Growing plant-based meat sector a money maker

Alternative protein products such as pea protein burgers have the potential to be a multibillion-dollar industry by 2030, says Food Frontier chief executive Thomas King.

online artwork sept 11 protein figures

COULD alternative proteins, such as chicken-free chicken, be the way to boost Australian agriculture to the magic $100 billion mark?

Perhaps so, according to Food Frontier chief executive Thomas King, who said alternative protein products such as pea protein burgers had the potential to be a multibillion-dollar industry by 2030.

It comes as a CSIRO report published last week showed agritourism, plant proteins, and other alternative agricultural products could contribute up to $39.9 billion annually to the sector by 2030.

Mr King said research undertaken by Food Frontier showed the plant-based meat sector generates almost $30 million in economic value, and could grow to almost $3 billion a year by 2030.

“This research demonstrates overwhelmingly strong growth prospects for Australia’s plant-based meat sector over the next decade,” Mr King said.

“It comes off the back of a wave of new plant-based meat products, enabled by advances in food science and culinary creativity, that aim to mimic the sensory experience of eating conventional meat with fewer environmental and health impacts.

“Put simply, we’re facing a multibillion-dollar opportunity for Australia to become a global plant-protein powerhouse.”

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The Growth Opportunities for Australian food and agribusiness report quantified the value of alternative agricultural products, such as allergen-free foods, alternative meat products, and tours of wineries and farm gates could contribute $21.5 billion to the industry in 2030.

CSIRO Futures senior economic adviser Katherine Wynn said achieving growth in the industry depended on “continued innovation and investment by all players” in the food industry.

“As consumer demand for healthy foods and foods with added health benefits increases, foods such as enriched yoghurt and fortified breakfast cereals are likely to claim a larger chunk of the $25 billion pie,” Dr Wynn said.

The report saw meat alternatives and export markets with large vegetarian populations as key opportunities.