Maple Leaf Foods focuses on plant-based protein

摘要

Maple Leaf Foods Inc. is Canada's largest meat processor, but the company is committed to being a leading competitor in the North American plant-based protein space and management is now guiding the business segment, which was launched through two acquisitions in 2017, which will achieve profitability in 2023 or 2024. The Plant Protein Group business unit, which consists of the Lightlife and Field Roast brands, generated C$211 million ($168 million) in sales in fiscal 2020, driveri by pandemic-fueled purchasing patterns, and 20% higher than fiscal 2019 sales. Management was guiding an additional 30% sales growth in fiscal 2021 but backed off that commitment following the release of its second-quarter earnings on Aug. 5. For the first six months of fiscal 2021, ended June 30, Plant Protein Group sales totaled $90.7 million. Sales during the second quarter fell 21% to C$48 million ($38 million). While the business segment won't achieve its full-year goal of 30% sales growth, management said it will achieve 30% growth during the second half of the year.