GLOBALDATA PLC Spurred by rising awareness about health, environmental sustainability, and animal welfare, there is a growing preference for meat substitutes in Australia. The adoption of animal-free meat is also being accelerated by an increase in the availability of meat alternatives in retail stores and foodservice venues across the country. As a result, the Australian meat substitutes market is witnessing a boom, with sales projected to rise from to AUD409.8 million ($304.5 million) by 2026 at a compound annual growth rate (CAGR) of 15.4%, says GlobalData, a leading data and analytics company.
GlobalData's report, 'Australian Meat Substitutes Market- Trend Analysis and Forecasts to 2026,' reveals that growth will be primarily driven by the single-cell protein (fungi/algae) category , which is set to register the fastest value CAGR through 2026. Soy-based meat substitutes will also record a CAGR of 12.3% over the forecast period.
Bobby Verghese, Consumer Analyst at GlobalData, comments: "Australia is one of the world's top meat-eating countries and a global supplier of animal protein. However, in light of the COVID-19 pandemic, more consumers are adopting vegan or flexitarian diets due to growing awareness of diseases linked to high meat consumption. Meat alternatives are helping them satisfy their meat cravings without impacting their health goals. The pandemic also raised public awareness about environmental issues, such as sustainable farming, global warming, and animal cruelty. This provided consumers an additional incentive to switch from animal meat to meat substitutes."
Consequently, the per capita expenditure (PCE) on meat substitutes in Australia soared from $1.1 in 2016 to $2.9 in 2021, compared to the regional average of just $0.2, and the global average of $0.5. Australia's PCE on meat substitutes is forecast to surge further to $5.5 by 2026.
Verghese adds: "Shoppers are being provided with a wide choice as leading retailers line up shelves with a growing range of red meat and white meat alternatives. Foodservice operators, ranging from fine-dining restaurants to fast food outlets and cafés, are including more "meatless-meat" dishes in their menus. The increased choice and availability are prompting more consumers to try meat substitutes for the first time and is enabling social acceptance for such products, given Australia's meat-centric food culture."
In 2021, hypermarkets & supermarkets was the leading distribution channel in the Australian meat substitutes market, followed by convenience stores and food & drinks specialists. Monde Nissin Corporation, Conagra Brands, and Life Health Foods were the top three companies in the Australian meat substitutes market in 2021 in value terms, while King`s and Cornetto were the leading brands.
Verghese concludes: "More international and regional companies are venturing into the meat substitutes market, thereby setting the stage for intense price wars and product innovations. The heightened health concerns due to sporadic COVID-19 outbreaks will spur demand for animal-free meat. However, the worsening cost-of-living crisis could make consumers prefer cheaper animal meat."
If you are a member of the press or media and require any further information, please get in touch, as we're very happy to help.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
GlobalData plc published this content on 02 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2022 15:03:04 UTC.
