The launch of our new Plant Based Dairy range, New Pastures. A key feature of this momentum is continuing to innovate and expand PFT’s product range and take lead from market and consumer trends.
The 5 varieties are all produced in Tasmania using Tasmanian ingredients where possible.
Products include Original Oat Melt, Smoked Oat Cheese, Aged Cashew Cheese, Almond Greek Feta & Cultured Oat Butter.
The plant-based cheese market is likely to grow at a CAGR of over 15% during the period 2018–2024[1].
The following factors are likely to contribute to the growth of the plant-based cheese market during the forecast period:
- Growth in the Vegan Population
- High prevalence of lactose intolerant population
- Rise in the Health-conscious Population
- High Demand for Non-GMO Food Products
- Growth in Consumer Demand for Clean Label Products
This substantial potential growth is evident through the introduction new plant-based products by large food manufacturers around the world. The plant-based cheese segment accounts for approximately 6% of the global non-dairy milk market[2].
New Pastures aims to develop Tasmania’s presence into this global plant-based market, with potential of product expansion.
PFT will utilise its current distribution model to support this new range of products, with access to existing national retail, export and direct to consumer channels.
This is an exciting opportunity for PFT to secure supply of these products in a growing market and underpins our core strategy to bring BFY (Better for You) food & beverages to our consumers.
[1] Plant-based Cheese Market – Global Outlook and Forecast 2019-2024, Report, December 2019
[2] Plant-based Cheese Market – Global Outlook and Forecast 2019-2024, Report, December 2019