Australia Plant Protein Market to Grow at a CAGR of 5.64% During 2024-2032, Aided by the Shifting consumer attitudes, changing eating habits, and the growth of fitness activities.

The growth of the Australia plant protein market is driven by a growing understanding of the advantages of plant-based diets for health, such as lowering cholesterol and decreasing the risk of chronic illnesses. an increase in vegetarian and vegan lifestyles due to dietary and ethical reasons. Plant protein products are now available in a variety of appetizing forms thanks to advancements in food technology.

Compared to whey, plant proteins are lower in calories and have the potential to lower blood pressure, cholesterol, and cardiovascular disease risk factors. These benefits can help with weight management and general health promotion. According to the most recent data, 17% of Australians follow a plant-based diet, and 3% of Australians follow a vegan diet.

The trend towards plant-based diets is accelerating in Australia, with vegan, vegetarian, and flexitarian lifestyles driving robust demand for plant proteins. Although only 2 percent of Australians identify as vegan, a 2019 survey revealed that nearly 2.5 million individuals follow a predominantly vegetarian diet. Additionally, almost 10 million Australians are consciously reducing their red meat consumption, underscoring the shift towards healthier, sustainable eating habits.

The Australian plant protein market is segmented by source into pea, rice, soy, wheat, and others. Pea protein is favored for its high digestibility and hypoallergenic properties. Rice protein is valued for its amino acid profile, while soy protein is popular for its versatility and nutritional benefits. Wheat protein is known for its texture-enhancing properties. Among these other categories, Oats are an emerging new plant protein with strong demand. Western Australia is the second largest oat producer in the southern hemisphere and the largest on a per capita basis, with 1,600 growers on approximately 300,000 hectares producing 643,000 tonnes of oats annually.

Companies are significantly focusing on expanding their market share by offering new product categories to cater wide range of Australian demand. In April 2024, Australian manufacturer Harvest B introduced a revolutionary half meat, half plant-based product. This innovative offering aligns with the growing trend toward sustainable and health-conscious eating, catering to consumers seeking balanced, eco-friendly dietary options.

The major players in the Australia plant protein market are Professional Whey Pty Ltd., Australian Plant Proteins Pty Ltd., Axiom Foods, Inc.  (Pacific Resources International), Manildra Flour Mills Pty. Ltd., Danisco Australia Pty Limited, Harvest B among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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