Australians are continuing to transition to plant-based meat products, with consumer demand jumping exponentially during 2020 according to a report by think tank Food Frontier.
Retail sales in the sector jumped 46 per cent in the year to June 2020, while manufacturing revenue almost doubled to $70 million – driven by the fact national grocery retailers doubled the number of these products on display.
The transition is primarily being driven by health concerns, the report said, with a third of Australians surveyed in a recent study stating they are limiting their meat consumption.
And, according to modelling from Deloitte Access Economics, consumer sales in the plant-based meat sector will hit $3 billion by 2030, up from the $185 million seen during FY20.
“Australia’s plant-based meat companies are eyeing export opportunities and will be watching trends overseas closely, while some, including Fable Food Co, Fenn Foods and v2food, have already launched into Singapore, Japan, Korea, and other Asian markets,” said Food Frontier chief executive Thomas King.
“Australia has the agricultural capacity, commercial appetite and research know-how to become an international leader in new protein industries including plant-based meat. To not make the early investments necessary to leverage these unique strengths would be a missed opportunity.”