Market Size of Canada Plant Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.43 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Plant Protein Market Analysis
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.
- 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.
