Canada Plant-based Food and Beverages Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 9.15% from 2023 to 2033
• The Canada Plant-based Food and Beverages Market Size is Expected to hold a significant share by 2033

The Canada Plant-based Food and Beverages Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 9.15% from 2023 to 2033. The increasing awareness about animal welfare, demand for vegan food options, and health concerns about animal-based diets are driving the growth of the plant-based food and beverages market in Canada.     

Market Overview

Plant-based food and beverages are products consisting of ingredients derived from plants including vegetables, fruits, whole grains, nuts, seeds, and/or legumes (peas, beans, pulses, etc.). The health benefits of plant-based diets including lower cholesterol, reduced risk of cardiovascular disease, and better weight management are the primary reason for consumer adoption of plant-based products. Further, the negative environmental impact of animal agriculture, particularly meat production, can cause pollution, greenhouse gas emissions, biodiversity loss, disease, and land degradation leading to surging the need for alternative options that are kinder to the planet. Further, the ethical consideration regarding animal welfare leads to a shifting preference for plant-based food and beverages. In response to these demands, companies are developing new plant-based products that have the flavor and consistency of animal products. The increasing popularity of plant protein ingredients such as soy protein concentrate, gluten, soy protein isolate, pea protein, and vegetable protein among food and beverage manufacturers is offering lucrative market growth opportunities. Furthermore, the creation of hybrid seeds that offer greater yield potential, disease resistance, and adaptation to a variety of climatic conditions by using technologically developed seed breeding and genetic modification are supporting the market growth.

Report Coverage

This research report categorizes the market for the Canada plant-based food and beverages market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada plant-based food and beverages market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada plant-based food and beverages market.

Driving Factors

The growing demand for vegan food options due to environmental concerns and worries about the health consequences of eating meat and fish are driving the market demand. The imposition of laws in Canadian provinces and territories to protect animals from cruelty is promoting the plant-based food and beverages market.

Restraining Factors

The high cost of plant-based products as compared to animal-based substitutes is challenging the plant-based food and beverages market. Further, the allergic reactions associated with certain plant proteins may hamper the market demand for plant-based food and beverages.

Market Segmentation

The Canada Plant-based Food and Beverages Market share is classified into product type, source, category, and distribution channel.

• The plant-based milk and derivatives segment dominated the market with the largest market share in 2023.

The Canada plant-based food and beverages market is segmented by product type into plant-based milk and derivatives, plant-based milk, plant-based meat, bakery and confectionery, sweet and savory snacks, plant-based juices, and RTD tea and coffee. Among these, the plant-based milk and derivatives segment dominated the market with the largest market share in 2023. The plant sources of plant-based milk alternatives include grains, legumes, nuts, and seeds. The incidence of dairy allergies and lactose intolerance shifting consumer preference for dairy alternatives such as almond milk, soy milk, and oat milk are driving the market in the plant-based milk and derivatives segment.

• The pea segment is anticipated to witness the fastest CAGR growth during the forecast period.

The Canada plant-based food and beverages market is segmented by source into soy, wheat, pea, coconut, almond, and cashew. Among these, the pea segment is anticipated to witness the fastest CAGR growth during the forecast period. Canada is the world's top exporter and second-largest producer of peas. The average pea-seeded area in Canada between 2019–20 and 2023–2024 was 3.7 million acres. Further, the increasing consumer awareness of the nutritional benefits of pea and pea-based products is driving the market.

• The organic segment is expected to grow at a rapid pace in Canada plant-based food and beverages during the forecast period.

The Canada plant-based food and beverages market is segmented by category into conventional and organic. Among these, the organic segment is expected to grow at a rapid pace in Canada plant-based food and beverages during the forecast period. Organic plant-based food and beverages are cultivated without using chemical synthetic fertilizers, pesticides, feed additives, and genetically modified organisms. The health benefits associated with organic products and changing consumer purchasing behavior lead to propel the market demand in the organic segment.

• The store segment accounted for the largest market share during the forecast period.

The Canada plant-based food and beverages market is segmented by distribution channel into store and non-store. Among these, the store segment accounted for the largest market share during the forecast period. The strong product sales at supermarkets and hypermarkets as well as the premium options available in stores are responsible for propelling the market in the store-based segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada plant-based food and beverages market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Nestle SA
• Impossible Foods Inc.
• Beyond Meat
• Modern Plant-Based Foods Inc.
• Amy's Kitchen
• Danone S.A.
• Otsuka Holdings Co., Ltd. (Daiya Food)
• The Meatless Farm Company
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In February 2024, Global innovation cluster Protein Industries Canada unveiled a $19.2 million investment initiative to develop innovative Canadian ingredients for new snack and food options.

• In May 2022, Danone Canada redefined the plant-based category by launching Nextmilk under the Silk Canada brand – a new dairy-free beverage with a flavour profile and texture.

• In January 2022, Multinational joint venture PlantPlus Foods, created by two food processing giants ADM and Marfrig in 2020, officially closed the CA$125 million [approximately $100 million] deal with Canadian vegan food manufacturer Sol Cuisine.

• In December 2021, Protein Industries Canada is ramping up the production of the lupin bean making it a staple crop (along with pea and soy) for Canada’s plant-based protein industry.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Plant-based Food and Beverages Market based on the below-mentioned segments:

Canada Plant-based Food and Beverages Market, By Product Type

• Plant-Based Milk and Derivatives
• Plant-Based Milk
• Plant-Based Meat
• Bakery and Confectionery
• Sweet and Savory Snacks
• Plant-Based Juices
• RTD Tea and Coffee

Canada Plant-based Food and Beverages Market, By Source

• Soy
• Wheat
• Pea
• Coconut
• Almond
• Cashew

Canada Plant-based Food and Beverages Market, By Category

• Conventional
• Organic

Canada Plant-based Food and Beverages Market, By Distribution Channel

• Store
• Non-Store