Plant-based meat and dairy product consumption up 14 per cent in 2020/21: ABS

Both investment in and consumption of plant-based products are on the up, with Australian Bureau of Statistics figures showing the nation is eating and drinking its way through more and more meat and dairy substitutes every year. 

Figures released by the ABS on Wednesday show apparent consumption of dairy and meat substitutes grew to 20 grams per person per day in 2020-21, up 14 per cent on 2018-19 figures, which were an increase of 14 per cent based on the year prior to that.

Animal milk substitutes appeared to be leading the way.

“About 17 grams of apparent consumption per person per day came from dairy milk substitutes like soy milk or almond milk. This is equivalent to about half a metric cup per week,” said the bureau’s health statistics spokesperson Paul Atyeo in a statement.

“Consumption of dairy milk substitutes rose 4 grams per day between 2018-19 and 2020-21 mirroring a 4 grams per day fall in dairy milk over the same two year period.

“Almond milk had a particularly rapid increase in apparent consumption, up 31 per cent in the last two years. Soy milk increased by 16 per cent over the same period.”

As reported by @AuManufacturing in February, one week earlier this year saw capital raises by Fenn Foods ($3 million), All G Foods, and Change Foods ($21.5 million in seed funding for production of its fermentation-based cheeses.)

And at the start of this month, a consortium of Thomas Foods International, Australian Plant Proteins and AGT Foods Australia were awarded a South Australian government grant of $65 million and $113 million through the federal Modern Manufacturing Initiative collaboration stream to support a $378 million project constructing three sites in South Australia.

The TFI-led project will create protein isolates from legumes and then food and drinks from these. Protein isolates are currently imported by local fake meat makers. The three sites will create an estimated 400 new jobs by 2024, according to the companies involved. 

Another startup –Harvest B – is investing in processes to create isolates from wheat. It recently raised $3.5 million in a round featuring Woolworths venture capital arm, W23, and led by Aura Ventures. It has also received a $1 million grant from the Advanced Manufacturing Growth Centre Commercialisation Fund.

According to one forecast made by CSIRO Futures in 2019, the alternative proteins market will grow by 5 per cent a year, and will be worth a potential $4.1 billion domestically and $2.5 billion in exports by 2030.  

Picture: Spicy V2 plant-based mince (Marley Spoon)

Subscribe to our free @AuManufacturing newsletter here.

Share this Story

Stay Informed

Go to Top