2023 State of the Industry

Food Frontier’s third State of the Industry report reveals Australia’s plant-based meat industry is steadily expanding, with significant growth in the foodservice sector.  

Despite the economic challenges faced by plant-based meat companies here and overseas, it’s evident that the industry is here to stay, and that Australia is performing better than overseas markets in the face of these pressures. The 2023 State of the Industry report shows the economic contribution of the Australian plant-based meat industry and indicates that it is forging ahead in Australia while navigating growth fluctuations typical of a new food category. 

Comprising Deloitte Access Economics insights and industry data by Food Frontier, the report shows plant-based meat sales in Australia have increased by a total of 47% between 2020 and 2023 and per-capita consumption has increased by 28%. 

In 2023 total plant-based meat sales in Australia reached $272.5m, representing a compound average growth rate (CAGR) of 14% since the 2020 financial year. Significant growth has been seen in foodservice, where the wholesale surge of plant-based meat represents a CAGR of 59% since 2020. 

Within the report, you will find a wealth of valuable insights, including: 

  • An executive summary that distils key findings for quick understanding 
  • Global comparisons 
  • Foodservice trends 
  • Price analysis 
  • Agricultural contributions  
  • Investment insights 
  • Recommendations for plant-based meat companies, retailers, foodservice, agriculture and ingredients, investors and governments. 

Bonus report:

A bonus addition to this year’s state of the industry report is a 10-year projections report for the plant-based meat industry, based on Deloitte Access Economics data. This complementary report, Australia 2033—Future Scenarios for the Australian Plant-based Meat Industry, is a detailed analysis of three possible scenarios for the industry over the next decade—helpful for anyone involved in the industry wanting to plan and forecast with more confidence.  

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