The plant-based meat sector is set to expand massively in Australia, creating substantial growth for crop farmers according to a new report by Food Frontier titled ‘Meat the alternative: Australia’s $3 billion opportunity’, which finds that plant-based industry will generate $3 billion for the Australian economy by 2030.
The economic modelling was commissioned by Food Frontier, Australia and New Zealand’s think tank for alternative proteins, and conducted by Deloitte Access Economics. It demonstrates that, at present, the Australian plant-based meat sector brings around $30 million to the economy and supports 265 jobs. However, by 2030 it is projected to grow to between $398 million and almost $3 billion a year in economic value and between $1.4 billion and $4.6 billion in consumer expenditure.
Under the “moderate” scenario, the sector is expected to generate $1.1 billion in economic value, almost $3 billion in consumer expenditure, and employ more than 6000 full-time employees. “Put simply, we’re facing a multi-billion-dollar opportunity for Australia to become a global plant-protein powerhouse, and the great news is we already have the intellectual and infrastructure assets to seize it,” said Food Frontier chief executive officer, Thomas King.
“This research demonstrates overwhelmingly strong growth prospects for Australia’s plant-based meat sector over the next decade,” he added.
“It comes off the back of a wave of new plant-based meat products, enabled by advances in food science and culinary creativity, that aim to mimic the sensory experience of eating conventional meat with fewer environmental and health impacts.
“Put simply, we’re facing a multi-billion-dollar opportunity for Australia to become a global plant-protein powerhouse, and the great news is we already have the intellectual and infrastructure assets to seize it,” he said.
“It’s crystal-clear that Australia has a massive opportunity on its doorstep, which this report aims to quantify,” King concluded.