Meat Replacements Market Expected to Undergo Expansion Through 2026

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GlobalData forecasts that the Australian meat replacements market will grow at a 15.4% CAGR through 2026.

Australians have become more conscious about their health. Also, environmental sustainability and animal welfare are two pressing issues in the country. Because of the said variables, the meat substitutes gained more attention from the market.

Even retail stores and food providers such as restaurants and fast food chains have grown their openness to animal-free meat courses. According to GlobalData, a prominent data and analytics organisation, the Australian meat alternatives market is booming, with sales expected to reach AUD409.8 million ($304.5 million) by 2026 at a compound annual growth rate (CAGR) of 15.4%.

The report ‘Australian Meat Substitutes Market- Trend Analysis and Forecasts to 2026, discussed that the meat alternative will grow from a single-cell protein. Its value will spike the fastest through 2026. 

Additionally, the forecast reveals that soy-based meat substitutes will set a CAGR of 12.3% in the same period.

 “Australia is one of the world’s top meat-eating countries and a global supplier of animal protein. However, in light of the COVID-19 pandemic, more consumers are adopting vegan or flexitarian diets due to growing awareness of diseases linked to high meat consumption,” said Bobby Verghese, Consumer Analyst at GlobalData.

One of the primary goals of Australians is to maintain a healthy lifestyle. Most meat alternative consumers claim that their meat cravings are met in the healthiest way possible. 

The pandemic put social and environmental issues like sustainable farming and animal cruelty in the spotlight. Since then, more Australians have been leaning towards meat substitutes

As a result, Australia’s per capita expenditure (PCE) on meat substitutes increased from $1.1 in 2016 to $2.9 in 2021, compared to a regional average of $0.2 and a global average of $0.5. Australia’s PCE on meat alternatives is expected to rise to $5.5 by 2026.

More local and international hypermarkets and supermarkets plan to distribute “meatless meat”. However, Verghese saw a contradicting concern:

“More international and regional companies are venturing into the meat substitutes market, thereby setting the stage for intense price wars and product innovations. The heightened health concerns due to sporadic COVID-19 outbreaks will spur demand for animal-free meat. However, the worsening cost-of-living crisis could make consumers prefer cheaper animal meat.”

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