Australia & New Zealand Plant-Based Food & Beverages by Product type

Growth Outlook

• The Based Food & Beverages by Product type portion of the Australia & New Zealand Plant market is on a steady long-term growth path. Segment value stands at roughly USD 2108 Mn in 2026 and is projected to reach USD 2674 Mn by 2028 — a gain of about 27% over the forecast period, translating to a CAGR in the double digits.
• The demand for plant-based food and beverages in Australia and New Zealand has significantly increased in recent years, due to various factors such as health consciousness, environmental concerns, and ethical considerations. This trend has been seen not only in the vegan and vegetarian community but also among a growing number of flexitarians, who are seeking to reduce their consumption of animal-based products.
• What the regional split looks like (2026): Plant-Based Milk & Derivatives leads, holding roughly 38% of segment value — the single largest regional share. Plant-Based Milk is the second-largest contributor. Plant-Based Meat , Others, Plant-Based Juices, Plant-Based Butter , Tofu & Tofu Products , Plant-Based Yogurt , Bakery & Confectionery , Sausages & Patties , Plant-Based Cheese , RTD Tea & Coffee, Sweet & Savory Snacks , Seitan and Tempeh make up the remainder, in descending order.
• By 2028, Plant-Based Milk & Derivatives alone is expected to reach USD 1019 Mn, with Plant-Based Milk at USD 613 Mn.

Market Dynamics

The demand for plant-based food and beverages in Australia and New Zealand has significantly increased in recent years, due to various factors such as health consciousness, environmental concerns, and ethical considerations. This trend has been seen not only in the vegan and vegetarian community but also among a growing number of flexitarians, who are seeking to reduce their consumption of animal-based products. One of the most significant product types in the plant-based food and beverage market is dairy alternatives, which include plant-based milk, yogurts, and creams. This category has seen a surge in demand, driven by the rise of lactose intolerance, allergies, and the perception that dairy products are unhealthy. In response, there has been a wide variety of plant-based milk options made from soy, almond, coconut, and oat, which cater to different taste preferences and dietary requirements. The meat alternatives category is also gaining traction, with a growing number of consumers looking for protein-rich, meat-free options. Innovative products such as plant-based burgers, sausages, and chicken strips have become increasingly popular, particularly among younger generations who are more conscious about the environmental impact of meat production.

Snack and confectionery products are another area seeing a rise in demand for plant-based options, with a focus on healthier, natural ingredients. This includes plant-based protein bars, cookies, and chocolates, which provide a guilt-free indulgence for health-conscious consumers. In addition to these main categories, there has been a significant increase in the availability and variety of plant-based condiments, sauces, and spreads. These products provide alternatives to traditional animal-based ingredients such as mayonnaise, butter, and cheese, catering to the growing number of people following a plant-based or flexitarian diet. The demand for plant-based food and beverages has also been driven by the rise of ethical and sustainability considerations. With consumers becoming more aware of the impact of their food choices on the environment, animal welfare, and ethical sourcing, there has been a shift towards plant-based options that align with these values. In conclusion, the demand for plant-based food and beverages in Australia and New Zealand is driven by a combination of factors, including health and wellness trends, environmental and ethical considerations, and a growing variety of product options.

This trend is expected to continue to grow in the coming years as more people become aware of the benefits of a plant-based diet and the variety of tasty and nutritious options available.

Research Methodology

Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2024.