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Canadian Government to Invest Millions in Plant-Based Proteins

The initiative is also expecting to amass $400 million from the prairies and private investors.
Photo: flickr/Scazon

The future is plant-based. It’s a fact. Many private investors, such as Bill Gates and Leonardo DiCaprio, have already realized where we are going as consumers, and have invested in plant-based proteins and “meats.”

Now, the Canadian federal government is realizing the path farmers are taking and is about to provide $150 million in investments towards “growing” protein rather than “raising” protein.

“Consumers are looking for better nutrition in the foods they buy, they are looking to protect their health,” said Pulse Canada CEO Gordon Bacon.

According to Bacon, the global population is looking into plant-based sources of protein, particularly beans and lentils, as opposed to meat and dairy because they are making a more conscious effort to keep up good health. Currently, the plant-based protein market is worth $13 billion, and is expected to grow 98% within the next 32 years.

“It’s a market that’s expected to expand in a significant way,” said Frank Hart, chair of the Protein Industries Canada group.

Furthermore, Canadian farmers are expected to be at the fore-front with plant-based protein production, and the brand new government-funded incubator will offer support.

While the funds haven’t been fixed yet, $150 million dollars or more is expected to be funded by the federal program. According to Hart, this will pave the way for another $400 million to be funded by the prairies and private sectors.

The funding will be used towards research for better materials and improved farming methods, as well as opportunities such as growing flax, hemp, oats, lentils, chickpeas, dried peas and beans. The money may also be used to find ways to extract and use protein from canola.

Big meat brands are also investing in plant-based proteins as they realize where people are headed. Canadian brand Maple Leaf Foods recently acquired Field Roast, a company that specializes in vegan meats, for US$120 million because they have come to realize that the plant-based market is essential to securing their future.

#plantbased #protein




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