In what may seem as quite a minor revolution across the Canada farming sector, close to 120 firms, specifically focused on the development of plant proteins, have won the approval for a USD 950 million worth supercluster government funding proposal. This strategic move is predicted to provide a major impetus to research & development activities across the agricultural sector in the region. According to the chairperson of Protein Industries Canada, the group that put forward the supercluster bid has conveyed that the government’s decision to fund R&D activities in the country will further promote the growth of the rapidly emerging plant protein market in the country.
With the state backing and growing number of investments in the research activities witnessed across the country, Canada is likely to emerge as one of the topmost plant protein producing countries across the globe, claim analysts. It is also being speculated that as on today, since most of the consumers focus on good health and well-being, beans & lentils are widely preferred over meat or dairy products. Authentic sources state that the Canadian government is also likely to provide additional funds worth USD 150 million for improving farming methods.
For the record, reputed brands such as Maple Leaf Foods Inc., a major consumer packaged meat firm based in Canada, have also made huge investments in the emerging plant protein business domain. Last year, Maple purchased the Field Roast Grain Meat Firm for USD 120 million, followed by acquisition of LightLife Foods in a purchase agreement worth USD 140 million. The President of alternative proteins at Maple has apparently declared that though the purchase deals will help the firm expand its business in the U.S., it is seeking to consolidate its reach across Canada.
Analysts are of the opinion that the demand for alternative proteins will increase from 165,000 tons in 2016 to nearly 2,00,000 tons by 2022, which is 2% of the overall protein market growth.