Market Trends of Canada Plant-based Food and Beverages Industry
This section covers the major market trends shaping the Canada Plant-based Food & Beverages Market according to our research experts:
Increasing Awareness About Benefits Associated with Vegan Diet
The constant rise in the production of meat products, coupled with the increasing population, is causing acute damage to the environment and leading to global warming issues. In order to solve global warming-related problems as well as to fulfill the rise in demand for meat products, many economies around the world are focusing on developing innovative vegetarian product solutions, offering new opportunities for meat substitutes in the market.
Also, alternative protein sources can reduce the negative environmental impact linked with meat production, as livestock is a major contributor to greenhouse gas emissions. Further, rising consumer awareness about vegan nutrition and willingness to spend on plant-based food products is likely to create lucrative market growth opportunities over the forecast period. For instance, a research study conducted by Angus Reid Institute, a Canadian public opinion research foundation, in the financial year 2019-2020 found that nearly all Canadians are familiar with plant-based meat alternatives (95%) and nearly four in ten (39%) had tried them. Additionally, according to the survey results published by the National Library of Medicines in 2020, 136 % of respondents reported the adoption of plant-based dietary practices. The survey included youth and young adults from five major cities in Canada.
Growing Popularity of Alternative Dairy Products in Canada
Rapid urbanization and a growing number of health-conscious young professionals are driving the retail sales of dairy alternative products in the Canada market. For example, in December 2021, the largest quick-service restaurant business in Canada, Tim Hortons, announced that its 4,000 Canadian stores now carry Chobani oat milk. The lactose- and gluten-free oat-based substitute can be added to any hot or cold beverage. Low-calorie, gluten-free, vegan foods are generally considered premium and clean eating foods. Many manufacturers use organically produced finest ingredients to prepare an authentic premium dish or beverage.
Cashew milk thickens faster than regular milk when heated which gives a rich and premium taste to various beverages and spreads. There is also a rise in almond and coconut milk as healthier substitutes. Various products like almond butter, almond spread, rice milk in the pudding, hemp milk for salads and lattes, flaxseed milk for smoothies, and coconut milk for cereals and curries, among others are all widely popular vegan and plant-based ingredients utilized in both sweet and savory dishes. Manufacturers are also working on improving the flavors and texture of these products using various plant-based ingredients and additives while maintaining their high-quality nutritional profile. Dairy substitutes are perceived to be healthier substitutes and are gaining popularity among Canadians hence, driving the plant-based food and beverages market.
