Less than a year after farmers were fighting to redeem their space on supermarket shelves in an inquiry to make tighter regulations around the labelling of alternative proteins, experts are saying alternative proteins could be key to the $100 billion agriculture industry by 2030 goal.

The opportunity for the agriculture industry to expand further into plant-based protein alternatives sits right on Australia’s doorstep, with demand from Asia expected to increase by 200 per cent in the next five years. 

At the recent AltProteins22 conference - Australia and New Zealand's first alternative proteins conference - experts explained that investment into protein-alternatives falls short of kickstarting what could be a multi-billion dollar industry for Australia.

Co-Founder of Australian Plant Proteins Phile McFarlane said that a recent $378 million investment from government and the private sector was a drop in the ocean to meet demand. 

“This level of investment is a good start, but it certainly doesn’t represent the complete journey Australia needs to undertake to become a leading powerhouse in plant protein production,” Mr McFarlane said. 

“That opportunity is real and it’s right in front of us."

The world's growing population – expected to reach 10 billion by 2050 – has significantly increased the need for proteins from all sources, with global demand for protein expected to increase 73 per cent in the same timeframe.  

Leader of CSIRO’s Future Protein Mission Professor Michelle Colgrave said that farmers could add value by breeding new varieties of plant crops that are higher in protein, good quality, easy to digest and even free from allergens. 

“A lot of plant-based ingredients are imported,” Professor Colgrave said. 

To make plant-based products 100 per cent Australian-made, farmers would need to direct a larger focus to production of legumes, including soybeans, fava beans and chickpeas. 

NSW Farmers President James Jackson reflected within the inquiry that - despite wanting improved clarity between meat and meat-alternatives - the growing industry would be crucial for Australian farming. 

“We’re committed to growing our agriculture sector to $30 billion by 2030 and this will involve new opportunities such as alternative proteins,” Mr Jackson said.

“But we must remember that demand for our world-class Australian meat both here and abroad is very strong, and we need to protect that reputation that has been built on by the R&D and marketing that industry and government has paid for,” he said. 

According to statistics provided by NSW Farmers, the Australian red meat and livestock industry employed approximately 434,000 people in 2018-2019, while the Australian alternative proteins accounted for 265 jobs, leaving clear room for growth.