$13 Billion Global Plant-Protein Market Expected To Grow Up To 98% By 2050
The push for plant-based protein such as beans and lentils — as opposed to animal sources like meat or dairy — comes as the global population continues to grow rapidly and more consumers think about their health and the environment, said Pulse Canada CEO Gordon Bacon.
“Consumers are looking for better nutrition in the foods they buy, they are looking to protect their health.”
Canadian farmers are poised to be at the forefront of the world’s top producers of protein-rich plants with a growing network of processors — and a new government-funded incubator — to support them.
The industry’s push to provide more choices got a big boost earlier this month when an alliance of 120 companies and organizations focused on developing plant-based proteins won a spot in the federal government’s $950 million supercluster proposal, promising to bring new research and momentum.
The investment comes as the $13 billion global plant-protein market is expected to grow by as much as 98 per cent by 2050, said Frank Hart, chair of the Protein Industries Canada group that put together the supercluster bid.
“It’s a market that’s expected to expand in a significant way.”
While not yet fixed, the expected $150 million or so in funding from the federal program will help anchor another roughly $400 million in spending commitments across the prairies from the private sector, said Hart.