With global demand for meat anticipated to increase in the coming decades, founder and CEO of local plant-based meat company v2food Nick Hazell believes that Australia is well placed to fill a predicted shortfall in meat production.
Hazell points to Australia’s domestic agricultural sector as having the capacity to produce the ingredients needed for meat alternatives. He also underscores that Australia’s reputation for quality produce makes these ingredients an attractive prospect for import to Asia, where sales of plant-based meat are soaring.
Modelling by Deloitte Access Economics conducted for Food Frontier in 2019 estimated that plant-based meat products could generate $1.4 billion in Australian domestic retail sales by 2030. It also predicts up to a quarter of total sales could be exports, dependent on “strong local research and development” support for the industry in the near future.
READ MORE: The booming industry that could deliver a big win for Australian business [The New Daily]