Australia Plant-Based Meat Market Insights Forecasts to 2033

• The Australia Plant-Based Meat Market Size was valued at USD 113.79 Million in 2023.
• The Market Size is Growing at a CAGR of 14.56% from 2023 to 2033
• The Australia Plant-Based Meat Market Size is Expected to Reach USD 442.96 Million by 2033

The Australia Plant-Based Meat Market Size is Anticipated to Reach USD 442.96 Million by 2033, Growing at a CAGR of 14.56% from 2023 to 2033

Market Overview

Plant-based meats are structural plant-derived products that are promoted as alternatives to animal meat and are meant to replace directly animal meat, including poultry and seafood. Such food products are called plant-based meats, which replicate the taste, texture, and appearance of any traditional meat coming from animals. However, these products are made from ingredients coming from plants. Concerns about the environmental effects of traditional animal agriculture, growing flexible meals and vegetarian diets, and growing consumer interest in ethical and sustainable food options are some of the reasons why plant-based meats have become more and more popular. Growing health and environmental consciousness, the desire for cruelty-free and sustainable food options, and manufacturers' creative product offerings that appeal to a wider range of consumers looking for plant-based substitutes are all driving the expansion of the Australian plant-based meat market.

Report Coverage

This research report categorizes the market for Australia plant-based meat based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia plant-based meat market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia plant-based meat market.

Driving Factors

Australian governments encourage people to use plant-based meat alternatives because of the health benefits and environmental issues associated with animal-based meat. Furthermore, government officials actively support plant-based meat research and product development efforts. Growth in health-conscious consumers looking for alternatives to traditional meat is the main driver behind the expansion of Australia’s plant-based meat market. Cruelty-free and sustainable food demand has increased as people become more aware of the environmental impact of animal agriculture. Another fact that has attracted a broader customer base is improvements in taste, texture, and varieties of plant-based meat products owing to the breakthrough in food technology.

Restraining Factors

A lack of awareness and acceptance by consumers, a strong meat-eating culture, and a low perception of taste are some of the barriers to the expansion of plant-based meat market in Australia. High production costs, difficulty in obtaining raw materials, and competition from traditional meat producers are other obstacles. Potential supply problems further constrain the growth of plant-based meat in Australia.

Market Segmentation

The Australia plant-based meat market share is classified into source and product.

• The soy segment is expected to hold the largest market share through the forecast period.

The Australia plant-based meat market is segmented by source into soy, pea, and wheat. The soy segment is expected to hold the largest market share through the forecast period. The dominance can be attributed to a complete protein profile made from soybeans which contain all the essential amino acids for human nutrition. In addition, soy-based products can also be made in a variety of flavors and textures, making them suitable for use as a meat substitute in burgers, sausages, nuggets, and steaks.

• The burger patties segment is expected to dominate the Australia plant-based meat market during the forecast period.       

Based on the product, the Australia plant-based meat market is divided into burger patties, sausages, strips & nuggets, and meatballs. Among these, the burger patties segment is expected to dominate the Australia plant-based meat market during the forecast period. The dominance can be attributed to consumers’ growing awareness of environmental and health issues, as they seek sustainable and healthy solutions, while still engaging with foods that are comforting and pleasant. Furthermore, burger’s patties are the most important ingredient, indicating a high demand for plant-based alternatives to traditional meat.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia plant-based meat market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• The Fry Family Food Co.
• v2food
• Fable Food Co.
• Suzy Spoon's Vegetarian Butcher
• The Alternative Meat Co.
• Beyond Meat
• Rebel Meat
• Hungry Planet
• Deliciou
• Soulfresh 
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2024, Australia’s vEEF Launched Carbon-Neutral Plant-Based Meat Range at Price Parity with Animal Meat. The vEEF brand was previously operated by Fenn Foods, which became Australia’s first certified carbon-neutral plant-based food company in April 2023.

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia plant-based meat market based on the below-mentioned segments:

Australia Plant-Based Meat Market, By Source

• Soy
• Pea
• Wheat 

Australia Plant-Based Meat Market, By Product

• Burger Patties
• Sausages
• Strips & Nuggets
• Meatballs