Australia has been found to have the world’s third largest vegan market of packaged food, worth $136 million. The market is set to grow to $215 million by 2020, as found by Euromonitor International, a market research company.
Ewa Hudson who is the head of health and wellness at Euromonitor International said: “an increasing number of companies are expanding their consumer appeal by staying away from animal ingredients whenever possible.”
In Australia, the dairy-style alternatives market is the largest sector for vegan food labelling, with this market worth $83.7 million alone. Condiments, sauces and dressings are worth $26.3 million, biscuits and snack bars are worth $12.5 million and confectionary is worth $6.9 million. Spreads are worth $1.1 million and the cereals market is worth $5.4 million.
Recently, a study carried out by the University of Adelaide and CSIRO found that one in six Australians are buying plant based milk alternatives, regardless of if they have an intolerance or allergy to dairy.
Official Dietary Guidelines in Australia state that “appropriately planned vegetarian diets, including total vegetarian or vegan diets, are healthy and nutritionally adequate.” Veganism continues to grow and alongside this, there is the need for more accessible vegan food.