food options is a major factor driving the expansion of the Australia plant-based meat sector. Demand for plant-based meat is being driven by increased knowledge of environmental concerns, animal welfare, and the health benefits of plant-based diets. Plant-based alternatives are expanding at major food outlets and restaurants, while startups are entering the market with novel products. Collaborations between traditional meat producers and plant-based producers are also becoming more common. Food science developments are boosting the flavor and texture of plant-based meats, making them more appealing to a wider audience. Overall, Australia’s plant-based meat market is undergoing a quick and promising evolution.
Australia Plant-based Meat Market – Overview
Plant-based meat, commonly referred to as vegan or meatless meat, is a type of meal that uses nutrients produced from plants to mimic the flavor, texture, and appearance of traditional animal-based meat. These goods are often processed to replicate the mouthfeel and flavor of real meat and are made from ingredients like soy, peas, mushrooms, or wheat. Numerous factors have contributed to the rise in the popularity of plant-based meats, such as growing consumer interest in ethical and sustainable food options, worries about the environmental effects of traditional animal farming, and a rise in the popularity of flexitarian and vegetarian diets. For anyone looking for more sustainable and animal-free protein alternatives, they provide an alternative.
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 – By Type
By type, Australia plant-based meat market is bifurcated 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 is fiercely competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Australia plant-based meat market.
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