Maple Leaf bolsters stake in plant-based protein market with US$310M facility
The investment in a world-class production facility is intended to keep pace with the rapidly expanding market
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MISSISSAUGA, ON – Maple Leaf Foods Inc. reports that it plans to construct a US$310 million plant-based protein food processing facility in Shelbyville, Indiana.
The investment in the plant-based protein food processing plant is its largest investment in North America.
Maple Leaf and its wholly owned subsidiary, Greenleaf Foods, SPC, will also invest approximately US$26 million to escalate growth in demand at its existing facilities.
“With Lightlife and Field Roast, we own the leading brands in the North American refrigerated plant-based protein market,” said Michael H. McCain, President and CEO. “This investment will secure our ongoing leadership in this rapidly expanding market.”
Plant-based protein represent a US$1 billion North American market. Refrigerated products represent approximately 24% of the total market and delivered approximately 40% sales growth in 2018, significantly outpacing the broader category.
The company says that high growth rates are expected to continue as people increasingly seek more protein in their diet and delicious options, and as innovation continues to increase product appeal and variety.
Construction on the 57-acre property is expected to start in late spring of 2019, with production start-up expected in the fourth quarter of 2020.