The emerging alternative protein market, an opportunity for Australian agriculture

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Research on the changing landscape of protein production in Australia estimates that there will be an additional $ 19.9 billion opportunity for the sector by 2030, of which $ 3.1 billion is allocated to categories of alternative proteins.

There is good news for Australian protein producers, with a recent study concluding that there is more than enough room for animal and alternative protein in the Australian market. Global demand for protein is expected to be strong and will adapt to growth in both sectors.

The recently published report, The changing landscape of protein production, funded by AgriFutures Australia‘s National Rural Issues Program and delivered by the Australian Farm Institute, provides groundbreaking analysis that estimates there will be additional opportunities for Australia’s protein sector by 2030. This includes $ 8.9 billion dollars for Australian animal protein, $ 7 billion for traditional vegetable protein – sources of protein, while alternative protein products could provide a $ 3.1 billion opportunity for Australian agriculture.

Alternative proteins are foods that replace traditional animal proteins. This includes both plant-based and non-traditional protein, including plant-based meat, dairy products and egg substitutes, cultured or cellular meat, insects and algae.

AgriFutures Australia chief executive John Harvey said this research provides important analysis not only on the extent of the alternative protein trend, but even more on the implications for Australian producers and investors.

“We now have the facts about the overall opportunities for Australian agriculture in response to an emerging market for alternative proteins through 2030. This means we can replace speculation with reliable forecasts to support policy, regulatory changes and advocacy positions, ”Harvey said.

Harvey added that prioritizing the production of enough protein for the growing world population requires a united front.

“Segregation and competition between traditional and alternative protein producers is not as big a threat as expected. “

“Allowing traditional and alternative protein producers to work together, such as using the by-products of insect farming as feed for chickens, pigs or fish, will provide mutual benefit in sustainability.” , Harvey said.

Australian Farm Institute executive director Richard Heath said that while there has been a lot of hype surrounding the potential of ‘fake meat’ as a disruptor to the livestock industry, this research shows that the emerging market for alternative proteins should not be seen as a threat to existing production systems but as a means of diversifying choices for producers, processors and consumers.

“The new demand for animal protein from a growing global population will outweigh any additional market share that alternative proteins may gain over the next decade,” said Heath.

Alternative proteins will be discussed at AG, 2020 and capitalizing on new diets will be part of the main presentation by Hungry Jacks founder Jack Cowin and a panel discussion on how to make room on the plate for them. traditional proteins and new proteins.

AgriFutures Australia’s National Rural Issues Program has invested in this research as part of its mandate to conduct cross-sectoral research on rural issues of national and global significance.

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