Market Trends of Canada Plant Protein Industry
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).
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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.
