Australia plant protein market is projected to reach a market size of US$97.023 million in 2025. The demand for plant proteins is increasing and slowly overshadowing the demand and consumption of animal-sourced protein and food due to the rising awareness among individuals of the diseases that can result by 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 puts a lot of concern and focus on the nutritional value and the taste, texture of food and beverages they are shifting towards plant-based protein foods, which provide a richer texture and flavor. 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 leading to an increase in the demand for plant proteins, in turn, boosting the market growth.
Furthermore, major market players are improving their market position and adding to the growing market by coming up with new and enhanced measures in form of new product launches and production plant expansions to cater to the growing market. For instance, recently, in March 2020, Nestle announced that they have launched a plant-based version of a majorly consumed drink in the country among the younger population, which is enriched with plant proteins. This new plant-based offering is enriched with soy and oat protein with cocoa instead of the traditional mix comprising of malt, barley, and cocoa is to induce the consumers to move towards a healthier and nutritious lifestyle. In October 2019, at the Australian Pulse Conference, Phil McFarlane, the principal of a new plant-based protein business called the Australian Plant Protein (APP) announced that they are in 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 is expected to be 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 the use of faba beans as a raw material and require 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.
Soy and Pea protein to become the new favorites
By, source, the market has been segmented on the basis of pea, soy, rapeseed, hempseed, and others. Soy and Pea are estimated to hold a significant share in 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. In conjunction, the efforts by restaurants to upgrade their menus by adding pea and soy-based dishes to increase their reach to the vegan and vegetarian population are also acting as contributors.