According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, plant-based protein is expected to account for about 12-15% of the total protein consumption by 2027.
The protein demand in Australia has witnessed strong growth in the last decade. Currently, the Australian men consume about 80-110 gram of protein on daily basis, while Australian women consume 70-80 gm of protein per day. According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, plant-based protein is expected to account for about 12-15% of the total protein consumption by 2027. Plant-based products market in Australia has recorded significant growth in the last few years because of the changing diet preferences among consumers, the increasing vegan lifestyle, and the search for an alternative to meat products. In the last couple of years, the number of Australians consuming plant-based foods and proteins has increased significantly, along with the consumption per capita. The COVID-19 pandemic is challenging the food supply chain globally. Though the number of cases is not as high as in other countries, COVID-19 is going to impact Australian food industry in long term. Like many countries hit by the pandemic, Australia also has seen long term lockdowns and had restrictions in place for people and their movement. This has impacted the supply chain for many industries, including the food industry. The availability of meat and meat products is also impacted due to this unprecedented situation. The pandemic is expected to present many Australian companies an opportunity to explore plant-based foods and the proteins market. The protein requirement in the country is normally met by a mix of protein sources, which includes meat, eggs & dairy, fisheries or aquaculture, and plant-based proteins. In the wake of rising awareness around boosting immunity due to COVID-19 spread, food preferences are expected to change in the coming years. This is expected to benefit the plant-based protein demand as plant based diet is known to increase immunity. Fundamentally speaking, one of the key factors driving the plant protein market is the changing consumer preference. The growing middle class and the increasing disposable income levels are resulting in changes in consumer preferences. More Australians are keen on selecting better, healthy, and sustainable food products. According to a ConsumerIntel360’s Plant Protein Intelligence, the number of Australians selecting vegetarian food choices increased to nearly 18% in 2020. This is continuously improving and is expected to gain further due to the impact of COVID-19 pandemic. The plant protein market in Australia has recorded a strong growth with a CAGR of 20.8% during 2018-2020. According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, plant protein in Australia has gained traction among health-conscious consumers in recent years. Large consumer food companies are launching plant-based alternatives to cater to the changing consumers' preferences. New product developments and a rising number of product launches in this segment are changing the overall outlook of the plant protein industry. The market growth has been also fueled by the ongoing COVID – 19 pandemic. The demand for plant protein products is expected to increase significantly over the short to medium term. Plant protein industry is expected to continue to grow in Australia over the forecast period. It is expected to record a CAGR of 11.8% during 2021-2027. The plant protein consumption in the country will increase from US$ 319.4 million in 2020 to reach US$ 731.7 million by 2027.
