The plant-based food industry is continuing to see tremendous growth at a rate where the market could reach $74.2 billion by 2027, a recent press release says.
The industry’s expansion continued to grow unabated in the last 15 years, with a current compound annual growth rate (CAGR) of 11.9 per cent.
There has been lots of promotion, and there also appears to be much enthusiasm and interest for plant-based eating, said Rene Mendelson, a faculty member at Ryerson University’s School of Nutrition.
“There are many good reasons for plant-based eating, including enhanced health and reduced risk of chronic diseases, as well as a positive impact on the environment, and cost,” she said.
Tanya Todd, director of communications at Modern Plant Based Foods, said they are the second plant-based Canadian start-up to go public.
“Consumers are more aware of how their purchases affect their health and the health of the planet. They want to know what ingredients are in the foods they purchase and if they are nutritious and good for you,” she said.
Since opening in 2019, the Vancouver-based food and beverage company offers a range of plant-based products including meat alternatives, homemade style soups, vegan cheeses, sauces and snacks, Todd said.
“Specifically, our meat alternatives include burgers, crumble, ‘crab’ cakes, meatballs, gyoza and a variety of vegan sauces,” she said.
Todd said the plant-based market is massive and the interest in the various sectors are growing — not only for meat alternatives, but also dairy alternatives, such as vegan cheeses and dairy free milks made with almond or oat milk.
“Health focused, we are deliberate in selecting ingredients free of soy, gluten, nuts, and GMOs,” she said.
She said Modern Plant Based Foods provides customers the opportunity to eat sustainable and healthy alternatives, without having to sacrifice taste.