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Australia Vegan Food Market Size, Share, Analysis, Forecast: By Product Type: Dairy Alternative, Meat Substitute, Vegan Bakery, Others; By Source: Almond, Soy, Oats, Wheat, Others; By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Others; Regional Analysis; Competitive Landscape; 2024-2032
Australia Vegan Food Market Outlook
The Australia vegan food market size was valued at USD 433.03 million in 2023. The market is further projected to grow at a CAGR of 7.7% between 2024 and 2032, reaching a value of USD 848.13 million by 2032.
Key Takeaways
- Woolworths, a major supermarket chain in Australia, has witnessed a remarkable 50% increase in demand for its plant-based products in recent years. It offers 1800 vegan products for sale.
- Approximately 2.5 million Australians now identify as vegans or vegetarians.
- The popularity of plant-based diets has surged, with a remarkable 50% growth in the number of people following these diets in Australia.
The growth of the vegan food market is primarily driven by several key factors. Firstly, there is an increasing demand for vegan food and beverages due to a growing awareness of the health benefits associated with plant-based diets and the environmental impact of animal agriculture. Secondly, intolerance and allergies associated with animal protein products are driving consumers towards plant-based alternatives, further boosting the Australia vegan food market development.
Additionally, the advantages of cholesterol-free diets and the increasing popularity of plant-based meat alternatives are influencing consumers to adopt plant-based diets, contributing to Australia vegan food market growth. Furthermore, the innovations in product offerings using plant-based ingredients, such as protein bars and shakes, are creating opportunities for market expansion by catering to consumer preferences for clean-label and safe products.
The vegan food market in Australia is segmented into dairy alternatives, meat substitutes, and vegan bakery products. The dairy alternatives segment in Australia, which includes plant-based milk and non-dairy butter have captured a substantial Australia vegan food market share, driven by factors such as the availability of online grocery stores specialising in vegan food and a growing interest in vegan menus at restaurants. Favourable government support to promote vegan culture and the increasing consumption of plant-based dairy products by lactose intolerant consumers are contributing to the segment's expansion.
The meat substitute segment is expected to grow through the forecast period, fuelled by an expanding product variety and a rise in cases of lactose intolerance. Meat substitutes mimic the aesthetic traits of meat using ingredients like soybeans, gluten, and peas. The growing demand for alternative protein sources and their wide availability at brick-and-mortar supermarkets are driving sales within this segment. In 2022, both Domino’s and Pizza Hut expanded their menus to include vegan cheese, vegan pepperoni, and vegan buffalo chicken, which reflects the increasing demand for plant-based alternatives even in fast-food industry.
Market Segmentation
Australia Vegan Food Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Dairy Alternative
- Meat Substitute
- Vegan Bakery
- Others
Market Breakup by Source
- Almond
- Soy
- Oats
- Wheat
- Others
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
- Online Channels
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Western Australia
- Australian Capital Territory
- Others
Competitive Landscape
Market players are investing in advanced technologies to develop innovative plant-based meat substitutes that mimic traditional meat products while retaining nutritional value and taste.
- ProForm Foods
- Fenn Foods Pty Ltd.
- v2food Pty Ltd.
- Harvest B Pty Ltd.
- The Aussie Plant Based Co.
- Plarre Foods Pty Ltd.
- Impossible Foods Inc.
- The Livekindly Company, Inc.
- Cale And Daughters Pty Limited
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Source |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Australia Vegan Food Market Overview
8.1 Key Industry Highlights
8.2 Australia Vegan Food Historical Market (2018-2023)
8.3 Australia Vegan Food Market Forecast (2024-2032)
9 Australia Vegan Food Market by Product Type
9.1 Dairy Alternative
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Meat Substitute
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Vegan Bakery
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 Others
10 Australia Vegan Food Market by Source
10.1 Almond
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Soy
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Oats
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Wheat
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Australia Vegan Food Market by Distribution Channel
11.1 Supermarkets and Hypermarkets
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Convenience Stores
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Specialty Stores
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Online Channels
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Australia Vegan Food Market by Region
12.1 New South Wales
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Victoria
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Queensland
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Australian Capital Territory
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Western Australia
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicator for Price
13.4 Key Indicator for Demand
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 ProForm Foods
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Fenn Foods Pty Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 v2food Pty Ltd.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Harvest B Pty Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 The Aussie Plant Based Co.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Plarre Foods Pty Ltd.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Impossible Foods Inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 The Livekindly Company, Inc.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Cale And Daughters Pty Limited
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Australia Vegan Food Market: Key Industry Highlights, 2018 and 2032
2. Australia Vegan Food Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Australia Vegan Food Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Australia Vegan Food Historical Market: Breakup by Source (USD Million), 2018-2023
5. Australia Vegan Food Market Forecast: Breakup by Source (USD Million), 2024-2032
6. Australia Vegan Food Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
7. Australia Vegan Food Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
8. Australia Vegan Food Historical Market: Breakup by Region (USD Million), 2018-2023
9. Australia Vegan Food Market Forecast: Breakup by Region (USD Million), 2024-2032
10. Australia Vegan Food Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 433.03 million.
The market is expected to grow at a CAGR of 7.7% between 2024 and 2032.
The vegan food market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 848.13 million by 2032.
The increasing awareness about the benefits of following a vegan diet, a desire for transparency in food sourcing, a focus on taste and quality of plant-based products, and a growing demand for variety in diets are some of the major factors propelling the growth of the market.
Key trends aiding the market expansion are introduction of vegan friendly food options by leading food chains, rising concerns about animal health and cruelty, and emergence of innovations in food technology, such as extrudable fat technology, which is being utilised to develop plant-based meat substitutes.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
Vegan food is sourced from almond, soy, oats, and wheat, among others.
Based on distribution channels, the market segmentation include supermarkets and hypermarkets, convenience stores, speciality stores, online channels, among others.
Plant-based foods gaining popularity in Australia include cashew "cheese," soy "yogurt," almond "milk," mycoprotein, and various meat substitutes like tofu, Quorn, tempeh. These products cater to the rising demand for vegan alternatives across supermarkets and hospitality venues nationwide.
Dairy alternative, meat substitute, and vegan bakery are some of the products considered in the market.
Key players in the market are ProForm Foods, Fenn Foods Pty Ltd., v2food Pty Ltd., Harvest B Pty Ltd., The Aussie Plant Based Co., Plarre Foods Pty Ltd., Impossible Foods Inc., The Livekindly Company, Inc., and Cale and Daughters Pty Limited, among others.
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