Plant-based boom and changing consumer demands

Changing consumer habits with a rise in consumers choosing local, organic, and plant-based food products to reduce their environmental footprint, as well as health, social justice, and animal welfare concerns

A study by Food Frontier found the reasons Australians are increasingly opting for plant-based alternatives are, in order:

1. Health
2. Environment
3. Animal welfare
4. Cost
5. Variety of plant-based options available

Globally, the plant-based food industry is expected to reach a total value of US$162 billion by 2030. Australia’s plant-based meat sector alone is expected to grow to almost $3 billion in consumer expenditure by 2030. According to the Australian Bureau of Statistics, the amount of dairy and meat substitutes purchased from Australian supermarkets increased by another 14 per cent in 2020–21, on top of the 14 per cent increase observed during 2018–19 and 2019–20.

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Fast facts:

A growing appetite for plant-based alternatives

The rise of plant-based alternatives is encouraging changing consumer demands, and in turn changing consumer demands are encouraging the advancement of plant-based alternatives. This has resulted in significant change to Australian diets and rapid growth in the meat and dairy substitute markets.

• In 2021, the meat substitute market in Australia generated a revenue of AU$64 million. The Statista Consumer Market Outlook estimates that by 2026 the meat substitute market will create a revenue of around AU$98 million.
• In Australia, 42 per cent of people are eating less meat or none at all in 2019. Among them 10 percent of the people identified themselves as vegan or vegetarian, 12 percent as meat reducer, and 20 percent as flexitarian.
• In 2021, the revenue from milk substitutes in Australia increased by almost AU$30 million to AU$327 million dollars. The Statista Consumer market Outlook estimates that the revenue of the market will continue to increase and by 2026, the Australian milk substitute market will generate a revenue of around AU$550 million.