Annual Report 2021-2022

CEO Message

Bill Greuel
Bill Greuel
CEO, Protein Industries Canada

The conversation around food is changing.

It must, as the world reacts to unprecedented challenges impacting food security. With Russia’s illegal invasion of Ukraine, increased frequency and severity of climate events, growing populations, and fragile supply chains, billions of people’s ability to secure food is impacted. Not in many of our lifetimes has the world faced such a global challenge around food security.

Canada has a responsibility to do our part in helping secure not only Canada’s food supply, but other countries’ food supplies, as well. At Protein Industries Canada, we believe the building out of domestic ingredient and food processing capabilities is a big part of that.

Over the past three years, we have seen tremendous growth in Canada’s plant-based food, feed and ingredient ecosystem. At Protein Industries Canada, we have been focused on catalyzing collaboration between trailblazing companies, academic and research institutions, the finance community, and others to create a strong and sustainable ecosystem. The result is a project portfolio of nearly half a billion dollars, with a network of more than 250 consortium members.

With our first tranche of funding fully committed, I am pleased to report that Protein Industries Canada has met or surpassed every metric set out by the Government of Canada. Our portfolio of projects now nears half a billion dollars, representing an almost two times leverage of the Government of Canada’s initial investment. Through 52 projects, an expected 633 new products and processes will be created, supported by more than 230 IP assets. More so, the economic opportunity has surpassed every expectation. Through 28 analyzed projects, it is expected that more than 10,800 direct and indirect jobs will be created, along with $15 billion of GDP.

Operationally, we have a national workforce, with staff from British Columbia to Prince Edward Island. Our projects also span Canada — reflecting the national opportunity plant-based food represents.

And this is just the beginning. With a renewed mandate ahead of us, we are confident that we will only do more.

The Canadian plant-based food, feed and ingredient market, driven by a growing global population and the values of human and environmental health, is expected to be a $25 billion industry for Canada by 2035, supported by 17,000 new jobs for Canadians. It has also been demonstrated that an increased consumption of plant-based foods is one of leading ways to reduce GHG emissions. When we released The Road to $25 Billion in September of 2021, it was us letting the world know that Canada is going to be a global leader in plant-based foods. The world has noticed.

Over the next six years we are going to be bold and ambitious in securing this sector for Canada.

I am excited to be a part of this journey.