Verident Foods, owned by James Cameron and his wife, Suzy Amis Cameron, has invested in a $140 million enterprise to help with the growth of the vegan protein market.
Ingredion, a company who make ingredient solutions, is behind the push for improving the accessibility of plant-based protein in line with the increasing global demand.
The ingredient manufacturer will be producing pea-protein isolates and pulse-based flours in 2019, as a result of the $140 million investment.
Ingredion’s president and chief executive officer, Jim Zallie, said: “We’ve identified plant-based proteins has a high-growth, high-value market opportunity that is on-trend with consumers’ desire to find sustainable and good tasting alternatives to animal-based proteins.
“We’re excited by what these investments represent for Ingredion. Being a sustainable and trusted source of plant-based proteins provides us with another major ingredient platform to complement our offerings in clean , wholesome, texture and nutritional ingredient solutions.”
James Cameron commented: “We’ve found a great partner in Ingredion. They share our vision for plant-based proteins and other ingredients, from pulses, and with their resources, expertise and worldwide reach, together we can be leaders in the new wave of global food production.
“This is also a huge opportunity for Canadians, especially in the prairie provinces, to add value locally to their vast agricultural production.”
The global market for soy and gluten-free meat alternatives is expected to reach $1.5 billion by 2022, further fuelling the need for more plant-based protein.
Tony DeLio, senior vice president of corporate strategy and chief innovation officer at Ingredion, said: “More consumers are looking for products with clean and simple labels, offering specific and health nutrition benefits that taste great.
“Meeting the nutritional needs and achieving the right functional requirements will require a broad range of protein alternatives that are sustainable and affordable. By combining our expertise in product formulation with an expanded plant-based product portfolio, we’re well positioned to deliver a breadth of ingredient solutions for our customers around the world.”