The Globe and Mail reports in its Thursday, Sept. 24, edition that on Wednesday Maple Leaf Foods celebrated the relaunch of the popular Yves Veggie Cuisine, a 40-year-old Canadian brand that Maple Leaf purchased late last year.
The Globe's Kate Helmore writes that it is Maple Leaf's latest bet on the fraught plant-based protein market, a tumultuous arena where it has spent big and struggled to stay profitable.
Maple Leaf announced the closure of its plant-based meat-processing plants in Seattle and Turners Falls, Mass., due to declining sales and underutilized manufacturing lines.
Maple Leaf insists, however, that it is not divesting from plant-based protein. It says it is into "sustainable protein for the long haul."
Over the years, Maple Leaf Foods joined the chorus of investors pouring money into the plant-based meat market. But the hype faded. Consumers did not trade animal protein for what turned out to be unfamiliar, pricier products. Maple Leaf's plant-protein division has consistently underperformed. Today, however, Maple Leaf says it believes there is a strong future for alternative meats, adding that consumer interest in health and wellness is behind long-term growth in protein demand.
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