The plant-based meat industry has exploded over the past few years. In 2017, less than five businesses operated out of Australia and New Zealand; now we have more than 30 brands. There has also been a three-fold increase in the number of products available in Australia, having peaked at about 350 in early 2023. Australian and New Zealand brands currently make up two-thirds of products in Australia—up from less than half in 2019—with international trail-blazers still holding their own (e.g., Beyond Meat, Impossible Foods, Fry Family Food).
According to data from Food Frontier, the types of products are shifting too. Consumers seek convenience, which has led to the development of schnitzels, nuggets, mince, meatballs, deli slices, and finger foods. Interest in products that can be incorporated into a variety of dishes has inspired versatile, functional formats like beef-style strips and chunks, and whole cut style.
Clearly, the Australian plant-based meat market is still evolving. Early adopters of plant-based meats were flexitarians, who sought healthier alternatives to conventional protein sources (e.g., sausages and burgers). This category is now dominated by a few strong brands. Other formats, however, that can be incorporated into a wider range of dishes, are gaining favour. As a result, manufacturers continue to innovate and adapt to consumer preferences.
CSIRO estimates that Australia's market will reach $6 billion by 2030. Food Frontier will release its third "state of the industry" report in mid-2024, which will provide insight into the value of the industry and current projections.
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