More ‘fake meat’ alternatives for restaurants, takeaway food services as plant-based movement grows: analyst
Aussies are increasingly adopting ethically and environmentally-conscious dietary habits, IbisWorld said.
Restaurants and fast food & takeaway food services industries are projected to further integrate ‘fake meat’ alternatives into their menus as Australia's meat consumption arrives at its lowest point in 25 years.
Despite these menu items commanding higher prices due to the level of research and development that goes into creating plant-based proteins, IbisWorld projects that revenue across the two industries is expected to rise at an annualised 2.1% and 1.0% over the five years through 2025-26, respectively.
Australian meat consumption per capita remains near its lowest point since 1996-97, at 99.5 kilograms per capita, observing Australians increasingly adopt “ethically and environmentally-conscious dietary habits.”
“The introduction of these plant-based protein products will likely be targeted at the growing flexitarian market, where an individual predominantly consumes plant foods and occasionally eats conventional meat products. The rising popularity of this trend represents a significant opportunity for food producers that can adapt,” IBISWorld senior industry analyst Suzy Oo said in a media release.
Producers in the fruit and vegetable processing industry were also cited by Oo as one of the segments set to benefit from this trend, citing Simplot Australia’s 100% NOT meat-free range being used by chains Mad Mex and Pie Face.
Oo also suggested that the growing popularity of ‘flexitarian’ diets, which reduces but not fully eliminates meat consumption, represents a threat to the meat processing industry, which they expect to contract by 10.0% in 2020-21, to $22.2 billion.
“The domestic price of meat has risen at an annualised 3.1% over the past five years, driving more consumers to seek vegetarian alternatives. This has expanded target markets for plant-based products beyond vegans and vegetarians,” Oo said.
