"Plant based meat market has tremendous growth opportunities over the next few yeasr. The federal government has recognized this and laid down investments plans in the sector. Canadian farmers are also making the most of the market trend as the demand for plant crops with high proteins would be in high demand with the rise in plant based meat alternatives. As a result of which Canadian farmers are investing in technology driven farm equipments to produce more pulses and grains to keep up with the demands. As demand grows, the Canadian industry is seeing tremendous innovation on the supply side, too. Already the top producer of lentils in the world, Canada excels at providing nutritious, plant-based protein options to consumers. It is becoming the hub for Research & Development for plant based meat products. According to the report title “Canada Plant-Based Meat Market Overview, 2026”, published by Bonafide research, the plant based meat market in Canada is expected to grow over 12% during the forecast period ending 2026. The plant-based meat market in Canada has experienced rapid growth due to increasing consumer demand for sustainable and healthier food options. This growth is driven by changing consumer preferences, a strong retail presence, collaboration with Canadian farmers, regional innovation, supportive government policies, investments and partnerships, plant-based fast food, foodservice adoption, export opportunities, research and development, culinary creativity, community support, and collaboration with research institutions. Canadian plant-based meat companies are focusing on health and wellness, offering healthier options free from cholesterol and lower in saturated fat, catering to health-conscious consumers. The Canadian government has shown support for the plant-based industry through initiatives such as funding for research and development, grants for plant-based startups, and guidelines for labelling and marketing plant-based products. Taste is the major driving force for consumers to become vegan or eat plant based meat. Plant based food week is held in Canada to promote healthy eating devoid of animal sources. It draws attention of consumers to various options available in the market to substitute meat and deliver how easy it is to swap some ingredients to make a plant based meal. It acts as an opportunity for both consumers and industry players to communicate and fill in the wide information gap. Many new entrants are experimenting with new flavours and source ingredients like quinoa and oats to make plant based meat more interesting and appealing to consumers. Many overseas companies are investing in new plants to gain advantage of crops grown in Canada and make cost effective products. The retailers are also on the spur to stock their shelves with new products to attract consumers. Burgers are the all-time favourites among consumers in Canada. Burger Patties has a market of over 40% in Canada and is the most demanded by consumers. Todays’ youth populace is mainly fast food driven. At least one meal a day consists of some kind of a fast food item. Other snack items that are plant based like chips and other products is driving the demand further for plant based products. New innovative snacks are being launched across retail sectors in Canada to meet growing demands for variety of products. The breakfast table ordinarily comprises of any type of a sausage in Canada and is widely in demand made with different sources of proteins to lead a healthy diet. Pork is the most consumed meat type in Canada and so is equivalent to plant based meat demands for pork. Most of the consumers eat pork thrice a week at least that leads to its increased demands and will be continued in future trends with innovation in product sources. 90% of soy produce goes into making of plant based meat alternaives followed by wheat. But as consumers demand for new sources of proteins due to increased allergy and gluten content, the companies are looking out for alternates protein sources. Crops like canola, peas, oats, quinoa and other lentils needs to be explored to make new plant based meat products to meet these ever increasing demands. However, the companies also need to analyse cost effectiveness, functionality, taste and texture of these crops for new product development. Market players can attain more consumer base by developing vegan recipes to existing traditional recipes. The companies should focus on making available the vegan alternatives to Canada’s traditional dishes like Poutine. It is the national dish of Canada and originally prepared in Beef gravy that can be substituted with mushroom gravy giving it a vegetarian twist. Also the cheese curds can be substituted with plant based alternatives. Another popular is Tourtiere pie with pork, turkey or chicken. The animal meat can be replaced with plant proteins and spices like cinnamon, nutmeg can add new flavours to the dish. Government restricted the consumption of fish across Canada with increased health risks due to more mercury content. As a result of which consumers are turning to plant based alternatives for fish. Salmon, tuna, shrimp, cod, and crab are the most frequently consumed seafood’s in Canada. As a result of which, the plant based fish is seeing a drastic demand rise in Canada. Further the future holds promising for developing alternatives for fish and pork as they would be in great demand. Canada is a more established market when it comes to retail sales of plant based meat. The plant based meat alternatives can be found at any retailer in Canada as they have sufficient stocks in lieu of their demands. Loblaws, Sobeys, Metro, Costco, and Walmart are the major five retailers who have many chains across Canada. Loblaws alone has a huge count of 552 stores across the country. Approximately Canada has some 3000 retail stores which cater to the demands of plant based meat. New retailers are also stocking up on plant based products with the forecast of future market trends. It is expected that the retail sales will exceed the sales from hotels, restaurants and cafes in Canada over the future years. Considered in this report • Geography: Canada • Base year: 2020 • Estimated year: 2021 • Forecast year: 2026 Aspects covered in this report • Canada plant based meat products market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation By Source in the report • Soy • Pea • Wheat • Others (Quinoa, oats, nuts etc.) Types of meat products in the report • Burger Pattie • Sausages • Strips & Nuggets • Meatballs • Others By Type in the report • Beef • Chicken • Pork • Fish • Other (Lamb, Turkey) By End-User in the report • Retail • HoReCa The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant based meat industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "
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