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Forecasts show the domestic production volume in Australia's plant-based meat sector could increase to over * tons by 2033 in a moderate scenario. In 2023, the plant-based meat sector in Australia recorded a local production volume of around tons.

Economic impact of Australia's plant-based meat sector

Besides its intended benefits like sustainable living and ethical consumption, the plant-based meat sector in Australia also contributes considerably to the country’s economy. Concretely, Australia's plant-based meat sector added an economic value of around **** million Australian dollars in 2023, with forecasts projected to reach about *** million dollars of added value by 2033. The growth within the sector varies widely depending on the sales channel. To illustrate, the compound average growth rate (CAGR) of plant-based meat sales in Australia was almost ** percent for food services and about minus *** percent for the retail sales channel between 2020 and 2023. Despite large growth potential in the sector, economically speaking, some consumers are less incentivized to buy plant-based alternatives since many such products carry a higher price tag.

Do Australians have an appetite for plant-based meat?

According to a 2024 survey conducted in Australia, the leading barriers to consumption of plant-based meat alternatives were poor taste, expensiveness, and being overly processed, among others. On the other hand, regarding the main motivators for purchasing plant-based meat alternatives, over ** percent of the respondents cited health benefits and avoidance of animal meat consumption. The third most cited reason, paradoxically, was enjoying the taste of such products. As of July 2024, the most popular plant-based meat alternative products in Australia were hamburger substitutes and plant-based ground beef or meatballs, with about ** percent and ** percent of the consumers having tried these products, respectively.