Regina, Sask., Dec. 20, 2022 (GLOBE NEWSWIRE) -- As 2022 comes to an end, Protein Industries Canada is celebrating the advancement of Canada’s plant-based food and ingredient sector, and the achievement of significant milestones as an organization.
“Over the past four years, Protein Industries Canada and our industry partners have made tremendous progress, including investing more than $477 million into Canada’s plant-based food, feed and ingredient ecosystem through 55 innovative projects,” CEO of Protein Industries Canada Bill Greuel said. “We now have projects that span from British Columbia to Prince Edward Island and beyond. More so, the result of this investment is becoming increasingly tangible, with new ingredients and food products making their way onto grocery shelves and restaurant menus in Canada and beyond.”
Plant-based foods present an incredible opportunity for Canada. Driven by a growing global population and an expanding middle class, combined with consumers choosing plant-based foods for health, environmental and animal welfare reasons, it is expected that by 2035 the annual global market will be worth upwards of more than $250 billion for Canada, this represents a potential $25 billion in annual sales by 2035, supported by 17,000 jobs.
“I am proud of the progress of Protein Industries Canada and the work we have accomplished; however, I am more pleased to see the growth of the sector and achievements of our partners,” Greuel said. “Having recently returned from multiple overseas trips, I can attest that the international ecosystem is paying attention to Canada and our companies. Our approach to collaborative innovation, our natural advantages in crop production, our commitment to sustainability, and our supportive governments are all factors distinguishing Canada from our competitors.”
Protein Industries Canada, one of Canada’s five Global Innovation Clusters, accelerates innovation in plant-based protein. Working with trailblazing companies, Protein Industries Canada provides a structure that lessens risk and allows for bold initiatives, creating new ingredients and food products, facilitating industry partnerships, and opening doors to investment opportunities. With a current portfolio of nearly half a billion dollars in innovative R&D projects, Protein Industries Canada is working with companies to create solutions to a global food challenge.
“Over the past four years, the Canadian ecosystem has embraced the opportunity presented to us and have collaborated to innovate new processes, ingredients and food products. I am excited to build on the momentum we have and accomplish even more over the next five years,” Greuel said.
Protein Industries Canada’s first agreement with the federal government comes to end in March 2023 and was recapitalized by the federal government in Budget 2022. Protein Industries Canada will begin a new round of co-investments in the Spring of 2023.
About Protein Industries Canada
Protein Industries Canada is one of Canada’s five Global Innovation Clusters. We accelerate innovation in plant-based protein and underpin the creation of new plant-based ingredients and food. We aim to expand opportunities for the agrifood sector to make Canada a global leader in plant protein. We represent a Canadian-made solution to the global food challenge, and the trailblazers we champion lead the way. As a global agriculture powerhouse, Canada has the means, resources, and skill to turn crops into food – and transform the way the world eats. We're bringing sustainable economic growth to Canada while providing solutions for some of humanity's greatest problems.
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