Australia’s plant-based protein sector is could be contributing $3 billion to the national economy by 2030, new modelling by Deloitte Access Economics says.
The Meat The Alternative: Australia’s $3 Billion Opportunity report, commissioned by alternative proteins think tank Food Frontier, was launched at the inaugural Global Table food conference in Melbourne on Wedensday. It is the first of its kind report that quantifies the potential impact the sector could have.
In Australia, plant-based proteins domestic economic value currently stands at $30 million, with $150 million in consumer expenditure and supporting 265 jobs.
By 2030 it is projected to grow to between $398 million and almost $3 billion a year in economic value and between $1.4 billion and $4.6 billion in consumer expenditure, a range reflecting potential conservative, moderate and strong growth scenarios.
Under the moderate scenario, on which Food Frontier has based its recommendations, the sector will generate $1.1 billion in economic value, almost $3 billion in consumer expenditure, and employ more than 6,000 full-time employees.
Food Frontier CEO Thomas King told delegates, “This research demonstrates overwhelmingly strong growth prospects for Australia’s plant-based meat sector over the next decade.
“Put simply, we’re facing a multi-billion-dollar opportunity for Australia to become a global plant-protein powerhouse.”
According to the report, Australian farmers have a potentially lucrative opportunity to grow crops for the plant-based meat supply chain and secure market share from imported products, demonstrating how the emerging sector complements Australian agriculture.
Victoria stands to gain 31 per cent of predicted manufacturing and jobs, New South Wales 29 per cent , and Queensland 22 per cent. South Australia, Western Australia and Tasmania are set to gain eight, seven and three per cent respectively.
Further to the Deloitte findings, market research for Food Frontier by Colmar Brunton reveals that two-thirds (67 per cent) of Australians have not yet tried plant-based meat products, highlighting the huge opportunity for category expansion.
Separately, The Alternative Meat Company's co-founder Cameron Prowse will talk about the bold steps his company has taken to grow its business in the plant-based protein market at the upcoming Food & Drink Business + PKN Brands Behaving Bravely LIVE breakfast forum, on 11 October in Melbourne.