Bad news for vegans and people who prefer non-meat options: Yves Veggie Cuisine confirms it will no longer be selling its products in Canada.
The Vancouver-founded company has been around for 40 years, but is now headquartered in the U.S., and blames the move on dwindling demand, so it’s pulling the plug.
“My guess is they were going to try and expand the product lines into the U.S., and frankly, the plant-based market has not grown as fast as many people expected. In fact, it’s been quite stagnant,” University of Guelph Food Economist Michael von Massow tells 1130 NewsRadio.
“And there has been increased competition in the market.”
He adds this move isn’t surprising, given the market appears to be shrinking.
“And not good long-term prospects, they said we’re better off getting out of the market.”
Von Massow understands fans of the products are going to be very upset and will need to quickly find another option.
“I feel for people who are brand loyalists and find something they love, but then find out there’s not enough of them that love it to make it carry on.”
He explains that these kinds of products may not be as popular as some people think.
“There’s no doubt that we’ve seen an increase in the market share, although in the last few years it’s been relatively stable. We know the share of the grocery market that is vegetarians and vegans is about seven or eight per cent. It may be a little bit higher in Vancouver, and that’s been stable for the last number of years.”
In that time, he says, more companies entered the market.
“Many big protein companies, including Maple Leaf Foods, have come out with alternatives that fit in that market space, and so I empathize with people who are losing a preferred brand. The good news, there are abundant options in that market segment.”
Despite this setback, von Massow expects more vegan options to be made available in the coming years.
“In a relatively small market, there are going to be bumps in the road, and I think that’s what we’re seeing right now.”
Fans of Yves are not happy about the change, taking to social media with hundreds of comments.
“I am actually heartbroken. Yves has been a staple in our house for years!! Legitimately always have at least one of your products in our fridge,” said one commenter.
“I think it’s safe to say that this is the most devastating news for all the vegans and vegetarians who have supported and loved Yves products for decades. You were iconic and will be leaving a huge gap in the plant-based market,” adds another.
Another pleaded for some other investor to step in, “We’ve been loyal for decades. Seriously! I’ve been eating Yves for 32 years. Find someone who will keep the brand alive, please!”
Another heartbroken commenter asked, “How can the most widely purchased/widely known/widely accessible veggie brand be discontinued? Personally use/purchase Yves products weekly so this is the worst news. Don’t leave usssss.”
The company says it’s still producing products for now, and they’ll be available on Canadian store shelves into early winter of this year, but stores will gradually wind down their stock.
—With files from Srushti Gangdev