Sales of plant-based alt-meat surged 47 per cent between 2020 and last year, while on a per-capita basis, consumption soared 28 per cent.
Citing insights and industry data from Deloitte Access Economics, industry body Food Frontier said in a report that the nation’s plant-based alt-meat sales reached $272.5 million last year.
Foodservice accounted for al of the growth, with wholesale sales surging at a compound average growth rate of 59 per cent since 2020.
However, reta il sales slipped by 1 per cent since 2020.
“The category has been affected by lower retail sales, attributed to inflation and the increased cost of living, which has impacted all food products perceived as either premium or discretionary,” said Simon Eassom, CEO at Food Frontier.
“Some products were not meeting consumer expectations around taste, and the higher price point compared to conventional counterparts has reduced repeat purchases, leading to a revised forecast value.”
Food Frontier noted that the average price premium for plant-based meats has declined from 49 per cent in 2020, to 33 per cent last year.
Alejandro Cancino, The Aussie Plant Based Co CEO and co-founder said quick-service restaurants represent the greatest growth opportunity for plant-based alt-meats.
“As advancements in plant-based alt-meat production continue, efficiency will improve, eventually rivalling the lean production processes of conventional animal meat,” said Cancino.
“This will see it eventually scale to compete in the mass market food industry where manufacturers operate on a volume driven tight margin business model.”
