RE:RE:Burcon VP comments at end of this article today on 2019-09-10 09:24 ET - In the News
The Financial Post reports in its Tuesday edition that a lot of top agricultural firms want to grab their cut of the booming market for plant-based fake meat. A Reuters dispatch to the Post says fake meat now accounts for 5 per cent of U.S. meat purchases -- a share expected to triple over a decade, according to investment management firm Bernstein. That growth would mirror the fast ramp-up of milk substitutes made from crops such as almonds. "I definitely think this is going to continue to drive demand," said Vince Macciocchi at Archer Daniels Midland. ADM and privately held grain trader Cargill are selling processed peas and soy proteins to consumer food companies and restaurants that use them to make vegetable burgers, sausages, fish substitutes and other faux-meat products. While the trend is starting in North America and Europe, it is expected to expand worldwide within a decade. In a Winnipeg laboratory that doubles as a kitchen, Burcon Nutrascience food scientists are grilling black bean burger patties that are held together with canola protein, rather than the usual eggs. Burcon makes protein ingredients from canola, pea and soy, and business is brisk. "The plant-protein industry is as hot as it's ever been," said Burcon's Martin Schweizer.
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