Canada's plant-based food sector gaining momentum

This section is

from Globe Newswire

Image of Protein Industries Canada’s 2022 Year in Review GNW

Regina, Sask., Dec. 20, 2022 (GLOBE NEWSWIRE) — As 2022 closes, Protein Industries Canada is celebrating the progress of Canada’s plant-based foods and ingredients sector and the achievement of significant milestones as an organization.

“Over the past four years, Protein Industries Canada and our industry partners have made tremendous strides, including investing more than $477 million in Canada’s plant-based food, feed and ingredient ecosystem through 55 innovative projects,” said Bill Greuel, CEO of Protein Industries Canada. “We now have projects that stretch from British Columbia to Prince Edward Island and beyond. Additionally, the result of this investment is becoming more tangible as new ingredients and foods make their way onto grocery shelves and restaurant menus in Canada and beyond.”

Plant-based foods offer Canada an incredible opportunity. Driven by a growing world population and an expanding middle class, combined with consumers choosing plant-based foods for reasons of health, environmental protection and animal welfare, the annual global market for Canada is expected to be worth more than US$250 billion by 2035. dollars , representing a potential annual revenue of $25 billion by 2035, supported by 17,000 jobs.

“I am proud of Protein Industries Canada’s progress and the work we have done; However, I’m more excited about the growth of the industry and the successes of our partners,” said Greuel. “Having recently returned from several trips abroad, I can attest that the international ecosystem is paying attention to Canada and our businesses. Our approach to collaborative innovation, our natural advantages in crop production, our commitment to sustainability and our supportive governments are all factors that differentiate Canada from our peers.”

Protein Industries Canada, one of Canada’s five global innovation clusters, is accelerating innovation in plant-based protein. By working with pioneering companies, Protein Industries Canada provides a structure that reduces risk and enables bold initiatives, developing new ingredients and food products, facilitating industry partnerships and opening doors to investment opportunities. With a current portfolio of nearly half a billion dollars of innovative R&D projects, Protein Industries Canada partners with companies to develop solutions to a global food challenge.

“Over the past four years, the Canadian ecosystem has embraced the opportunity we have been given and collaborated to develop new processes, ingredients and food products. I look forward to building on the momentum we have and achieving even more over the next five years,” said Greuel.

Protein Industries Canada’s initial agreement with the federal government expires in March 2023 and was recapitalized by the federal government in the 2022 budget. Protein Industries Canada will begin a new round of co-investments in spring 2023.

About Protein Industries Canada

Protein Industries Canada is one of Canada’s five global innovation clusters. We accelerate innovation in plant-based proteins and support the development of new plant-based ingredients and foods. Our goal is to expand opportunities for the agri-food sector to transform Canada into a global leader in plant proteins. We represent a Canadian-made solution to the global food challenge, and the pioneers we champion are leading the way. As a global agricultural powerhouse, Canada has the means, resources and skills to turn crops into food – and transform the way the world eats. We bring sustainable economic growth to Canada while providing solutions to some of humanity’s greatest problems.

attachment