Australia Plant Protein Market Size, Share, Opportunities, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food And Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

Australia’s plant protein market is projected to grow at a CAGR of 4.11%, from US$65.045 million in 2020 to US$86.231 million in 2027.

The demand for plant proteins is increasing and slowly overshadowing the demand and consumption of animal-sourced proteins and foods due to the rising awareness among individuals of the diseases that can result from consuming meat in heavy quantities. Moreover, the increasing desire for transparency is also adding to this shift in preference and consumption trends. In addition, as a majority of the Australian population places a lot of concern and focus on the nutritional value and taste, and texture of food and beverages, they are shifting towards plant-based protein foods, which provide a richer texture and flavour. Therefore, these above-mentioned factors are leading to an increase in the flexibility and creativity present in foods being offered by restaurant chains to cater to the population’s varying taste preferences and to an increase in the demand for plant proteins, which in turn, boosts the market growth.

Major developments in the market will propel market expansion

For instance, Conference, Phil McFarlane, the principal of a new plant-based protein business called the Australian Plant Protein (APP), announced that they are in the process of developing a pulse processing plant in Horsham, for the purpose of facilitating the extraction of in-demand protein isolates. According to the plans, the plant was set up in May 2020, and the production of protein isolates is said to be divided into two stages. The first stage is said to be dealing with the production of around 2,500 tonnes of protein isolates by making use of faba beans as raw material and requiring an investment of about $20 million. The second stage will deal with the production of another 2,500 protein isolates but with the use of lentils as a raw material. Similar developments are anticipated to boost the market growth in the projected period.

Soy and pea protein sources are expected to hold a significant share of the market

By source, the market has been segmented on the basis of pea, soy, rapeseed, hemp seed, and others. Soy and peas are estimated to hold a notable share of the market and increase this share over the forecast period. This is due to the increasing efforts being made by the major players to make these whole proteins, which have low sodium content and low cholesterol, more popular and more consumed food items among the population.  Restaurants' efforts to upgrade their menus by adding pea and soy-based dishes to increase their reach to the vegan and vegetarian populations are also contributing.

Key Developments in the market

• In April 2021, the Australian Plant Protein, developer and producer of plant-based protein powders, received an investment worth US$34.8 Million from Bunge, a leading international agri-food firm. This development enabled APP to double its production of plant protein isolates by March 2022.
• In March 2022, Under the Collaboration Stream of the $1.3 billion Modern Manufacturing Initiative, the Morrison Government formally announced financing for a project run by Australian Plant Proteins (APP) to revolutionize local production of pulse protein components and contribute to meeting the rising worldwide demand in the official site. APP owns the sole commercial-scale pulse protein extraction facility in Australia. With the completion of this project, South Australia's pulse protein production is anticipated to surge fourfold to 25,000 tonnes annually. Together with Thomas Foods Worldwide and the Australian Milling Group, one of Australia's leading family-owned food producers, over $378 million will be spent on the development of three plant protein manufacturing plants supplying domestic and international markets.

COVID-19 Insights

COVID-19 had a significant impact on the Australian plant-based protein market. The growing health and hygiene consciousness among consumers sparked a paradigm shift in diet. As plant-based proteins are high in amino acids and low in fats and proteins, the demand for plant-based proteins and plant-based protein foods increases.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline

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