The vegan meat industry may boost Australia’s economy by $3 billion by 2030.
A new report — titled Meat The Alternative: Australia’s $3 Billion Opportunity — found that the nation’s plant-based meat industry generates nearly $30 million in economic value annually. It brings in $150 million a year in consumer expenditure and 265 jobs.
The report notes that the Australian vegan meat industry is approaching massive expansion. Consumer expenditure may reach $3 billion by 2030. The sector will generate $1.1 billion and the industry will create more than 6,000 full-time jobs.
The research — commissioned by Food Frontier, an Australian think tank for alternative protein — claims to be the first of its kind that looks at the potential impact of the plant-based meat market on Australia’s economy.
‘A Multi-Billion-Dollar Opportunity’
“We’re facing a multi-billion-dollar opportunity for Australia to become a global plant-protein powerhouse,” Food Frontier CEO Thomas King said in a statement. “And the great news is we already have the intellectual and infrastructure assets to seize it.”
King calls for all stages of manufacturing to step it up to stake a claim in the potentially lucrative market. Farmers are advised to grow crops for vegan meat brands. Brands should look into scaling up all stages of manufacturing.
King explained that Australia needs to act quickly to stake its claim in the global vegan meat market. For instance, both the government and investors should lend their support to help drive industry growth.
The Australian Vegan Meat Market
There are 100 vegan meat products from 21 brands currently stocked in Australian supermarkets, including Beyond Meat, Eaty, Sunfed Meats, The Alternative Meat Co., and Naturli’ Foods, sold under the label Funky Fields.
In addition, major fast-food chains such as Hungry Jack’s, Domino’s, and Grill’d now serve vegan meat. Meanwhile, Lord of the Fries, a vegan burger chain launched in 2004, now has 23 locations across Australia.
Domino’s Australia is adding four new vegan meat toppings — beef, ham, sausage, and pepperoni — to the menu. Speaking to consumer demand, CEO Don Meij explained that 93 percent of the pizza chain’s customers who order vegan options are meat-eaters.
The Food Frontier report notes that two-thirds of Australian’s have yet to try vegan meat. However, one in three has adopted a flexitarian diet based on awareness of meat’s impacts on health and the environment.
“The economic evidence is in, and Aussies are voting with their wallets,” King said. “With the right political and economic will, Australia can fulfill its potential to build a globally competitive, multi-billion-dollar plant-based meat industry.”