Canada Plant Protein - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Canada Plant Protein - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Canada plant protein market was valued at USD 366.0 million for the current year and is projected to register a CAGR of 5.43% over the next five years.

Key Highlights

• Consumer inclination toward consuming healthy and functional food products is increasing due to the rising prevalence of lifestyle diseases like diabetes, obesity, high blood pressure, and many more. Plant proteins like soy, peas, potato, wheat, and others provide all essential amino acids and can be used as an alternative for animal protein in different industries.
• The demand for plant-based alternatives is increasing among vegan and vegetarian consumers, due to which plant proteins are being used in different food and beverages. Also, the demand for clean-label, natural, and organic products is increasing in the country due to rising health consciousness. Owing to this, the manufacturers are innovating food and beverage products with plant proteins to increase their nutritional quality and functionality.
• Furthermore, the use of plant proteins in infant and baby food is also increasing as they are easily digestible and a good source of minerals as well. The demand for plant protein in personal care products is also growing due to the increasing demand for clean-label ingredient products. Plant proteins like potato protein and rice proteins are used in cosmetics like night creams and moisturizers for the reduction of wrinkles and blemishes. Also, the use of plant protein in animal feed is growing as it gives the animals proper nutrition and health.
• Owing to the increasing market demand, the market players are launching innovative plant protein ingredients to cater to rising demand. For instance, in October 2022, Roquette Freres launched a line of pea ingredients that include organic pea protein. Over the medium term, the demand for pea proteins is expected to increase owing to the rising demand for healthy and functional meat alternatives.

Canada Plant Protein Market Trends

Increasing Demand for Plant-Based Food and Beverages

• Consumer demand for plant-based food and beverages is increasing in the country owing to the increasing consumption of vegan food and beverages. Health-conscious consumers in the country are looking for healthy meat alternatives due to the increasing prevalence of lifestyle diseases like obesity, high blood pressure, diabetes, and many more. Owing to this, the demand for plant proteins is also increasing among manufacturers.
• Manufacturers are using plant proteins as functional ingredients in food and beverages. Also, plant proteins are being used in sports nutrition products like protein powders and beverages. As sports participation is increasing, the demand for protein-rich food and beverages is also increasing.
• Additionally, the demand for dairy substitutes is also increasing, due to which the demand for oat protein, soy protein, and others is also increasing. Furthermore, consumer demand for organic, clean-label, and natural-based food and beverages is increasing. Due to this, the market players are launching organic plant protein ingredients.
• The market players are innovating new plant proteins to cater to increasing market demand in the country. For instance, in February 2022, Benson Hills Inc. launched TruVail soy protein ingredients that are claimed to be non-genetically modified organism (GMO).

Pea Protein is the Fastest Growing Segment

• Pea protein is being consumed in large quantities in Canada due to the increasing demand for vegan food and beverages. The manufacturers are using pea protein in different food products like protein powders, beverages, supplements, infant formulas, and many more. Owing to this, the market players are launching new pea protein ingredients in the market. The consumption of clean-label, non-genetically modified organism (GMO), and organic products is increasing. Pea protein provides nutritional benefits and can be used in flexitarian products to increase functionality and texture as well.
• Owing to the increasing demand, the market players are expanding their product portfolio with the launch of new products and acquisitions to cater to growing market demand. For instance, in February 2021, International Flavors and Fragrances acquired DuPont's Nutrition and Biosciences segment. The segment includes the production of ingredients, including plant-based proteins. Over the medium term, the demand for pea proteins is expected to increase owing to the increasing demand for vegan food ingredients.

Canada Plant Protein Industry Overview

The Canada plant protein market is fragmented, with regional and global players dominating the market. The prominent players in the market include Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group PLC, Roquette Frères, and CHS Inc. As the demand for plant-based protein is increasing, the market players are innovating new products to cater to growing demand. For instance, In June 2021, Axiom Foods launched a new pea protein, made from Pisum sativum yellow peas, that is majorly used as a meat replacement and an extender. It reduces the cost of nuggets, patties, and meatballs while adding nutritional content, protein, and juiciness.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support