The subsidiary will consist Field Roast and Lightlife Foods, companies which Maple Leaf bought last year.
Maple Leaf Foods has announced the formation of a new subsidiary to head its newly-acquired plant-based food businesses.
Called Greenleaf Foods, the division will consist of Field Roast and Lightlife Foods, companies which Maple Leaf bought last year for $120 million and $140 million respectively.
Lightlife Foods produces a range of vegan ready meals and earlier this year announced its expansion into Canada. Meanwhile, Field Roast’s portfolio includes plant-based sausages, roasts, loaves, deli slices and cheese.
Greenleaf said it plans to build a robust portfolio of brands and products to offer consumers more plant-based food choices. It said it is “deeply committed” to growing the plant-based foods category. The unit will operate as a wholly-owned, independent subsidiary of Maple Leaf, located in Chicago.
Greenleaf president Dan Curtin said: “We have established leading brands that are known for delicious, high-quality products and we are excited to build on and invest in that expertise to drive innovation and accelerate our growth.
“Leadership in the fast-growing plant-based protein market is fundamental to pursuing Maple Leaf Foods’ broader vision to be the most sustainable protein company on earth.”
Figures released earlier this year revealed that the number of new food and beverage products featuring plant-based claims increased by 62% CAGR globally between 2013 and 2017.
According to the research from Innova Market Insights, growing consumer interest in health, sustainability and ethics is driving plant-derived ingredients and products into high popularity.
Earlier this month, Maple Leaf announced it will acquire value-added meat product producer VIAU Foods for $215 million.
© FoodBev Media Ltd 2019