Plant protein market industry event

ON JUNE 8, CLOSE TO A HUNDRED PARTICIPANTS ATTENDED PANELS AND CONFERENCES DESIGNED TO IDENTIFY THE CHALLENGES AND OBSTACLES FACING THE PLANT PROTEIN MARKET IN QUEBEC, AS WELL AS TO PROMOTE NETWORKING.

Penetration rate held back by taste and price

Protein Industries Canada has set the ambitious target of Canada supplying 10% of global demand for plant-based foods and ingredients by 2035. It’s a tall order, according to Pierre Morin, Vice President Research & Innovation at Danone, who pointed out that consumers’ main barriers to plant proteins are taste, texture and price.

In fact, the aftertaste of plant protein-based products forces researchers and food processors to develop techniques to mask bitter flavors, which can then result in a long list of ingredients that are incomprehensible to consumers.

Educational needs

Another important issue raised at the industry day was the need for education, both for food processors and consumers. According to Vicky Blais, Métro’s Category Development and Health Offer Manager, it is imperative for processors to know their market well, in order to position their products appropriately. It’s just as important to have a better understanding of ingredient functionality.

With this mandate comes a need to educate consumers who don’t understand the benefits of plant-based products, and for good reason: the majority of products available on the market today are copies of products that people enjoy. Just think of the plant-based protein balls that aim to replace traditional meatballs.

The question then arises: why not innovate and develop products that do not seek to replace animal products? Is this an issue of insufficient funding for development and marketing?

Financing issues

In a growing market like plant proteins, the financial aspect can be a brake on new product development, mostly due to a lack of knowledge of available resources. Simon Lacharité, Senior Account Manager, Financing (Major Accounts) at Investissement Québec, says that companies don’t dare ask what they need in terms of investment, or don’t really know what they need. In other words, marketing is usually one and a half times more expensive than development. It’s an aspect that’s often overlooked, but very important, especially from an educational point of view. Benoit Tétrault, Director of Investments, Agri-Food and Health at Fonds de solidarité FTQ, agrees, pointing out that you need to invest 10-15% of revenues in marketing to raise awareness of your products and address the right market segment.

It is therefore the responsibility of companies to help consumers understand plant proteins. Numerous resources are available in Quebec, including Ingrédion, which provides market insights, and Cintech agroalimentaire, along with its partners, which is involved in the development of this subsidiary in Quebec.