Declining stocks in Canada will drive up pea prices and demand around the world

Published 2021년 10월 21일

Tridge summary

A severe drought in Canada has led to a 45% decrease in pea production for the 2021/22 marketing year, falling to 2.527 million tons from last year's harvest. This reduction, along with rising global demand and dwindling stocks, has caused a surge in pea prices. The demand for pea protein, a popular alternative to meat, has experienced a significant uptick due to growing interest in plant-based proteins. The market for these proteins is expanding daily, contributing to the increased demand.

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Original content

The Canadian drought has had a detrimental effect on the pea crop, which has pushed up prices around the world. Meanwhile, strong international demand and declining stocks could push pea prices even higher. This is reported by analysts of the NGO "Community of Producers and Consumers of Legumes of Ukraine". According to the estimates of the harvest in the fields of Canada from October 15, 2021, according to the Agriculture and Agri-Food Canada agency, the production of peas in 2021/22 MY compared to last year fell by 45% - to 2.527 million tons. 2.3 million tons of peas are planned, the final residues will be only 50 thousand tons compared to 479 thousand tons a year earlier. The demand for pea protein is reported to have risen sharply, mainly due to increased interest in plant protein alternatives as a meat ...

Source: AgroPortal.ua