Australia Plant Protein Market Insights Forecasts to 2033

• The Australia Plant Protein Market Size was valued at USD 125.51 Million in 2023.
• The Market Size is Growing at a CAGR of 4.50% from 2023 to 2033.
• The Australia Plant Protein Market Size is Expected to Reach USD 195.00 Million by 2033

The Australia Plant Protein Market is Anticipated to Reach USD 195.00 million by 2033, growing at a CAGR of 4.50% from 2023 to 2033.

Market Overview

Extracting plant-based protein from other plant foodstuff such as vegetables, beans, seeds, nuts, and whole grains requires a lot of time. This ingredient is quite rich in protein, vitamins, minerals, and dietary fiber. Plant protein is rapidly gaining preference with the slow replacement of animal-based proteins and food products in Australia because it gained popularity due to health complications that result from the consumption of large amounts of meat. The culture of a vegetarian diet is gradually penetrating Australia fast; however, with the increase of vegetarian, vegetarian, and convenient lifestyles, the demand for plant protein is on the rise. The market for plant-based protein is driven by several factors such as consumer interest in health-conscious food and beverage products, adoption of vegan trends, an increase in the cases of lactose intolerance, increased consumption of alternative meat products, and very significant innovation in alternate food solution technology.

Report Coverage

This research report categorizes the market for the Australia plant protein market 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 protein 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 protein market.

Driving Factors

Consumers are also more conscious of the benefits of plant-based proteins and are gradually losing interest in animal proteins. Healthy customers and youths, among others, demand protein-rich products with clean labels. Consumers are also changing their tastes for better eating options that have been driving the growth of the plant-based protein industry. Demanding organic and plant-based protein items is becoming on the increase with the reported health benefits, most notably digestive health, and help in avoiding obesity and chronic diseases. The plant-based protein market has the promising prospect of being driven shortly by an increasing population of vegans and flexitarians. As health consciousness increases among customers, most food items beef patties and sausages- are being replaced with plant-based or plant-infused substitutes, which is going to fuel the demand for the plant-based protein market.

Restraining Factors

A plant protein is very healthy; however, it leaves nutritional sufficiency questions when all animal products are completely abolished. While much of the protein from plant sources is available in foods such as legumes, beans, chickpeas, nuts, seeds, soy products, and whole grains, a vegan diet may often lack key nutrients that many animal product consumers take for granted. Getting the protein you need from a plant-based diet is certainly not difficult, however, a lack of animal products means you may find deficiencies in vitamin B12, omega-3 fatty acids, iron, and creatinine. In addition, plant-derived proteins are very costly compared to animal-derived proteins.

Market Segmentation

The Australia plant protein market share is classified into type, form, and source process.

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

The Australia plant protein market is segmented by mode into soy proteins, wheat proteins, pea proteins, canola proteins, potato proteins, rice proteins, corn proteins, and others. Among these, the soy protein segment is expected to hold the largest market share through the forecast period. The segment has a huge market share mainly because of easy availability, low price of soy protein as compared to other protein sources, growing demand for animal protein substitutes, diverse applications of product variety, due to increased consumer awareness, and several health benefits.

• The solid segment is expected to dominate the Australia plant protein market during the forecast period.       

Based on the form, the Australia plant protein market is divided into solid and liquid. Among these, the solid and liquid segment is expected to dominate the Australia plant protein market during the forecast period. This segment shares a huge market share with high demand for plant proteins. The factor due to which this segment holds its large market share is because it offers several benefits such as easy handling and transportation, low cost, and low error rate chemical and material complexity.

• The conventional plant-based protein segment is expected to hold the largest market share through the forecast period.

The Australia plant protein market is segmented by source process into conventional plant-based protein and organic plant-based protein. Among these, the conventional plant-based protein segment is expected to hold the largest market share through the forecast period. Traditional plant-based proteins are derived from natural sources and are less processed to remain well-nourished. Some of the more effective sources include legumes, nuts and seeds, soy products, whole grains, and vegetables. These plant-based natural proteins have been employed in the majority of diets and dishes, hence a healthy replacement for animal proteins.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia plant protein 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

• International Flavors & Fragrances Inc.
• Kerry Group plc
• Archer-Daniels-Midland Company
• Incorporated Marsh & McLennan Companies
• Bunge Limited and Cargill
• Others

Key Target Audience

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

Market Segment

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

Australia Plant Protein Market, By Type

• Soy Proteins
• Wheat Proteins
• Pea Proteins
• Canola Proteins
• Potato Proteins
• Rice Proteins
• Corn Proteins
• Others

Australia Plant Protein Market, By Form

• Solid
• Liquid

Australia Plant Protein Market, By Source Process

• Conventional Plant Protein
• Organic Plant Protein