Ottawa, ON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Protein Industries Canada has released The Road to $25 Billion, an updated roadmap for Canada’s ingredient manufacturing, food processing, and bio-products sector.
An update on the report originally released in 2021, the new version now outlines the immediate steps required for Canada to seize a $25 billion annual economic opportunity through value-added processing.
“In a rapidly changing global environment characterised by the new realities of climate change, geopolitical tensions, increased competition, and a rapidly growing global population, maintaining the status quo is no longer an option,” CEO of Protein Industries Canada Bill Greuel said. “We must consider areas of the economy that have the potential to grow and be resilient within this new reality. Canada’s ingredient manufacturing sector is one of those. It can offer prosperity, a strengthened food supply chain and economic resilience to Canada in the face of this evolving landscape.”
Canada’s agriculture and food sector has long been undervalued as an economic driver. Currently, our trading partners import Canadian raw commodities, and generate value through ingredient manufacturing, food production, and bio-product development. Some of these products are exported back to Canada. Bringing this value-added opportunity home represents the $25 billion potential outlined in the Roadmap.
Just as electric vehicles signify a sustainable evolution in transportation and an economic boon, so does ingredient manufacturing and food processing for our agricultural sector.
“The EV battery industry presented a similar question—do we want to continue being an exporter of critical minerals? Or do we want to be a maker of high-value goods? It’s time to ask the same question of our agricultural sector,” Greuel said. “We have a massive opportunity to build on the strength of our commodity production, to start processing more of our commodities here at home and create an economy that is resilient to global disruptions.”
Investing in ingredient manufacturing, food processing, and bio-products not only promises to add $25 billion a year to our economy and create 17,000 jobs, but also offers several additional benefits:
- New development to revitalise local communities in the form of 10 to 15 new processing plants across Canada;
- More opportunities for farmers;
- Reduced emissions on global food systems;
- Enhanced security for Canada’s food supply chain; and
- The establishment of Canada as a leader in the global food system shift.
“The federal government’s $350 million investment into Protein Industries Canada has been invaluable in bringing attention to the sector and Canada’s opportunity. But we must go further, and with urgency, to build off those investments to ensure Canada remains competitive and captures the value of our commodities to strengthen the Canadian economy.” Greuel said.
The full report can be found at www.theroadto25billion.ca. The Road to $25 Billion is an initiative of Protein Industries Canada. Protein Industries Canada is one of Canada’s five Global Innovation Clusters. Since 2018, Protein Industries Canada and industry have invested nearly half a billion dollars into innovation related to plant-based food, feed and ingredients. Protein Industries Canada was renewed by the federal government in 2023, receiving an additional $150 million in funding. Protein Industries Canada along with our partners will soon announce new investments of more than $100 million into the sector.
