Market Size of Canada Plant-based Food and Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.22 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Plant-based Food and Beverages Market Analysis
The Canada plant-based food and beverages market is projected to register a CAGR of 9.22% during the forecast period (2022 - 2027).
Early in April 2020, meat packing plants began to close as a result of the Covid-19 virus' quick spread among employees. According to Statistics Canada, Covid-19 shook up the supply of beef in Canada by forcing the closure of numerous slaughterhouses and meat processing facilities, causing customers to rush out and buy beef out of worry over a potential shortage. While farmers received reduced prices for their cattle, consumers saw unusual price hikes for beef. Such conditions posed new opportunities for plant-based companies. Though Covid-19 had a significant impact on the retail food industry in 2020, consumers' shift to plant-based foods started pre-pandemic and the trend is expected to grow in the future.
Over the medium term, the market is expected to be driven by the increased consumer demand for vegan food and beverages such as coconut milk, almond milk, and plant-based meat products, among others. Further, the rising preference for specific nutrients has led to an increased demand for functional plant-based food and beverages, which are usually fortified with vitamins and other essential nutrients.
Moreover, rising concern about animal welfare along with increased environmental awareness are identified as key driving factors of the Canada market. Availability of media coverage that reveals the impact of meat and dairy production on global warming and greenhouse gases is likely to foster the consumer shift toward plant-based food and beverages over the forecasted period.
Canada Plant-based Food and Beverages Industry Segmentation
Plant-based food and beverages are manufactured using plant-based ingredients. The plant-based food primarily includes meat alternatives made from different vegan ingredients like chickpea, soy, tofu, and pea protein among others. Likewise, plant-based beverages include dairy alternatives derived from almonds, coconuts, cashews, soy, and oats, among others.
The Canada plant-based food and beverages market is segmented by product type and distribution channel. By product type, the market is segmented into meat substitutes, dairy alternative beverages, non-dairy ice cream, non-dairy cheese, non-dairy yogurt, non-dairy spreads, and other plant-based products that include non-dairy chocolates, and milk powders, etc. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail channels, and other distribution channels. The report offers market size and forecasts in value (USD million) during the forecasted years for the above segments.
| By Product Type | ||||||
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| Non-dairy Ice Cream | ||||||
| Non-dairy Cheese | ||||||
| Non-dairy Yogurt | ||||||
| Other Plant Based Products |
| By Distribution Channel | |
| Supermarkets/ Hypermarkets | |
| Convinience Sores | |
| Online Retail Channels | |
| Other Distribution Channels |
Canada Plant-based Food and Beverages Market Size Summary
The Canada plant-based food and beverages market is experiencing significant growth, driven by a shift in consumer preferences towards vegan and plant-based products. This trend, which began before the pandemic, has been accelerated by factors such as increased awareness of animal welfare, environmental concerns, and the impact of meat production on global warming. The market is characterized by a rising demand for functional plant-based foods and beverages, which are often fortified with essential nutrients. The availability of alternative protein sources is also contributing to the market's expansion, as these products offer a more sustainable option compared to traditional meat production, which is a major contributor to greenhouse gas emissions.
The market is further bolstered by the growing popularity of dairy alternatives and the increasing number of health-conscious consumers, particularly young professionals in urban areas. Companies are innovating with new flavors and textures to enhance the appeal of plant-based products, and there is a notable rise in the use of premium, organically produced ingredients. Major players in the market, such as Nestle SA, Impossible Foods Inc., and Beyond Meat, are actively engaging in product launches and strategic acquisitions to strengthen their market presence. The competitive landscape is marked by both domestic and international companies focusing on clean label ingredients and sustainable practices, which are expected to drive continued growth in the Canadian plant-based food and beverages sector.
Canada Plant-based Food and Beverages Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's 5 Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Meat Substitutes
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2.1.1.1 Textured Vegetable Protein
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2.1.1.2 Tofu
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2.1.1.3 Tempeh
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2.1.1.4 Others
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2.1.2 Dairy Alternative Beverages
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2.1.2.1 Soy Milk
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2.1.2.2 Almond Milk
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2.1.2.3 Other Dairy Alternative Beverages
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2.1.3 Non-dairy Ice Cream
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2.1.4 Non-dairy Cheese
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2.1.5 Non-dairy Yogurt
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2.1.6 Other Plant Based Products
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2.2 By Distribution Channel
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2.2.1 Supermarkets/ Hypermarkets
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2.2.2 Convinience Sores
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2.2.3 Online Retail Channels
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2.2.4 Other Distribution Channels
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Canada Plant-based Food and Beverages Market Size FAQs
What is the current Canada Plant-based Food and Beverages Market size?
The Canada Plant-based Food and Beverages Market is projected to register a CAGR of 9.22% during the forecast period (2024-2029)
Who are the key players in Canada Plant-based Food and Beverages Market?
Beyond Meat, Impossible Foods Inc., Danone SA, Nestle SA and Otsuka Holdings Co., Ltd. are the major companies operating in the Canada Plant-based Food and Beverages Market.
