New report calls Canada’s alternative protein industry ‘hotbed of innovation’

A new report on Canada’s alternative proteins industry reveals significant potential in a market projected to be worth $290 billion by 2030. Game Changers: Canadian Opportunities In Alternative Protein provides a snapshot of the vibrant investment, development and research activity, as well as a deep pool of innovative Canadian innovators to watch.

Game Changers also outlines how Canada is translating the challenges of the alternative protein industry into competitive growth opportunities. The report can be found at www.alternativeproteinscanada.com.

As the historical ‘breadbasket of the world’ Canada has a strong foundation to support the advancement of alternative proteins through its agricultural capacity, R&D expertise, extensive government support, cohesive industry-innovation networks, strong focus on sustainability, and strategic market and regulatory access.

Game Changers is the first report to compile Canada’s extensive activity in alternative protein development in one place. It features over 100 Canadian start-ups, large agri-food corporations, investors, research facilities and others engaged in the sector; and presents a substantial resource for investors and corporations looking for partners in research, development or investment in all areas of alternative protein, including plant-based, fermentation, cellular agriculture, and insects.

“We work closely with innovators and investors in the alternative protein sector every day, and we were still pleasantly surprised by the number of companies, transactions, IPOs, and investments that were identified in the research for the Game Changers document,” says Shelley King, CEO, Natural Products Canada, a co-author of the report along with Protein Industries Canada, Humane Society International/Canada, and the Protein Highway.

The four organizations are regular collaborators on alternative protein initiatives and events, demonstrating the effectiveness of the Canadian ecosystem behind this industry. A substantial segment of the activity reported in Game Changers involves strategic projects to develop new plant-based products or technologies by multinational corporations and Canadian agri-tech companies with co-investment by Protein Industries Canada.

“In three short-years, Canada’s plant-based ingredient and food ecosystem has seen tremendous growth. Protein Industries Canada and our partners have already invested close to half a billion dollars to develop innovative new ingredients and food products that have the potential to transform the plant-based food sector,” CEO of Protein Industries Canada Bill Greuel said. “Building off of Canada’s natural strengths as a grower of high-protein crops, along with our integrated value chain, innovative companies and supportive government, Canada has quickly emerged as the preferred country to do business with when considering investment into plant-based foods.”

The global demand for alternative proteins is driven by multiple factors, including environmental sustainability, health and nutrition, and food security. Canadian companies, investment and progress in other forms of alternative protein such as fermentation and cellular agriculture, which address these factors, are also included in the Game Changers report.

“Proteins developed through plants, cellular agriculture and fermentation will build a more diversified food system that is better for animals, our planet and human health, while ensuring food security well into the future,” said Riana Topan, campaign manager, HSI/Canada. “We are in a race against time to address the climate crisis and with global demand for protein expected to nearly double by 2050, Canada has an opportunity to leverage its strengths in research, innovation and agriculture to build a strong alternative protein sector.”

“The international interest in Canada’s alternative protein capacity is growing,” said Christina Connelly, co-founder of the Protein Highway. “Companies, investors and other stakeholders from the U.S. and around the world are looking at Canada as a key partner to help advance the growth of this industry.”

Game Changers was developed through meta analysis, stakeholder interviews, and input from key players active in the alternative protein industry, including Roquette, AGT, Blue Horizon, CellAgri, Dalhousie University and the Good Food Institute.