Demand for plant-based ‘alt-meat’ products continues to grow across Australia.
According to Food Frontier report ‘2020 State of the Industry: Australia’s Plant-Based Meat Sector’ (March 2021), national retail sales in the sector rose by 46 per cent in the year to June 2020.
Revenue flowing to manufacturers of plant-based meat substitute products near-doubled over the same period to reach $70 million.
The leap in retail sales was fuelled by greater visibility, with grocery retailers nationally doubling the number of plant-based meat-substitute products on display in FY2019-20, notes the report.
New domestic entrants in the plant-based ‘alt-meat’ space
‘Exponential growth for Australia’s plant-based meat sector [was] driven by increasing consumer interest and new commercial entrants,’ notes Food Frontier. ‘Even amidst the significant impacts of COVID-19, the Australian sector doubled its jobs, manufacturing revenue and number of products on shelves from 2019-2020.’
Deloitte Access Economics (DAE), which tracked the plant-based meat sector over the FY2019-20 period, f0und that the domestic industry grew from 10 to 19 brands in that time. Jobs growth in the sector rose by 106 per cent over FY2019-20, while manufacturing revenue grew from $35.2 million to nearly $69.9 million.
In the same period, Australian retailers expanded their product ranges, doubling the number of plant-based meat products on supermarket shelves to more than 200. Domestic brands now make up 42 per cent of plant-based meat-substitute products on the shelves of major domestic retailers, the report found.
Food Frontier noted that the principal reason for growth in consumer demand for meat alternatives was health concerns.
More broadly, the ‘2020 State of the Industry’ report explores how Australian business, the agriculture sector and government can benefit from the likely healthy growth in this emerging industry, projected to reach $3 billion by 2030.
Access the report
Download the full 2020 State of the Industry: Australia’s Plant-based Meat Industry’ report from Food Frontier.
Further reading
Check out this recent article on the alternative protein boom.
Source
New report: Big growth for the Australian plant-based meat industry I Food Frontier