Meat Substitutes - Australia

Australia

Revenue in the Meat Substitutes market amounts to US$76.26m in 2024. The market is expected to grow annually by 8.94% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$2,371m in 2024).
In relation to total population figures, per person revenues of US$2.86 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 5.56m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 6.9% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions: Spain, Russia, United Kingdom, South Korea, India

Market

Region

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Analyst Opinion

The Meat Substitutes Market in Australia is experiencing subdued growth, impacted by factors such as consumer preference for traditional meat products and limited availability of plant-based options. Despite this, the market is steadily growing due to the increasing trend of plant-based diets and health consciousness among consumers. Online shopping convenience has also contributed to the market's growth.

Customer preferences: As the demand for sustainable and plant-based diets continues to rise, the Meat Substitutes Market in Australia is witnessing a surge in demand for alternative protein sources. This trend is driven by a growing awareness of the environmental impact of meat production and a shift towards healthier and more environmentally friendly diets. Additionally, a rise in vegan and vegetarian lifestyles, as well as an increasing focus on health and wellness, are also contributing to the growth of the Meat Substitutes Market.

Trends in the market: In Australia, the Meat Substitutes Market is experiencing a surge in demand, driven by the increasing popularity of plant-based diets and rising concerns about the environmental impact of meat production. This trend is expected to continue, with a growing number of consumers opting for meat alternatives as a healthier and more sustainable option. Industry players are responding by introducing innovative products and expanding their distribution channels to cater to this growing demand. This shift towards plant-based diets also presents opportunities for collaboration and partnerships between traditional meat companies and plant-based protein producers. Furthermore, the rise of social media and influencer marketing is also playing a significant role in promoting meat substitutes and driving consumer awareness and adoption.

Local special circumstances: In Australia, the Meat Substitutes Market of the Meat Market within The Food market is influenced by the country's strong preference for plant-based diets and sustainability practices. The market is also shaped by stringent regulations on animal welfare and environmental impact. Additionally, the country's vast natural resources and diverse agricultural landscape provide a unique range of locally sourced ingredients for meat substitutes, catering to the growing demand for healthy and ethical food options.

Underlying macroeconomic factors: The growth of the Meat Substitutes Market within The Food market in Australia is influenced by various macroeconomic factors. Australia's strong economic health and stable fiscal policies have created a favorable environment for market growth. Additionally, the increasing trend towards plant-based diets and the rise of health-conscious consumers have driven the demand for meat substitutes. Moreover, the government's initiatives and investments in sustainable and environmentally friendly food production have also contributed to the growth of the market. Furthermore, the growing awareness about the negative impact of traditional meat production on the environment and animal welfare has also influenced the market, leading to a shift towards plant-based alternatives.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.