Australia Plant Protein Market Report and Forecast 2025-2034

Australia Plant Protein Market Outlook

The Australia plant protein market size reached USD 184.80 million in 2023. The market is expected to grow at a CAGR of 5.64% between 2024 and 2032, reaching USD 301.98 million by 2032.

Key Takeaways:

• The USDA stated Australia produced 42,000 tons of soybeans in 2022/23, driven by rising demand due to its protein-rich reputation.

• Research indicates that around 2% of Australians are projected to follow a vegan diet, boosting the demand for plant-based proteins.

• Purchasing dairy and meat alternatives from Australian retailers rose by another 14% in 2020-21, sustaining the previous two years' trend.

Organic products drive the Australia plant protein market growth due to their cultivation without synthetic pesticides, herbicides, or fertilizers

Organic plant proteins provide advantages such as the absence of synthetic chemicals, environmental sustainability, non-GMO status, perceived nutritional superiority, and concern for animal welfare. This appeals to consumers worried about the presence of chemical residues in their food. They also support small-scale farmers, appealing to health-conscious and environmentally aware consumers.

Conventional plant proteins, on the other hand, are characterized by lower costs, wide availability, and consistent quality. They adhere to regulatory standards, offer familiarity, and have longer shelf lives, catering to a broader consumer base seeking affordability, convenience, and product reliability. Numerous brands are now introducing plant protein products into the market.

In September 2023, Shandi Global, a plant-based company based in Singapore, entered the Australian market with its protein-rich RTE products. Shandi Global had created a range of plant-based items asserted to be just as, if not more, nutritious than traditional chicken meat. These products were scheduled for launch in both local and international markets.

Market Segmentation

Australia Plant Protein Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Nature

• Organic

• Conventional

Market Breakup by Type

• Concentrate

• Isolate

• Others

Market Breakup by Source

• Pea

• Rice

• Soy

• Wheat

• Others

Market Breakup by Application

• Feed

• Food

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

The Australia plant protein market key players are Professional Whey Pty Ltd., Australian Plant Proteins Pty Ltd., Axiom Foods, Inc.  (Pacific Resources International), Manildra Flour Mills Pty. Ltd., Danisco Australia Pty Limited, and Harvest B among others.

Key Highlights of the Report