Australia Plant Protein Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.06 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Plant Protein Market Analysis
The Australia protein market size is expected to grow from USD 124.51 million in 2023 to USD 151.93 million by 2028, at a CAGR of 4.06% during the forecast period.
- The market for plant proteins has been emerging in Australia as a result of increased demand brought on by growing public knowledge of the advantages of consuming proteins sourced from plant-based sources and growing attention towards the disadvantages of animal proteins.
- According to the AltProteins22 Conference in May 2022, Australia was poised to become a major participant in the world of plant-based proteins. The Victorian government sponsored the first alternative proteins conference for Australia and New Zealand, AltProteins22. Australia is in a position to create new protein companies that will be profitable when consumer trends and new protein sectors build up.
- In addition to traditional protein sectors that have shifted their attention to export markets, the alternative proteins industry is already creating jobs, stimulating the Australian economy, and opening up new agrifood opportunities. These factors are driving the market studied in Australia. Australian youth population tend to be more inclined towards fitness activities.
- Hence, the growth of health consciousness, joining gyms and other fitness clubs, increasing sports participation, etc., is expected to drive the demand for protein-rich foods across the region. The rising demand for protein-rich foods coupled with a preference for clean-label products is expected to play a crucial role in driving the plant protein market in Australia.
- The innovations of products with plant protein ingredients such as protein bars, shakes, juices, and smoothies, also offer ample opportunities for the expansion of the plant protein market in Australia. For instance, in August 2021, Greenback, an Australia-based company, launched a range of plant-based protein bars that were initially sold in 7,000 retailers in Australia. Hence, the increase in innovation of products using plant-based protein ingredients and penetration of such products in the market are expected to drive Australia's plan.
- Additionally, due to the population's hectic schedules in metropolises and megacities, ready-to-drink protein product consumption has significantly expanded. The players in the protein alternative market are dedicated to offering nutrient-dense foods. These trends among the customers are also driving the demand for protein alternatives in the Australian market.
Australia Plant Protein Market Trends
Increasing Demand for Plant-based Food & Beverages
- The demand for vegan food & beverages is being helped by several important causes, including consumer health concerns and environmental ethics. Long-term shifts toward a vegan diet could be influenced by growing consumer knowledge of the harmful health impacts connected with eating meat. One of the main causes driving the growth of plant-based diets across the region is the advantages of cholesterol-free protein with a meat-like texture.
- According to a survey published by the Vegan Society in the year 2022, among vegans, vegetarians, and flexitarians across Australia and New Zealand, approximately 1/5th of respondents said that they purchased vegan food and drinks in restaurants often.
- Around 20% of the respondents said that they bought vegan food and beverages often from restaurants, whereas 19.4 % of the respondents said that they bought vegan food & beverages from restaurants sometimes and wished they could do so more often. Hence, the rising demand for vegan food & beverages across various distribution channels could increase the demand for plant-based food ingredients, including plant proteins.
- Due to growing consumer awareness of wholesome and environmentally friendly diets, which in turn drives up demand for plant-based food and beverages in the market studied. The number of vegans has been gradually increasing over the past few years across the region. This suggests that the transition to a plant-based diet is a long-term trend.
- The majority of people are concentrating on avoiding or minimizing their consumption of animal proteins. Despite the high protein content of animal sources, obesity, cardiovascular disease, and diabetes are only a few of the chronic conditions that can result from an excessive intake of animal-based foods.
Supplements as The Fastest Growing Segment Among End Users
- Among other plant proteins, soy protein is being used more in supplements, as it is a major source of dietary proteins, containing all nine essential amino acids and dietary fibers, which play a vital role in controlling blood cholesterol and enhancing glucose tolerance levels. Many nutritional supplement companies are exploiting these health-benefiting properties of soy ingredients. Further, its functions, such as high digestibility and faster absorption rate, drive its market growth. As soy lowers cholesterol, its protein demand among those seeking to maintain cholesterol levels escalated.
- The market witnessed a rise in the trend of veganism, with consumers actively seeking plant-based protein sources, especially dietary supplements. Moreover, there are different plant-based protein supplements available, and each type has its unique benefits. Various types of plant proteins are gaining traction due to the rising demand for clean-label and safe products as well as rising awareness about the benefits of the consumption of plant proteins. The region has been witnessing a rise in the production of raw materials used in making plant proteins like soybeans, peas, etc. According to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), the production volume of field peas in South Wales, Australia, increased from 18.04 kilotons in 2020 to 48.24 kilotons in the year 2021. Hence, the increased availability of resources could help plant protein manufacturers across the region to procure the raw materials locally, gain economies of scale, and an opportunity to grow in the market.
- The growing demand enabled manufacturers operating in the market studied to invest in developing innovative products targeting specific consumer groups to achieve a competitive advantage, driving the market growth. According to the Australian Sports Commission, in the year 2022, approximately 8 million people across Australia participated in fitness/gym, and around 3.9 million individuals participated in athletics and track and field activities. Individuals participating in sports activities tend to consume more proteins for maintaining muscle mass and promoting muscle growth during strength training. The increasing incidences of lactose intolerance have led to many individuals preferring plant protein products. Hence, these factors are expected to drive the demand for plant proteins in Australia during the forecast period.
Australia Plant Protein Industry Overview
The Australia plant protein market is fragmented in nature, with a large number of players operating in the market studied. The major players in the market include Bunge Limited, International Flavors & Fragrances Inc., Cargill Incorporated, The Archer-Daniels-Midland Company, and Kerry Group Plc. The key strategies adopted by the major players include expansions, mergers, and acquisitions to gain more market share. Companies have been expanding their production capacities in order to manufacture more plant-based ingredients to cater to the growing demand for the same across the region. The major players extensively focus on providing their clients with innovative offerings, including functional benefits in each of the offerings. This factor, in turn, provides them with a competitive advantage.
Australia Plant Protein Market Leaders
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Archer-Daniels-Midland Company
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International Flavors & Fragrances Inc.
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Kerry Group plc
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Bunge Limited
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Cargill, Incorporated
*Disclaimer: Major Players sorted in no particular order
Australia Plant Protein Market News
- May 2021: Kerry made a significant announcement regarding the establishment of a state-of-the-art Food Technology and Innovation Center of Excellence in Queensland, Australia. This facility is poised to serve as Kerry's new headquarters for its operations in Australia and New Zealand. Concurrently, Kerry's existing facility in Sydney will continue to operate as a specialized research and development applications hub. With comprehensive capabilities, including pilot plants, cutting-edge laboratories, and advanced testing facilities, the newly inaugurated Kerry Australia and New Zealand Development and Application Centre in Brisbane has substantially bolstered Kerry's research and development capabilities within the region.
- April 2021: Bunge Ltd. demonstrated its commitment to Australian Plant Proteins (APP) by investing approximately AUD 45.7 million. This substantial investment facilitated the expansion of APP's production of plant protein isolates. Among the ingredients now produced by APP are fava bean isolate powder, yellow lentil isolate powder, and red lentil isolate powder.
- February 2021: International Flavors & Fragrances (IFF) unveiled its merger with DuPont's Nutrition & Biosciences division, a strategic move that has expanded its portfolio of plant-based proteins across Australia and various other global regions.
Australia Plant Protein Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Increasing Demand for Vegan Food & Beverages Driving the Market
- 4.1.2 Intolerance and Allergies Associated with Animal Protein Products
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4.2 Market Restraints
- 4.2.1 High Market Penetration of Animal Protein
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Protein Type
- 5.1.1 Hemp Protein
- 5.1.2 Pea Protein
- 5.1.3 Potato Protein
- 5.1.4 Rice Protein
- 5.1.5 Soy Protein
- 5.1.6 Wheat Protein
- 5.1.7 Other Plant Protein
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5.2 End-User
- 5.2.1 Animal Feed
- 5.2.2 Personal Care and Cosmetics
- 5.2.3 Food and Beverages
- 5.2.3.1 Bakery
- 5.2.3.2 Beverages
- 5.2.3.3 Breakfast Cereals
- 5.2.3.4 Condiments/Sauces
- 5.2.3.5 Confectionery
- 5.2.3.6 Dairy and Dairy Alternative Products
- 5.2.3.7 Meat/Poultry/Seafood and Meat Alternative Products
- 5.2.3.8 RTE/RTC Food Products
- 5.2.3.9 Snacks
- 5.2.4 Supplements
- 5.2.4.1 Baby Food and Infant Formula
- 5.2.4.2 Elderly Nutrition and Medical Nutrition
- 5.2.4.3 Sport/Performance Nutrition
6. COMPETITIVE LANDSCAPE
- 6.1 Strategies Adopted by Leading Players
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 The Archer-Daniels-Midland Company
- 6.3.2 Australian Plant Proteins Pty Ltd
- 6.3.3 Axiom Foods, Inc.
- 6.3.4 Bunge Limited
- 6.3.5 Cargill, Incorporated
- 6.3.6 International Flavors & Fragrances Inc.
- 6.3.7 Kerry Group plc
- 6.3.8 Manildra Group
- 6.3.9 Ingredion Incorporated
- 6.3.10 Koninklijke DSM N.V.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia Plant Protein Industry Segmentation
Plant proteins are derived from plant sources like peas, brown rice, legumes, hemp, soy, flaxseeds, and chia seeds, among others.
Australia's plant protein market is segmented into protein type and end-user. By protein type, the market is segmented into hemp protein, pea protein, potato protein, rice protein, soy protein, wheat protein, and other plant protein. Based on end-users, the market is segmented into animal feed, personal care and cosmetics, food and beverages, and supplements. The food and beverages segment of the market studied is further segmented into bakery, beverages, breakfast cereals, condiments/sauces, confectionery, dairy and dairy alternative products, meat/poultry/seafood and meat alternative products, RTE/RTC food products, and snacks. The supplement segment among the end users is further segmented into baby food and infant nutrition, elderly nutrition and medical nutrition, and sport/performance nutrition.
The market sizing has been done in value terms in USD and for volume terms in volume in tons for all the abovementioned segments.
| Protein Type | Hemp Protein | |
| Pea Protein | ||
| Potato Protein | ||
| Rice Protein | ||
| Soy Protein | ||
| Wheat Protein | ||
| Other Plant Protein | ||
| End-User | Animal Feed | |
| Personal Care and Cosmetics | ||
| Food and Beverages | Bakery | |
| Beverages | ||
| Breakfast Cereals | ||
| Condiments/Sauces | ||
| Confectionery | ||
| Dairy and Dairy Alternative Products | ||
| Meat/Poultry/Seafood and Meat Alternative Products | ||
| RTE/RTC Food Products | ||
| Snacks | ||
| Supplements | Baby Food and Infant Formula | |
| Elderly Nutrition and Medical Nutrition | ||
| Sport/Performance Nutrition |
Australia Plant Protein Market Research FAQs
What is the current Australia Plant Protein Market size?
The Australia Plant Protein Market is projected to register a CAGR of 4.06% during the forecast period (2024-2029)
Who are the key players in Australia Plant Protein Market?
Archer-Daniels-Midland Company, International Flavors & Fragrances Inc., Kerry Group plc, Bunge Limited and Cargill, Incorporated are the major companies operating in the Australia Plant Protein Market.
What years does this Australia Plant Protein Market cover?
The report covers the Australia Plant Protein Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Plant Protein Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Plant Based Protein in Australia Industry Report
Statistics for the 2024 Plant Based Protein in Australia market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Plant Based Protein in Australia analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
