Thursday, January 23, 2020

Canada poised to profit

Canadian agriculture is poised to profit from increasing demand for both meats and plant proteins that mimic meats, according to Craig Klemmer, chief agriculture economist at Farm Credit Canada, who spoke this week at Ag Days in Brandon, Man.
The loss of about half of its pigs has China shopping the world for pork, resulting in record-high exports from North America. Beef demand is also increasing.
The soaring demand for plant proteins is increasing sales of peas and canola.
Pea protein sales have increased by 13 per cent since 2017, he said.
Over the same time period, demand for canola protein increased by nine per cent, and soy protein demand ticked up by seven per cent. 
Plant protein products that mimic meats are the main reason for these sales increases.
“As this market increases, we’ll see a lot of opportunities,” Klemmer said.
A $65-million plant in Winnipeg to process peas and canola plans to open this summer.
Merit Functional Foods  will produce a blend of canola and pea proteins called Nutratein which will be used to make veggie burgers and drinks  such as almond and pea milk.