Modern Meat receives government grant for vegan seafood line
by CM staff
VANCOUVER — Modern Plant Based Foods portfolio company, Modern Meat has received a government grant for research and development costs towards its new vegan seafood project contributing towards year-end of 2022.
The company has been in the research and development phase with the co-packer for several months to ensure the facility is able to produce the quality and requirements for the modern products, specifically for innovative items in the portfolio such as its modern crab cake.
“We have had great confidence in our products since inception and it is amazing to see that the government shares the same outlook for our products. We are determined to continue forward with our business objectives and this achievement is a preview to our plans for 2023. Achieving government grants is not a simple process, and we have had to consult with industry contacts in order to successfully obtain these funds,” states Avtar Dhaliwal, Chief Executive Officer of Modern Plant Based Foods. “This will alleviate the majority of overhead costs for the initial project, and the Company intends to continue using all resources possible to maintain efficiency to move forward with our growth plans, including the continual application for additional grants for future projects.”
The vegan food market landscape shifts based on consumer purchase habits and trends in the market, however the overall demand continues to grow. The global vegan food market was valued at USD $11300 million in 2019 and is expected to reach USD $16440 million by the end of 2026, growing at a CAGR of 5.4 per cent during 2021-2026. 1
IRAP Funding provides contributions of up to 60-80 per cent of internal technical labour and subcontractor expenses towards a specified innovation project.
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