Canada Plant-based Food and Beverages Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Plant Based Food Canada Market and is segmented by Product Type (Meat Substitutes, Dairy Alternative Beverages, Non-dairy Ice Cream, Non-dairy Cheese, Non-dairy Yogurt, Non-dairy Spreads, and Other Plant-Based Products); and by Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail Channels, and Other Distribution Channels).

Canada Plant-based Food and Beverages Market Size

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Canada plant-based food and beverages market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 9.22 %
Market Concentration Low

Major Players

Canada Plant-based Food and Beverages Market

*Disclaimer: Major Players sorted in no particular order

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Canada Plant-based Food and Beverages Market Analysis

The Canada plant-based food and beverages market is projected to register a CAGR of 9.22% during the forecast period (2022 - 2027).

Early in April 2020, meat packing plants began to close as a result of the Covid-19 virus' quick spread among employees. According to Statistics Canada, Covid-19 shook up the supply of beef in Canada by forcing the closure of numerous slaughterhouses and meat processing facilities, causing customers to rush out and buy beef out of worry over a potential shortage. While farmers received reduced prices for their cattle, consumers saw unusual price hikes for beef. Such conditions posed new opportunities for plant-based companies. Though Covid-19 had a significant impact on the retail food industry in 2020, consumers' shift to plant-based foods started pre-pandemic and the trend is expected to grow in the future.

Over the medium term, the market is expected to be driven by the increased consumer demand for vegan food and beverages such as coconut milk, almond milk, and plant-based meat products, among others. Further, the rising preference for specific nutrients has led to an increased demand for functional plant-based food and beverages, which are usually fortified with vitamins and other essential nutrients.

Moreover, rising concern about animal welfare along with increased environmental awareness are identified as key driving factors of the Canada market. Availability of media coverage that reveals the impact of meat and dairy production on global warming and greenhouse gases is likely to foster the consumer shift toward plant-based food and beverages over the forecasted period.

Canada Plant-based Food and Beverages Market Trends

This section covers the major market trends shaping the Canada Plant-based Food & Beverages Market according to our research experts:

Increasing Awareness About Benefits Associated with Vegan Diet

The constant rise in the production of meat products, coupled with the increasing population, is causing acute damage to the environment and leading to global warming issues. In order to solve global warming-related problems as well as to fulfill the rise in demand for meat products, many economies around the world are focusing on developing innovative vegetarian product solutions, offering new opportunities for meat substitutes in the market.

Also, alternative protein sources can reduce the negative environmental impact linked with meat production, as livestock is a major contributor to greenhouse gas emissions. Further, rising consumer awareness about vegan nutrition and willingness to spend on plant-based food products is likely to create lucrative market growth opportunities over the forecast period. For instance, a research study conducted by Angus Reid Institute, a Canadian public opinion research foundation, in the financial year 2019-2020 found that nearly all Canadians are familiar with plant-based meat alternatives (95%) and nearly four in ten (39%) had tried them. Additionally, according to the survey results published by the National Library of Medicines in 2020, 136 % of respondents reported the adoption of plant-based dietary practices. The survey included youth and young adults from five major cities in Canada.

Plantbased fnb trend1

Growing Popularity of Alternative Dairy Products in Canada

Rapid urbanization and a growing number of health-conscious young professionals are driving the retail sales of dairy alternative products in the Canada market. For example, in December 2021, the largest quick-service restaurant business in Canada, Tim Hortons, announced that its 4,000 Canadian stores now carry Chobani oat milk. The lactose- and gluten-free oat-based substitute can be added to any hot or cold beverage. Low-calorie, gluten-free, vegan foods are generally considered premium and clean eating foods. Many manufacturers use organically produced finest ingredients to prepare an authentic premium dish or beverage.

Cashew milk thickens faster than regular milk when heated which gives a rich and premium taste to various beverages and spreads. There is also a rise in almond and coconut milk as healthier substitutes. Various products like almond butter, almond spread, rice milk in the pudding, hemp milk for salads and lattes, flaxseed milk for smoothies, and coconut milk for cereals and curries, among others are all widely popular vegan and plant-based ingredients utilized in both sweet and savory dishes. Manufacturers are also working on improving the flavors and texture of these products using various plant-based ingredients and additives while maintaining their high-quality nutritional profile. Dairy substitutes are perceived to be healthier substitutes and are gaining popularity among Canadians hence, driving the plant-based food and beverages market.

Canada plant-based fnb- Trend2

Canada Plant-based Food and Beverages Industry Overview

Some of the major companies in the market include Nestle SA, Impossible Foods Inc, Beyond Meat, Otsuka Holdings Co. Ltd. (Daiya Foods), and Danone SA. The competition is increasing in the Canada plant-based food and beverages market with both domestic and international players focused on new product launches that include innovative flavors, improved textures, and clean label ingredients. Further, leading companies invest in the mergers and acquisitions of local players to accelerate market growth. For instance, in January 2022 PlantPlus Foods LLC acquired Sol Cuisine Ltd., a Canadian producer of tofu and fresh and frozen plant-based meat substitutes, for roughly USD 99 million.

Canada Plant-based Food and Beverages Market Leaders

  1. Beyond Meat

  2. Impossible Foods Inc.

  3. Danone SA

  4. Nestle SA

  5. Otsuka Holdings Co., Ltd.

*Disclaimer: Major Players sorted in no particular order

Canada plant based Market conc. Graph.png
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Canada Plant-based Food and Beverages Market News

  • In May 2022, Danone Canada launched a fresh-new dairy-free beverage called - Nextmil under its Silk Canada brand.
  • In August 2021, Beyond Meat announced its partnership with A&W Canada to launch plant-based chicken nuggets nationwide for a limited time.
  • In July 2020, HumanCo. holding company that promotes sustainability and healthy living announced the purchase of the majority shares of Coconut Bliss, a maker of organic plant-based ice cream.

Canada Plant-based Food and Beverages Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's 5 Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Meat Substitutes

        1. 5.1.1.1 Textured Vegetable Protein

        2. 5.1.1.2 Tofu

        3. 5.1.1.3 Tempeh

        4. 5.1.1.4 Others

      2. 5.1.2 Dairy Alternative Beverages

        1. 5.1.2.1 Soy Milk

        2. 5.1.2.2 Almond Milk

        3. 5.1.2.3 Other Dairy Alternative Beverages

      3. 5.1.3 Non-dairy Ice Cream

      4. 5.1.4 Non-dairy Cheese

      5. 5.1.5 Non-dairy Yogurt

      6. 5.1.6 Other Plant Based Products

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/ Hypermarkets

      2. 5.2.2 Convinience Sores

      3. 5.2.3 Online Retail Channels

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Nestle SA

      2. 6.3.2 Impossible Foods Inc.

      3. 6.3.3 Beyond Meat

      4. 6.3.4 Modern Plant-Based Foods

      5. 6.3.5 Tonnies Holding Aps & Co. KG

      6. 6.3.6 Amy's Kitchen

      7. 6.3.7 Gatherted Meat

      8. 6.3.8 Danone S.A.

      9. 6.3.9 Otsuka Holdings Co., Ltd. (Daiya Food)

      10. 6.3.10 The Meatless Farm Company

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

  9. 9. DISCLAIMER

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Canada Plant-based Food and Beverages Industry Segmentation

Plant-based food and beverages are manufactured using plant-based ingredients. The plant-based food primarily includes meat alternatives made from different vegan ingredients like chickpea, soy, tofu, and pea protein among others. Likewise, plant-based beverages include dairy alternatives derived from almonds, coconuts, cashews, soy, and oats, among others.

The Canada plant-based food and beverages market is segmented by product type and distribution channel. By product type, the market is segmented into meat substitutes, dairy alternative beverages, non-dairy ice cream, non-dairy cheese, non-dairy yogurt, non-dairy spreads, and other plant-based products that include non-dairy chocolates, and milk powders, etc. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail channels, and other distribution channels. The report offers market size and forecasts in value (USD million) during the forecasted years for the above segments.

By Product Type
Meat Substitutes
Textured Vegetable Protein
Tofu
Tempeh
Others
Dairy Alternative Beverages
Soy Milk
Almond Milk
Other Dairy Alternative Beverages
Non-dairy Ice Cream
Non-dairy Cheese
Non-dairy Yogurt
Other Plant Based Products
By Distribution Channel
Supermarkets/ Hypermarkets
Convinience Sores
Online Retail Channels
Other Distribution Channels
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Canada Plant-based Food and Beverages Market Research FAQs

The Canada Plant-based Food and Beverages Market is projected to register a CAGR of 9.22% during the forecast period (2024-2029)

Beyond Meat, Impossible Foods Inc., Danone SA, Nestle SA and Otsuka Holdings Co., Ltd. are the major companies operating in the Canada Plant-based Food and Beverages Market.

The report covers the Canada Plant-based Food and Beverages Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Plant-based Food and Beverages Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Canada Plant Based Food & Beverages Industry Report

Statistics for the 2024 Canada Plant Based Food & Beverages market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Plant Based Food & Beverages analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Canada Plant-based Food and Beverages Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)