Meat Prices Soar, But Pea Protein Costs Are Rising Too Amid Vegan Meat Demand Surge
By Sally Ho, Green Queen (Hong Kong)
Oct 6, 2021
Costs of meat in the US have soared over the past months, with big meat giants consistently raising their prices, citing Covid-related labour and transportation difficulties. But it isn’t just meat prices that are on the up. Now, there appears to be an unprecedented situation for the pea protein market too, driven by surging consumer demand for vegan meat substitutes.
Meat prices have been steadily rising over the past few months, with beef and pork in the US up by more than 10% since December 2020, while poultry costs have grown over 6%. But a similar price hike could be on the rise for pea protein as well, due to the surge in demand for plant-based meat alternatives against short raw material supply.
Canada, the world’s biggest pea protein producer, has struggled to keep up with rising demand in the midst of a drought, with production numbers falling by 45%. As a result, pea protein prices have increased 120% year-on-year, according to some reports.
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