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Plant-Based Meat Industry Thrives in Australia Despite Economic Challenges

The latest State of the Industry (SOI) report, released by Australia's Food Frontier, sheds light on the flourishing trajectory of the plant-based meat industry in Australia. Amidst economic hurdles, the sector showcases resilience and growth, particularly in the foodservice domain.

Food Frontier State of The PB Industry

Source: Food Frontier

According to the report, spanning from 2020 to 2023, plant-based meat sales surged by an impressive 47%, paralleled by a substantial 28% increase in per-capita consumption. Dr. Simon Eassom, CEO of Food Frontier, says the sector's stability amidst global economic strains is a key observation, asserting Australia's out-performance in the face of local economic downturn.

The report underscores the economic significance of Australia's plant-based meat industry, projecting a promising outlook despite growth fluctuations inherent in nascent markets. Deloitte Access Economics insights, coupled with Food Frontier's industry data, reveal a compelling narrative of expansion. In 2023, total plant-based meat sales reached $272.5 million, with notable growth observed in foodservice, boasting a 59% compound average growth rate since 2020.

However, retail sales encountered a slight contraction, attributed to inflation and shifting consumer preferences. Simon Eassom added product dissatisfaction and pricing differentials contributed to subdued retail performance.

Plant-based generic image

Source: Public Domain

Remarkably, the report highlights a narrowing price gap between plant-based and conventional meats, fostering greater accessibility for consumers. This convergence, from a 49% disparity in 2020 to 33% in 2023, signals a pivotal shift in market dynamics.

Looking ahead, Deloitte Access Economics anticipates a market size of $1.65 billion by 2033, prompting discussions on sector strategies amidst evolving consumer landscapes. Taste, texture and general appearance have also emerged as governing factors for consumer uptake.

Simon Eassom anticipates a paradigm shift in consumer behavior, driven by heightened awareness of food systems' environmental impact. As Australia embraces sustainable dietary choices, the plant-based meat industry is poised for continued growth, spearheading innovation and sustainability in the culinary landscape. This bodes well for the sector at large.

To download the entire report CLICK HERE



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