Australia Plant-based Food Market Research Report, 2028

The plant-based food industry in Australia has been expanding rapidly in recent years. Increasing health consciousness, environmental awareness, and ethical considerations are driving the demand for plant-based alternatives to traditional animal-based products. Australian companies have been developing a wide range of plant-based food products, including plant-based meats, dairy alternatives, plant-based snacks, and ready-to-eat meals. These products cater to vegans, vegetarians, and flexitarians seeking more sustainable and nutritious options. Plant-based food products have gained mainstream acceptance in Australia, with many major supermarkets and grocery stores dedicating shelf space to plant-based options. This increased availability has made it easier for consumers to adopt plant-based diets. Further, Australia has seen the emergence of innovative local brands that focus on plant-based products. These brands emphasise the use of natural ingredients and sustainable practises, which resonate with environmentally conscious consumers. The foodservice sector in Australia has also embraced the plant-based trend. Restaurants, cafes, and fast-food chains are offering more plant-based menu items to cater to diverse dietary preferences and changing consumer demands. As well, Australia's plant-based food industry has also opened up export opportunities. Australian plant-based companies are exporting their products to various international markets, benefiting from the global demand for plant-based alternatives. According to the research report "Australian Plant-Based Food Market Research Report, 2028," published by Actual Market Research, the Australian plant-based food Market is expected to grow at a rate of above 640 Million from 2023 to 2028. The plant-based food market in Australia has experienced rapid growth in recent years, driven by increasing consumer awareness of health, sustainability, and animal welfare issues. This growth has resulted in a wide variety of plant-based products available on the market. Cooking classes that emphasise plant-based foods often centre on health and wellness. Participants are interested in learning about the nutritional benefits of plant-based ingredients and how to create balanced and nutritious meals using plants as the main focus, which also drives the market. Flexitarianism, a dietary approach that emphasises plant-based foods while occasionally including animal products, is gaining popularity in Australia. Plant-based cooking classes provide flexitarians with the knowledge and skills to incorporate more plant-based meals into their diets. Products types includes the Plant-based Meat and Seafood, Plant-based Cheese, Plant-based Desserts, Plant-based Ice Cream, Plant-based Yoghurt, Plant-based Butter, Plant-based Bars, Plant-based Bakery Snacks and Confectionery, Plant-based Creamer, Plant Based Mayonnaise and Salad Dressing and other. In Australia, plant-based milk is the leading market, and Plant-based creamers are also growing in the plant-based food market. The rise of veganism and plant-based diets in Australia has led to increased demand for plant-based alternatives across various food categories, including creamers. As more people adopt vegan and plant-based lifestyles, the demand for plant-based creamers continues to grow. Coconut creamer is made from coconut milk, offering a rich and creamy texture with a subtle coconut flavour. It is well-liked by Australians who enjoy the taste of coconut and those seeking a dairy-free alternative. Further, macadamia creamer, made from macadamia milk, is a relatively new addition to the plant-based creamer options available in Australia. It offers a rich and creamy texture with a hint of nuttiness. Further, plant-based Bars are also a growing market. Plant-based bars made with a combination of nuts, seeds, and dried fruits are popular among Australian consumers. These bars are rich in healthy fats, protein, and fibre, providing a satisfying and nutritious snack. Further, plant-based bars made with dried fruits, oats, and other grains offer a naturally sweet and fibre-rich snack option.

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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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Based on the distribution channel, it includes hypermarkets and Supermarkets, Convenience Stores, E-commerce, and others. In Australia, e-commerce will grow at the highest rate in the future. E-commerce offers unmatched convenience for consumers. Australian shoppers can browse and purchase a wide variety of plant-based food products from the comfort of their homes, avoiding the need to visit physical stores. Further, the online platforms provide access to a diverse range of plant-based food products from various brands and suppliers. Consumers can discover new and unique products that might not be available in their local brick-and-mortar stores. Australian consumers are becoming more environmentally conscious and seeking sustainable food choices. Plant-based foods generally have a lower environmental impact than animal-based products, making them an attractive option for environmentally conscious consumers. The plant-based food industry offers significant scope for innovation and product development. Companies can create new and exciting plant-based alternatives to traditional animal-based products, tapping into consumers' desires for variety and novelty. The foodservice and hospitality industries in Australia are increasingly incorporating plant-based options into their menus. Partnering with restaurants, cafes, and food outlets allows plant-based food companies to reach a broader audience. Further, plant-based foods may still be relatively more expensive than their conventional counterparts due to factors like production costs and economies of scale. Price competitiveness remains a challenge in attracting price-sensitive consumers. Some consumers may have specific taste and texture expectations for traditional animal-based products. Ensuring that plant-based alternatives closely match or exceed these expectations is crucial for consumer acceptance. Considered in this report • Geography: Australia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Australia Plant-based Food with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Kripa Shah

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By Product Type • Plant-based Milk • Plant-based Meat and Seafood (Tofu, Quorn, Seitan, Fish, TVP, Burger Patties, Tempeh, Hot Dogs and Sausages, Meatballs, Ground Meat, Nuggets, Crumbles, Shreds, Crab, shrimp, Others) • Plant-based Cheese • Plant-based Desserts (Cakes, Pastries, Custard, Pudding, etc.) • Plant-based Ice Cream • Plant-based Yogurt • Plant-based Butter • Plant-based Bars (Protein Bars, Energy Bars, Cereal Bars, Fruit & Nut Bars, etc.) • Plant-based Bakery Snacks and Confectionery (Biscuit and Cookies, Bread and Rolls, Chocolate, etc.) • Plant-based Creamer • Plant Based Mayonnaise and Salad Dressing • Others By Distribution Channel • Hypermarkets and Supermarkets • Convenience Stores • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

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Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Plant-based Food industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.