The consumption of meat substitutes has significantly grown over the last decade. To understand the extent to which plant-based meat alternatives can already substitute conventional meat in terms of price and nutritional value, detailed knowledge of current market offerings is essential. We conducted an analysis of 38 plant-based minced products and 36 plant-based sausage products in Austrian supermarkets. The data were obtained using standardized observation in Austrian supermarkets reflecting 90% of the current market, expanded further through secondary data, and analyzed the generated dataset using mean value comparison. To provide a broader perspective on the trends in these markets, we incorporate results from a comparative study conducted in Australia. Our results obtained throught-tests revealed that there is no statistically significant difference in the protein content of plant-based meat substitutes and conventional meat (at the 95% confidence interval), underscoring the potential of meat substitutes as an alternative source of protein. Offering comparable protein content but with significantly lower caloric intake (at the 1% significance level), plant-based substitutes may contribute to reducing obesity in industrialized countries. The findings also reveal that plant-based products continue to be priced significantly higher than conventional meat (at the 1% significance level). We found substantial differences in ingredients and other nutritional values of plant-based products between Austria and Australia, although the main protein sources are the same in both countries, with peas being included in 60 out of 74 and soy in 27 out of 74 Austrian products. Our article concludes with a discussion of the implications for scholars and policymakers and identifies new avenues for future research.