Food Innovation Australia Limited (FIAL) has commissioned a new study into the global protein market. This first-of-its-kind in-depth analysis of 50 protein types sheds light on how an additional $55 billion could be captured by the Australian food and agribusiness industry if we shift our thinking from ‘commodity’ to ‘high-value’ protein by 2025.
Global demand for protein is increasing at a rapid rate, with a growing middle-class population fuelling most of this growth in 2018. The study by FIAL emphasises the vital role Australia has in supplying these emerging markets where global per-capita consumption is projected to rise by 27 percent in 2025.
Understanding dietary trends is the first step in unlocking new opportunities in the global protein market. There are many influences that are shifting these trends and creating market opportunities, such as health and ethical concerns, and environmental constraints. The report suggests that Australian producers can address these gaps by exploring how to restructure their food production mix and shift into higher value protein categories such as aquaculture.
Alternatively, they can differentiate their offering through the adoption of new technology and innovations to match global protein consumption which is projected to be worth $517 billion by 2025. Meat proteins will make up 40 percent of this value, whilst non-traditional and higher-value sources of macronutrients, like insects and plant-based proteins, are also emerging growth opportunities.
Dr Mirjana Prica, Managing Director of FIAL, says the report is important research that could influence the future of the Australian food and agribusiness sector and become a global protein supplier.
“This study is yet further evidence that Australian producers should be focussing on moving away from commodities, and strengthening partnerships in high-potential markets, whilst collaborating with other players across the entire value chain to explore value-adding opportunities,” said Dr Prica said. The report is being launched at the Proteins for Food and Health seminar on Wednesday the 6th of March, at CSIRO’s Food Innovation Centre in Werribee, Victoria. Head over to FIAL’s website to read the full report.