Canada’s largest producer of processed meat, Maple Leaf Foods, just announced their purchase of Seattle-based artisanal grain-meat manufacturer Field Roast.
The vegan meat and cheese company had just celebrated 20 years in business this year, and news of the sale may have surprised the packaged meat industry on both sides of the border. Maple Leaf purchased another US vegan-meat producer, Lightlife Foods based in Massachusetts, in February. This second acquisition cements their interest and investment in the alternative protein food market, a rapidly growing sector in grocery retail.
Lightlife Foods has produced their popular line of vegan hot dogs, deli meats, bacon and sausage using tempeh, soy and tofu for over 35 years, and at time of their takeover (for USD$140-million) reported sales of USD$40-million in 2016. Field Roast built their food business with grain-meat loaves, sausages, burgers, cutlets, and more recently, dairy-free Chao tofu-based cheeses. Maple Leaf acquired Field Roast for USD$120-million with annual sales of USD$38-million.
Michael McCain, President and CEO of Maple Leaf Foods stated, “The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins. It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact.”
This latest purchase by Maple Leaf of a second plant-protein food manufacturer confirms commitment to their sustainable protein initiative announced in 2012 in their first annual sustainability report, and it follows a few of their competitors who are also claiming their stake in the growing vegan meat market.
The world’s largest meat producer, Tyson Foods, invested in vegan protein producer Beyond Meat; Nestlé recently purchased California-based Sweet Earth Natural Foods, a manufacturer of plant-based protein meals and snacks; and global food giant Cargill was one of the investors in Memphis Meats, a lab-based meat manufacturing profiled in a recent Hub article.
Industry insiders believe these big players are not only listening to consumers that want more plant-based protein foods, but also recognize that the planet’s growing population (estimated to be 9 billion by 2050) cannot realistically be sustained by an animal-based food industry.
The alternative protein market is expected to grow exponentially in the next few years, largely because of changing consumer tastes, and the unsustainability of animal-based meat production.
