Plant-based meat sector consumer expenditure forecast Australia FY 2020-2033

Consumer expenditure in the plant-based meat sector in Australia was measured at around 270 million Australian dollars in financial year 2023, marking an increase of around 87 million dollars from financial year 2020. By 2033, consumer expenditure in the sector is expected to exceed 1.6 billion Australian dollars in a moderate scenario.

Australia’s alternative proteins market

From soy- to pea-based products, the increased uptake of plant-based meat substitutes has been a notable trend in Australia over the past years. Between financial year 2020 and 2023, the country’s plant-based meat sales grew by around 13.8 percent, with growth primarily driven by rising demand for meat substitutes in Australia’s food service sector. Alongside this, the number of alternative proteins companies and plant-based meat products in the Australian market has risen, with New South Wales and Victoria home to the largest number of operating alternative proteins businesses, including leading plant-based meat manufacturers v2food and Harvest B.

Are Australian consumers embracing plant-based foods?

As of December 2023, around two percent of consumers in Australia reported following a vegan diet, with a further four percent identifying as vegetarian. While these percentages are relatively low compared to vegan diet adoption in other countries and territories worldwide, more Australians are incorporating dairy and meat substitutes into their diet, from oat milk to plant-based burger patties. According to a 2023 survey, around 37 percent of consumers in the Australia and New Zealand region drink plant-based milk substitutes at least monthly, with around 23 percent of those surveyed reporting consuming plant-based meat alternatives at least monthly.