South Australia will become a leading producer of plant-based protein with a $378 million investment to build three manufacturing facilities to supply the domestic and international markets.
Australian Plant Proteins, AGT Foods Australia and Thomas Foods International will come together to turn locally produced legume crops into a range of high-value plant protein foods and beverages.
The venture is expected to create almost 400 manufacturing jobs by 2024 and support more than 8500 new positions in the supply chain and the wider economy by 2034.
The federal government has provided $113 million in assistance and the state government $65 million, with the project to produce 25,000 tonnes of pulse protein yearly.
It is also expected to generate up to $4 billion in exports by 2032, including to the US, Southeast Asia and Europe.
Federal Finance Minister Simon Birmingham said this investment was a win for jobs and a win for SA's pulse farmers.
"This investment by government along with the private sector will put SA ahead of the pack in the manufacturing of products for the high-growth domestic and booming global plant-based foods market," Senator Birmingham said.
"It is a major step forward in transforming South Australia into a plant-based protein manufacturing and export powerhouse."
Premier Steven Marshall said the project would create a large-scale plant-based food and beverage value chain for South Australia and unlock an entirely new export industry for the state.
"South Australia is already world-renowned for our premium food and produce and we now have a first-mover opportunity to capitalise on the emerging global demand for plant protein-based food," Mr Marshall said.
