Last week I was pleased to attend the Protein Industries Canada (PIC) AGM and Conference. It marked a significant milestone in the evolution of Canada's plant-based food sector. In celebrating the accomplishments of the past five years and looking forward to the next chapter, it is clear that regulatory modernization remains a crucial factor in fostering growth and innovation in this important industry.

PIC's first mandate came to a close, showcasing the tangible results of their efforts. Over the past five years, they leveraged $173 million in federal government funding to attract a total investment of $473 million into Canada's plant-based food, feed, and ingredient sector. They supported the creation of 303 intellectual property assets, managed 55 projects with 445 partners, and projected the creation of 10,800 jobs and $15 billion in GDP by 2031. These numbers reflect not just numerical achievements but also a commitment to innovation and the vision of a more sustainable food system.

However, even with these impressive accomplishments, there is much more to be done to unlock the full potential of Canada's plant-based food sector. The current regulatory environment is acting as a barrier to growth and innovation, discouraging the necessary investments in plant-based food manufacturing. It's time to address these regulatory challenges head-on and pave the way for a brighter future.

One key area of focus must be ingredient processing. Developing ingredients for consumer-packaged goods represents a significant value-add opportunity for Canada's protein crops. PIC's strategic investments in this area can help meet the global demand for protein while advancing our economic and sustainability goals. However, regulatory constraints can hinder the development and commercialization of these ingredients.

To promote growth in the plant-based food sector, we need to streamline regulatory processes, ensuring that new ingredients can navigate the approval pathways efficiently. Regulatory modernization should prioritize science-based assessments and risk-based approaches to assess the safety and quality of these plant-based ingredients.

Furthermore, we must work to improve access to capital and scale-up facilities for Canadian companies in the plant-based food sector. Access to financing is critical for bringing innovative plant-based products to market and expanding manufacturing capacity. Regulatory barriers that discourage investment can stall progress and inhibit job creation.

The commitment of Food, Health & Consumer Products of Canada (FHCP) to its Division, Plant-Based Foods of Canada is a testament to the potential of this sector. FHCP recognizes the need to address regulatory hurdles, foster innovation, and promote the growth of the plant-based food industry.

As PIC enters its new mandate, the focus on economic growth, reducing greenhouse gas emissions, scaling Canadian companies, and achieving global impact remains paramount. These goals can only be realized in an environment where regulatory barriers are minimized, and innovation is encouraged.

The recent achievements of PIC are commendable, but they should serve as a starting point for the Canadian plant-based food sector's continued growth and success. Regulatory modernization is not just a matter of convenience; it's a critical step toward creating a healthier, more sustainable Canada. By working together, we can make progress on the path to a $25 billion industry, bolstering Canada's position as a leader in the global plant-based food market and contributing to a better future for all.

This op-ed was originally published on LinkedIn.