From the Executive Director’s desk
Australia has become a global leader in alternative proteins with the country witnessing a surge in innovation, government support, and market strategies. From shifting policies to groundbreaking technologies, the Australian smart protein sector is booming.
Whilst nobody has been immune to the challenges arising from geopolitical and financial issues of the past two years, Australia has fared better than most, with alternative proteins beginning to gain traction at the federal and state level: more than 26 government-authored or funded papers now feature alternative proteins in their discussions – a topic that was largely absent from government policy before 2018. Foodservice, especially, has bucked the trend with Food Industry Foresight’s Sissel Rosengren reporting sector growth at Food Frontier’s AltProteins23 conference.
Food Frontier’s 2020 State of the Industry report projected that plant-based meats alone could generate nearly AU$3 billion in Australian sales and provide 6,000 full-time jobs by 2030. The Australian government’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) further projected that the broader plant protein sector, including dairy milk alternatives, bakery ingredients, and protein products used in sports nutrition, could deliver an additional AU$3 billion (totalling AU$6 billion) and that precision fermentation presents an AU$1.45 billion domestic opportunity by 2030. While there is no Australia-specific projection at this stage, McKinsey & Company estimate the global cultivated meat market to be worth US$25 billion by 2030.
According to Alternative Proteins Global data (see graphic above), Australia ranks eighth globally for total alternative protein investment from 2022 to the end of June 2023.