As AltProteins 25 was underway in Sydney two weeks ago the New South Wales State Government made an important announcement: the release of a new prospectus highlighting the competitive advantages of investing in the burgeoning plant protein ingredients industry in NSW.
Launched in conjunction with Food Frontier’s annual alternative proteins conference on 14 October, this news of government endorsement of the plant protein’s economic opportunities was welcomed by the ecosystem all gathered under the one roof.
Prospectus reflects Food Frontier’s latest report
The NSW Government’s prospectus underscores the opportunities detailed in Food Frontier’s latest report, Unlocking Australia’s potential: The case for a national plant protein ingredient industry. Our report highlights what’s needed for Australia to capture a share of the global growing opportunity in plant protein ingredients – a market that is projected to nearly triple to a value of US$69.2 billion by 2032.
The report calls for leadership, coordination and national action to scale the industry, offering practical and achievable recommendations for governments to lead in seizing this opportunity. Supply chain capability mapping and the release of investor prospectuses were identified as key requirements to scale domestic manufacturing capacity and unlock strategic investment.
“We’re encouraged to see the NSW Government has introduced this vital resource to foster greater investment for the plant protein industry, recognising the opportunity Australia and NSW specifically have to seize a share of the growing global market,” said David Bucca, Interim Executive Chair at Food Frontier.
“The state’s existing plant protein manufacturing and supply chain capability, coupled with its significant protein-rich grain production and consumer market access, positions NSW to lead.”
Rich opportunities for plant proteins in NSW
In regions like the Riverina Murray and New England North West, local farmers produce millions of tonnes of plant protein crops like wheat, chickpea and faba bean each year. Bolstering plant protein ingredient manufacturing capacity would mean more of these crops could be processed onshore, delivering greater value at the farm gate.
The growth of the plant protein ingredient industry would also deliver on other NSW Government goals: to strengthen regional economies, value add and diversify agrifood export opportunities, build new industries, and drive jobs and investment in the regions.
A snapshot of plant protein crops grown in NSW from the prospectus
Australian plant proteins a key focus at AltProteins 25
At AltProteins 25, Australian plant protein ingredients were on the menu, with domestic manufacturers Manildra Group, Essantis, Integra Foods and Australian Plant Proteins showcasing a variety of plant-protein-powered foods and ingredients as part of the conference’s Tasting Hall.
The event also explored how public and private R&D can unite to solve the plant protein ingredient industry’s biggest challenges in the breakout session “Uniting The Plant Protein Research Ecosystem From Gut To Paddock.” As identified in Food Frontier’s report, unlocking the industry’s full potential will require coordinated, end-to-end investment in R&D and shared innovation platforms– spanning crop breeding, processing innovation, final product applications and nutritional outcomes.
This deep dive at AltProteins 25 on the research partnerships and pathways needed laid the groundwork for future Food Frontier endeavours in coalescing leaders around the opportunity. In partnership with the full research ecosystem, we will continue working to build resources and collaboration to ensure Australian science translates into competitive advantage in global plant protein markets.
We also will continue to call on Australian governments to pursue the other critical recommendations outlined within the report’s five interlocking priority action, from facilitating market demand and reducing adoption barriers, to building workforce and supply chains and more.
You can find the NSW Plant-based protein manufacturing Prospectus here.