When meat is off the menu

The alternative protein market is growing, but a major challenge is developing cheaper products that appeal to a wider range of consumers

- TOM WATSON

Walk into any supermarket these days and you’ll most likely find a small section dedicated to alternative meat – or alternative protein – products.

“There have been phenomenal changes in a short amount of time,” says Thomas King, the founder and chair of think tank Food Frontier.

Food Frontier data shows that since 2018, the number of Australian and New Zealand alternative protein companies has grown from four to more than 40 in 2023.

“There are now over 300 plant-based meat products in our supermarkets – up by a third since 2021 – with Australian and New Zealand brands making up two-thirds of the category,” says King.

While not to everyone’s taste, alternative protein has gained traction in recent years, with a growing number of Australians looking for substitutes for conventional meat options, whether for health or environmental reasons.

“The most recent research shows that in Australia, flexitarians are the primary consumers of plant-based meats – that is, people who largely eat plant-based meals and a smaller amount of animal protein,” says King. “These Australians are drawn to plant-based proteins primarily for health reasons and secondly for sustainability.”

Given the uptick in these products and interest at a consumer level, is there an opportunity for investors to get themselves a piece of the rapidly expanding plant-based protein market? And what do they need to consider before diving in?

More products on the way