International markets for pulses entered a period of unprecedented uncertainty following Russia’s invasion of Ukraine and the resulting wave of sanctions from North America, European Union member states, and most of the North Atlantic Treaty Organization member countries. On average, Russia produces 3,800,000 metric tonnes and exports around 1,000,000 tonnes of peas annually and Ukraine’s pea exports can reach up to 500,000 tonnes per year.
Belle produced approximately 90,000 metric tonnes of protein in 2021. As a response to increased global demand, Belle is planning increased shifts at its main plant in Saskatchewan to increase Canadian annual production capacity to nearly 100,000 metric tonnes annually while adding up to an additional 15,000 metric tonnes per year of annual production capacity at its United States facility.
“Belle is receiving increased recognition from international customers looking to secure quality, safe and reliable proteins at scale,” said Mark Coles, chief investment officer. “Shareholders should know that Belle is increasing its production capacity as it is our goal to help support the global food industry. Belle has emerged as a pivotal player in global pulse protein production and continues to draw significant interest in its products. We will continue to expand Belle’s operations and are looking forward to showing the world its ability to procure, process, and deliver proteins to the international marketplace.”
The importance of high-quality, transparent, and sustainably produced agricultural products and pulse crops has become increasingly important on a global scale and recent supply chain disruptions and sharp increases in fertilizer prices have created a significant strain on food production. In addition to corn and wheat, pulses are at the center of the global food industry.
“It has always been our investment thesis that the globe will shift to more sustainable and environmentally friendly proteins. The next 24 months will be crucial for international food security as one of the world’s largest producers of fertilizer, agricultural crops and pulses is effectively closed off from the rest of the world,” said CEO Marc Aneed.
Canada is already one of the largest producers of agricultural products in the world at a time when people, companies, and countries need to secure their food supply. The globe is now turning to Canada for secure supply of pulse crops, proteins, and agricultural products.
“Belle processes crops that are considered nitrogen fixers and typically require less fertilizer than other common agricultural crops,” Aneed said. “Pulses add nitrogen to the ground instead of removing it like traditional crops thereby allowing proper plant crop rotations that help to rejuvenate valuable farmland.”
Eat Well owns 100 percent of the 42-year-old Belle Pulses, one of Canada’s largest processors of plant-based proteins. Belle supplies a broad range of customers in over 35 countries, including global strategic food companies and significant ingredient distributors. Belle is increasing its production capacity up to 115,000 tons of fully traceable product, yielding over 20,000 tons of pure plant protein (or the equivalent of producing millions of hamburgers annually and saving the lives of hundreds of thousands of cattle). Management believes that the company keeps approximately 89,500 tonnes of methane from entering the atmosphere each year.
With operations spanning across Saskatchewan and in the United States, Belle is primarily located in Saskatchewan, a province with a rich agricultural history of feeding the world. Known as the breadbasket of Canada, Saskatchewan is home to 40 percent of Canada’s cultivated farmland. Additionally, Saskatchewan is the world’s largest exporter of lentils, dried peas, canola, oats, wheat, and flax.
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