Australia Plant Protein Market Report | Market Size, Industry Analysis, Growth Opportunities, & Forecast (2025-2030) 

Australia Plant Protein Market Overview

The Australia Plant Protein Market is experiencing significant growth, driven by increasing consumer demand for healthier, sustainable, and ethically produced food options. This growth is fueled by several key factors:​

• Health and Wellness Trends: A rising awareness of the health benefits of plant-based diets, including lower cholesterol and reduced risks of chronic diseases, is encouraging more Australians to adopt plant proteins .​
• Environmental Concerns: Consumers are increasingly aware of the environmental impact of animal agriculture, prompting a shift towards plant-based protein sources .
• Product Innovation: The introduction of diverse plant protein products, such as protein bars, shakes, and ready-to-drink beverages, is expanding consumer choices and accessibility .​
  Major players in the market include Bunge Limited, International Flavors & Fragrances Inc., and Kerry Group Plc, who are focusing on innovation and expansion to meet the growing demand

Market Report Coverage

The “ Australia Plant Protein Market” by Digiroads Research & Consulting covers an in-depth analysis of the following segments in the market.

Study Assumptions and Definitions

• Market Scope and Definition: 

The market encompasses plant-derived proteins sourced from peas, soy, rice, wheat, hemp, and other botanical origins. These proteins are utilized in various forms, including concentrates, isolates, and hydrolysates, and are applied across sectors such as food and beverages, dietary supplements, animal feed, and cosmetics.​

• Geographic Focus: 

The study specifically examines the Australian market, considering regional variations in demand and supply dynamics.​

• Time Frame:

 The analysis covers historical data from 2020 to 2023, with projections extending to 2032, providing a comprehensive view of market trends and future growth.​

• Currency and Economic Factors:

 All financial figures are presented in Australian Dollars (AUD), and economic factors such as inflation rates and exchange rates are considered to adjust historical data for consistency.​

• Consumer Trends and Demographics: 

The study assumes a continued shift towards plant-based diets driven by health consciousness, environmental concerns, and ethical considerations, influencing consumer preferences and market demand.​

• Regulatory Environment: 

The analysis incorporates existing food safety standards and labeling regulations in Australia, which impact the production and marketing of plant protein products.

Market Scope

The Australian plant protein market encompasses the production, processing, and consumption of plant-derived proteins sourced from crops such as soy, peas, rice, wheat, and emerging sources like lupin and faba beans. These proteins are utilized in various forms—including concentrates, isolates, and hydrolysates—and serve multiple applications across food and beverages, dietary supplements, animal feed, and cosmetics.​

In 2023, the market was valued at approximately AUD 273.5 million and is projected to grow at a compound annual growth rate (CAGR) of 5.64%, reaching an estimated AUD 448.14 million by 2032 . This growth is driven by increasing consumer demand for healthier, sustainable, and ethically produced food options. The shift towards plant-based diets is further supported by initiatives like CSIRO’s Future Protein Mission, which aims to scale up Australian production of plant-based products and reduce reliance on imported ingredients .​

Geographically, the market is concentrated in regions such as New South Wales and Victoria, which host a significant number of alternative protein businesses, including leading manufacturers like v2food and Harvest B . Overall, the Australian plant protein market is poised for continued growth, driven by evolving consumer preferences and a commitment to health and sustainability.​

MARKET OUTLOOK

Executive Summary

The Australian plant protein market is experiencing robust growth, driven by shifting consumer preferences towards health-conscious, sustainable, and ethical food choices. Valued at approximately AUD 273.5 million in 2023, the market is projected to reach AUD 448.14 million by 2032, reflecting a compound annual growth rate (CAGR) of 5.64% .

Key factors contributing to this growth include:

• Health and Wellness Trends:

 Increasing awareness of the health benefits associated with plant-based diets, such as reduced risks of chronic diseases and lower cholesterol levels, is propelling demand for plant protein products .

• Environmental Sustainability:

 Consumers are becoming more conscious of the environmental impact of animal agriculture, leading to a preference for plant-based proteins that offer lower carbon footprints and reduced resource usage .

• Product Innovation: 

The development of diverse plant protein products, including ready-to-eat meals, protein bars, and beverages, is expanding consumer options and accessibility .

• Regulatory Support: 

Government initiatives promoting healthy eating and eco-friendly practices are further encouraging the adoption of plant-based diets.

The market is characterized by a fragmented landscape with key players such as Bunge Limited, International Flavors & Fragrances Inc., Cargill Incorporated, The Archer-Daniels-Midland Company, and Kerry Group Plc leading the industry .

COMPETITIVE LANDSCAPE

Key Market Players

• Archer Daniels 

• Cargill, Incorporated

• Kerry Group PLC

• Bunge Limited

• International Flavours & Fragrance Inc.(IFF)

Market Share Analysis

The Australian plant protein market is experiencing significant growth, with both global agribusiness leaders and innovative local companies contributing to its expansion. While precise market share figures are limited, available data highlights the competitive landscape and key players shaping the industry.​

Global Leaders:

• Archer Daniels Midland Company (ADM): 

A major player in agricultural processing and food ingredient production, ADM offers a range of plant-based proteins, including soy, pea, and wheat proteins, catering to various industries such as food, beverages, animal feed, and supplements. ​

• Cargill, Incorporated: 

A multinational corporation providing plant-based protein solutions, including soy protein, through its extensive supply chain and commitment to sustainability. 

• Kerry Group plc:

 Known for its plant-based protein offerings, Kerry Group focuses on innovation and providing functional benefits in its products. ​

• Bunge Limited: 

An agribusiness and food company offering plant-based protein ingredients, including soy protein, to meet the growing demand for plant-based products. ​

• International Flavors & Fragrances Inc. (IFF):

 Provides plant-based protein solutions, including soy protein, catering to the food and beverage industry. ​

Regional Innovators:

• Australian Plant Proteins Pty Ltd: 

A local company specializing in producing plant-based protein ingredients, including pea protein, to cater to the Australian market. ​

• V2food:

 An Australian startup producing plant-based meat substitutes using protein extracted from legumes, aiming to provide sustainable and ethical food options. ​

• Harvest B: 

A plant-based protein company based in New South Wales, focusing on producing high-quality plant protein ingredients for various applications.
The market is characterized by a fragmented landscape with a mix of global and local players. While large multinational corporations dominate in terms of production capacity and global reach, Australian companies are gaining traction by focusing on innovation, sustainability, and catering to local consumer preferences. The increasing number of alternative protein companies in Australia, from less than five in 2017 to more than 30 in 2023, indicates a dynamic and rapidly evolving market.

MARKET DYNAMICS

Market Drivers and Key Innovations

Market Drivers

1. Health and Wellness Trends: Australians are increasingly adopting healthier lifestyles, seeking protein-rich foods that offer various health benefits. Plant proteins, with their low saturated fat content and high fiber content, have gained popularity as a healthier alternative to animal proteins. ​
2. Environmental Sustainability: The environmental impact of animal agriculture, including greenhouse gas emissions and water consumption, has led consumers to shift towards more sustainable food choices. Plant protein production has a lower carbon footprint and requires fewer resources, making it an attractive option for environmentally conscious consumers. ​
3. Changing Consumer Preferences: Consumer preferences have shifted towards plant-based diets due to ethical concerns, personal beliefs, and a desire for more diverse and sustainable food options. This change in dietary preferences has fueled the demand for plant protein products. ​

Key Innovations

• Plant Molecular Farming: This emerging biomanufacturing process involves using plants to produce targeted functional ingredients such as proteins. Applications of this technology have been predominantly in the pharmaceuticals and cosmeceuticals area; however, it is currently an emerging technology in food and beverage manufacturing. ​

• Genetic Engineering for Enhanced Flavor: Innovative projects, such as Moolec Science’s integration of pig genes into soybeans, aim to enhance the flavor of plant-based meats by producing animal proteins within plants. This approach seeks to improve the taste and texture of plant-based products, making them more appealing to consumers.

• Advanced Processing Technologies: Investments in research and development are enhancing the quality, taste, and texture of plant protein products. These advancements aim to address consumer concerns about the sensory attributes of plant-based alternatives compared to animal-based products.

Market Challenges

• Limited Local Processing Infrastructure
  Australia’s reliance on imported protein concentrates for plant-based products underscores the need for domestic processing capabilities. Currently, only one operational pulse fractionation plant exists, limiting the production of high-quality protein isolates from locally grown crops like lentils and faba beans.
• Supply Chain Bottlenecks
  The rapid expansion of the alt-protein industry has outpaced the development of necessary infrastructure. Challenges include a shortage of skilled workers, limited local supply of essential crops, and inadequate processing facilities, which could impede the industry’s growth.
• Regulatory Uncertainty
  Ongoing debates over labeling and marketing regulations for plant-based products create uncertainty. Proposed restrictions on the use of meat-related terms and packaging imagery may affect consumer perception and market dynamics.
• High Production Costs
  The current small-scale operations of many local manufacturers result in higher production costs. Achieving economies of scale is essential to make plant-based products more competitively priced, especially in export markets.
• Consumer Acceptance
  While health and environmental benefits drive interest, some consumers remain hesitant due to concerns over taste, texture, and nutritional profiles of plant-based alternatives. Addressing these concerns is crucial for broader adoption.

Market Opportunities

• Expansion of Domestic Processing Infrastructure
  Australia’s reliance on imported protein concentrates highlights the need for domestic processing capabilities. Establishing more pulse fractionation plants can reduce dependence on imports and enhance local production of high-quality protein isolates from crops like lentils and faba beans.
• Growth in Export Markets
  The global demand for plant-based proteins is rising, presenting significant export opportunities for Australian producers. By leveraging the country’s reputation for clean and green products, Australian companies can tap into international markets, particularly in Asia and the Pacific region.
• Product Innovation and Diversification
  Developing a diverse range of plant protein products, such as ready-to-eat meals, protein bars, and beverages, can cater to evolving consumer preferences. Innovations in flavor, texture, and nutritional profiles can attract a broader consumer base and drive market growth.
• Integration of Advanced Agricultural Technologies
  Adopting ag-tech solutions, like sensors and AI-driven platforms, can enhance productivity and sustainability in plant protein production. Innovations such as microbial spore supplements for soil carbon capture and robotic pollinators can improve efficiency and reduce environmental impact.
• Strategic Partnerships and Investments
  Collaborations between startups, large corporations, and government initiatives can accelerate growth in the plant protein sector. Investments in research and development, as well as infrastructure, can support the scaling of production and distribution capabilities.

RECENT STRATEGIES & DEVELOPMENTS IN THE MARKET

• Expansion of Processing Capabilities
  The CSIRO’s Future Protein Mission is collaborating with industry partners to scale up domestic processing of plant proteins, aiming to reduce reliance on imports and enhance local production of high-quality protein isolates from crops like lentils and faba beans.
• Commercialization of Lupin Protein
  Wide Open Agriculture has advanced its lupin protein isolate, Buntine Protein, to commercial scale. The company has begun fulfilling direct orders and is positioning its product as a high-performance alternative to soy and pea proteins, emphasizing its clean taste and functional properties.
• Government Support for Innovation
  The South Australian Government has invested in Integra Foods to develop protein-rich and starch-rich powdered concentrates from faba beans. This initiative aims to accelerate advancements in plant protein extraction methods and product quality, targeting markets including Europe, North America, and Australasia.
• Growth in Plant-Based Meat Sector
  According to Food Frontier’s 2023 State of the Industry report, Australia’s plant-based meat sales reached $272.5 million in FY23, with a compound annual growth rate (CAGR) of 13.8% since FY20. The industry has expanded to 23 businesses producing products under 28 brands, with nine companies exporting products.
• Advancements in Cultivated Meat

 Vow, a Sydney-based cultivated meat company, has gained approval to sell its cultured meat products derived from Japanese Quail in Singapore and Hong Kong, with progress towards regulatory approval in Australia expected in 2025.

KEY BENEFITS FOR STAKEHOLDERS

• Economic Growth and Export Opportunities

• Market Expansion: The Australian plant protein market is experiencing significant growth, driven by increasing consumer demand for plant-based products. This expansion offers opportunities for stakeholders to tap into a burgeoning industry.
• Export Potential: Australia’s favorable agricultural conditions position it as a key exporter of plant-based proteins in the Asia-Pacific region, enhancing trade relations and economic growth. ​

•  Environmental Sustainability

• Reduced Carbon Footprint: Plant-based proteins typically have a lower environmental impact compared to animal-based proteins, aligning with global sustainability goals.
• Resource Efficiency: The cultivation of plants for protein production often requires fewer natural resources, contributing to more sustainable agricultural practices. 

• Health and Consumer Demand

• Health Benefits: Plant proteins are associated with various health benefits, including improved cardiovascular health and weight management, which resonate with health-conscious consumers.
• Rising Consumer Interest: An increasing number of Australians are adopting plant-based diets, driven by health, ethical, and environmental considerations, thereby boosting demand for plant protein products. ​

•  Innovation and Technological Advancement

• Research and Development: Ongoing advancements in protein extraction technologies enhance the yield, quality, and functionality of plant proteins, fostering innovation within the industry.
• Product Diversification: The development of a diverse range of plant protein products caters to evolving consumer preferences and opens new market segments. ​

•  Regulatory Support and Policy Framework

• Government Initiatives: Strategic frameworks like Australia’s Protein Roadmap aim to position the country as a leading supplier of diverse protein sources, including plant-based proteins, supporting industry growth.
• Policy Development: Clear and consistent regulatory frameworks are being developed to support the plant protein market’s growth and ensure product integrity.

At DigiRoads Research, we emphasize reliability by employing robust market estimation and data validation methodologies. Our insights are further enhanced by our proprietary data forecasting model, which projects market growth trends up to 2030. This forward-thinking approach ensures our analysis not only captures the current market landscape but also anticipates future developments, equipping stakeholders with actionable foresight.

We go a step further by offering an exhaustive set of regional and country-level data points, supplemented by over 60 detailed charts at no additional cost. This commitment to transparency and accessibility allows stakeholders to gain a deep understanding of the industry’s structural and operational dynamics. By providing exclusive and hard-to-access data, DigiRoads Research empowers businesses to make informed strategic decisions with confidence.

In essence, our methodology and data delivery foster a collaborative and data-driven decision-making environment, enabling businesses to navigate industry challenges and capitalize on opportunities effectively.

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Table of Contents

• • INTRODUCTION

    • Market Overview
    • Years Considered for Study
    • Market Segmentation
    • Study Assumptions and Definitions
    • Market Scope

  • RESEARCH METHODOLOGY

  • MARKET OUTLOOK

    • Executive Summary
    • Market Snapshot
  • Market Segments 

• By Product Forms:

• • • • Solid (e.g., protein bars, powders), Liquid (e.g., ready-to-drink beverages)

• By Application:

• • • Nutritional Supplements, Food & Beverages, Animal Feed, Cosmetics

• COMPETITIVE LANDSCAPE

• • Recent Strategies (Key Strategic Moves)
  • Market Share Analysis
  • Company Profiles

• Archer Daniels 

• Cargill, Incorporated

• Kerry Group PLC

• Bunge Limited

• International Flavours & Fragrance Inc.(IFF)

• MARKET DYNAMICS

  • Market Drivers
  • Market Challenges
  • Market Opportunities
  • Porter’s Five Forces’ Analysis
    • Bargaining Power of Suppliers
    • Bargaining Power of Buyers
    • Threat of New Entrant
    • Threat of Substitutes
    • Competitive Rivalry

• GLOSSARY OF PROMINENT SECONDARY SOURCES

• DISCLAIMER

• ABOUT US