Plant-based foods are growing on Australian consumers.
Milo and Four ‘N Twenty are already in the market, Hungry Jacks has its Rebel Whopper and McDonald’s has come late to the party with McPlant and McVeggie.
Plant-based products on Australian grocery shelves doubled to more than 200 in the past year and almost half of them are made by local manufacturers trying to tap into a global demand.
Already Fable Food Co, Fenn Foods and v2food have launched into Singapore, Japan, Korea and other Asian markets creating a new export industry.
Nestle Dairy has even changed the recipe for Milo swapping its milk powder with plant based ingredients from soy, oat and corn fibre.
The food shift is focused in NSW followed by Victoria with 22 companies involved in the new plant-based meat industry.
WA report from alternative protein group Food Frontier this week says growers of pulses and legumes will benefit.
The Food Frontier estimated Australia has a $3 billion opportunity that plant-based meat offers the nation and an estimated 6000 jobs.
The biggest plant rush is into beef alternatives.
However, the higher-priced “plant meat” remains a barrier to shoppers.
Still, meat is seen as providing the biggest commercial opportunity for the plant companies.
Plant-based meat is forecast to command up to 10pc of the $1.4 trillion global meat market by 2029, up from less than one percent in 2019,” according to the Food Frontier report.
“Australia has the agricultural capacity, commercial appetite and research know-how to become an international leader in new protein industries including plant-based meat. To not make the early investments necessary to leverage these unique strengths would be a missed opportunity.”