Canadian Plant Protein Market Size, Share, COVID-19 Impact, Opportunities, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food And Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Canadian plant protein market is projected to grow at a CAGR of 7.55%, from US$472.525 million in 2020 to US$786.585 million in 2027.

The plant protein market in Canada is expected to surge on account of the increasing disposable income among the low-income and middle-income population, which is increasing their propensity to spend and allowing them to shift towards healthier and premium protein products such as those sourced from plant-based sources. Additionally, the trend toward veganism is growing, which is encouraging many people to adopt proteins sourced from plants in order to reduce their carbon footprint on the environment. Thus, these factors are driving the market’s growth over the forecast period. In addition, with the rising awareness among people in order to shift their preference to a more balanced diet and lifestyle and reduce the consumption of red meat and processed meats that have serious health effects, this is increasing the demand for plant-based protein products and thus augmenting the market growth.

Government initiatives will further support market growth in the country

Moreover, the government is involved in taking initiatives and laying down essential dietary guidelines in order to make people aware of consuming healthy food and adopt healthy eating practices to boost the consumption of plant protein products. For instance, according to Guideline 1, under Canada’s Dietary Guidelines 2019, people should consume plant-based protein foods more often than protein foods instead of protein from animal-based sources, apart from consuming vegetables, fruits, and whole grains regularly.

Increased developments by major players are expected to increase demand for plant-based protein

Key companies are increasingly involved in signing partnership agreements to expand their foothold in the plant-based protein industry and to promote the usage of plant protein products by launching new products, to augment the market’s growth further over the forecast period. Greenleaf Foods SPC, one of the leading companies operating in the North American region and dealing in plant-based protein products, and the Montreal Canadiens, for example, announced a partnership agreement in January 2020. This partnership agreement between the duo features the plant-based products under the portfolio of Greenleaf’s leading brands, “Field Roast Grain Meat Co and “Lightlife.” After this partnership, the above-mentioned brands became the exclusive plant-based protein partners for the Montreal Canadiens and the Bell Centre. The purpose of this partnership was to cater to the increasing number of consumers that are adopting flexitarian diets.

In January 2020, Nestlé, one of the leading companies dealing in food and beverage processing, announced that they had entered into a joint agreement with two plant-based protein companies based in Canada in order to accelerate the development of meat and dairy alternatives, that have a favourable footprint on the environment.  The agreement with Merit Functional Foods, based in Winnipeg, Manitoba, and Burcon NutraSceince, of Vancouver, British Columbia, will allow Nestle, to leverage Merit’s pea and canola protein ingredients and Burcon’s plant protein extraction and purification technology to contribute to the development of plant-based food and beverage products by Nestlé. It will also provide them with access to expertise and a wide range of high-quality ingredients for plant-based foods and beverages.

The soy-based category is expected to hold a notable share during the forecast period

By source, the plant-based protein market has been segmented into pea, rapeseed, soy, hempseed, and others. Soy-based plant protein is expected to hold a significant market share and increase its market share over the forecast period owing to the fact that the number of cases of cardiovascular diseases is rising and organizations such as the Canadian Cardiovascular Society 2016, which give the guidelines to prevent cardiovascular diseases. Also, Health Canada (2015) provides an assessment regarding the decrease in the chances of cardiovascular diseases by consuming soy products, encouraging people to consume more soy-based products.

Key Developments in the market

• In March 2022, Canada-based AGT Foods and Ingredients Inc. commenced the commissioning of a value-added oat milling site to manufacture a wide range of protein-based products for plant-based human nutrition, animal feed products, and speciality ingredients. Through this development, the firm aims to upscale the production of plant-based products across the US, Canada, and other parts of the globe.
• In March 2022, the rapidly expanding oat-based food and beverage company Oat Canada and Roquette, a leading supplier of plant-based ingredients, announced an investment in a joint venture through Protein Industries Canada. The creation of innovative oat components and nutrient-rich oat-based food and beverage items is the goal of this $4.1 million project. Roquette is set to create Canada's first oat-protein ingredient through the project, utilizing this substantial supply and its solid reputation as an innovation. The ingredient will be tested in both Oat Canada's current line of products and a number of new ones. The experience of both businesses will assist in satisfying the rising demand for wholesome, environmentally friendly plant-based foods and products, including from Canadian customers.

COVID-19 Insights

COVID-19 had a significant impact on the Canadian plant-based protein market. The growing health awareness among consumers and increased preference for a high-protein diet accelerated the market growth. The growing trend of veganism among the population is yet another factor contributing to the growth.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline