While the code won't level the playing field for independent grocers Sands said, it will give them the "opportunity to stay on the playing field."

The industry committee tasked with creating the code was established in response to contentious fees being charged to suppliers by large grocery retailers, an issue that came to a head in 2020 when Walmart Canada and Loblaw each introduced new supplier fees to help pay for infrastructure investments.

Canada's five biggest grocers have been under intense public and political pressure as the price of groceries has risen by more than 22 per cent over four years.

Having a code of conduct is a good thing for the supply chain, said University of Guelph food economist Mike von Massow. But he doesn't expect it will have a significant impact on food prices.