There is good news for Australian protein producers, with a recent study concluding that there is more than enough room for both animal-based and alternative proteins in the Australian market. Forecast global demand for protein is strong and will accommodate growth in both sectors.
The newly released report, The Changing Landscape of Protein Production, funded by AgriFutures Australia’s National Rural Issues Program and delivered by the Australian Farm Institute, provides ground breaking analysis which estimates there will be additional opportunities for the Australian protein sector by 2030. This includes $8.9 billion for Australian animal proteins, $7 billion for traditional plant-sourced proteins, while alternative protein products could deliver a $3.1 billion opportunity for Australian agriculture.
Alternative proteins are those foods that act as a substitute for traditional animal-sourced protein. This includes plant-sourced and non-traditional proteins including plant-sourced meat, dairy and egg substitutes, cultured or cellular meat, insects and algae.
AgriFutures Australia Managing Director, John Harvey said this research provides important analysis not only on the size of the alternative protein trend but more critically on the implications for Australian producers and investors.
“We now have the facts about the aggregate opportunities for Australian agriculture in response to an emerging market for alternative proteins up to 2030. This means we can replace speculation with reliable forecasts to underpin policy, regulatory changes and advocacy positions,” said Mr Harvey.
Mr Harvey added that prioritising producing enough protein for the growing global population requires a united front.