Food Frontier’s 2020 State of the Industry report demonstrates exponential growth for the Australian plant-based meat industry from 2019-2020, as consumer demand for meat alternatives continued to rise and the Australian sector evolved.
New data by Deloitte Access Economics (DAE) tracking the plant-based meat sector over FY20 revealed that the domestic industry – which grew from 10 to 19 brands over the financial year – more than doubled in jobs (106 percent growth) and nearly doubled its manufacturing revenue (from $35.2 million to nearly $69.9 million).
With increasing consumer demand for meat alternatives being driven foremost by health concerns, the report notes that grocery retail sales of plant-based meat surged 46 percent in FY20. 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% of plant-based meat products in major retailers.
Investment activity amongst international meat and FMCG giants, governments and savvy venture capitalists reflected the opportunity for the Australian industry, with the report finding that global investment in plant-based meats topped US$1.5 billion in 2020.
The report also tracked the Australian plant-based meat industry’s growth trajectory against the scenarios modelled by DAE for Food Frontier’s 2019 State of the Industry report, which projected consumer sales in Australia’s plant-based meat sector could hit $3 billion annually by 2030, as well as create over 6,000 new jobs.
Food Frontier CEO Thomas King says that more support is needed to ensure Australia makes the most of this opportunity. “Governments at all levels need to support investment in R&D and infrastructure for the burgeoning industry, as well as evidenced-based regulation to ensure a level playing field for new players in the market,” said King. “With the right political will, Australia can build a multi-billion-dollar plant-based meat industry, enabling our businesses and farmers to capitalise on fast-growing global demand for alternative proteins.”
Download a free copy of 2020 State of the Industry: Australia’s Plant-Based Meat Sector at www.foodfrontier.org/resource/2020-state-of-the-industry/
READ MORE in our press release on today’s news.