Australia Vegan Food Market Report and Forecast 2024-2032

Australia Vegan Food Market Outlook

The Australia vegan food market size was valued at USD 433.03 million in 2023. The market is further projected to grow at a CAGR of 7.7% between 2024 and 2032, reaching a value of USD 848.13 million by 2032.

Key Takeaways

• Woolworths, a major supermarket chain in Australia, has witnessed a remarkable 50% increase in demand for its plant-based products in recent years. It offers 1800 vegan products for sale.

• Approximately 2.5 million Australians now identify as vegans or vegetarians.

• The popularity of plant-based diets has surged, with a remarkable 50% growth in the number of people following these diets in Australia.

The growth of the vegan food market is primarily driven by several key factors. Firstly, there is an increasing demand for vegan food and beverages due to a growing awareness of the health benefits associated with plant-based diets and the environmental impact of animal agriculture. Secondly, intolerance and allergies associated with animal protein products are driving consumers towards plant-based alternatives, further boosting the Australia vegan food market development.

Additionally, the advantages of cholesterol-free diets and the increasing popularity of plant-based meat alternatives are influencing consumers to adopt plant-based diets, contributing to Australia vegan food market growth. Furthermore, the innovations in product offerings using plant-based ingredients, such as protein bars and shakes, are creating opportunities for market expansion by catering to consumer preferences for clean-label and safe products.

The vegan food market in Australia is segmented into dairy alternatives, meat substitutes, and vegan bakery products. The dairy alternatives segment in Australia, which includes plant-based milk and non-dairy butter have captured a substantial Australia vegan food market share, driven by factors such as the availability of online grocery stores specialising in vegan food and a growing interest in vegan menus at restaurants. Favourable government support to promote vegan culture and the increasing consumption of plant-based dairy products by lactose intolerant consumers are contributing to the segment's expansion.

The meat substitute segment is expected to grow through the forecast period, fuelled by an expanding product variety and a rise in cases of lactose intolerance. Meat substitutes mimic the aesthetic traits of meat using ingredients like soybeans, gluten, and peas. The growing demand for alternative protein sources and their wide availability at brick-and-mortar supermarkets are driving sales within this segment. In 2022, both Domino’s and Pizza Hut expanded their menus to include vegan cheese, vegan pepperoni, and vegan buffalo chicken, which reflects the increasing demand for plant-based alternatives even in fast-food industry.

Market Segmentation

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

Market Breakup by Product Type

• Dairy Alternative

• Meat Substitute

• Vegan Bakery

• Others

Market Breakup by Source

• Almond

• Soy

• Oats

• Wheat

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Convenience Stores

• Speciality Stores

• Online Channels

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Market players are investing in advanced technologies to develop innovative plant-based meat substitutes that mimic traditional meat products while retaining nutritional value and taste.

• ProForm Foods 

• Fenn Foods Pty Ltd. 

• v2food Pty Ltd. 

• Harvest B Pty Ltd. 

• The Aussie Plant Based Co. 

• Plarre Foods Pty Ltd. 

• Impossible Foods Inc. 

• The Livekindly Company, Inc. 

• Cale And Daughters Pty Limited 

• Others

Key Highlights of the Report