Lentil and pea price hikes pressure plant-based food industry costs in Brazil

Published 2021년 11월 12일

Tridge summary

The plant-based food industry is facing rising costs due to increased demand and tighter supply of raw materials like peas, lentils, and chickpeas. This is particularly impacted by a significant decrease in supply from Canada, the world's largest producer, by 31% in 2021. These factors have led to a threefold increase in the cost of plant-based products compared to traditional meat-based products. Despite these challenges, companies have managed to maintain product prices. Brazil, a large producer of soy, is exploring new technologies to reduce reliance on imported raw materials and lower production costs. The global plant-based food market has seen annual growth of 11.1% over the past five years, with expectations to generate US$ 131.8 million by 2025. Brazil hosts around 60 companies involved in the production of plant-based products, focusing on versatility and hiring for innovation in this sector.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The increase in costs that affected several sectors of agribusiness did not spare the plant-based products industry. The so-called plant-based products, substitutes for animal proteins, have also been feeling the effects of tighter supply and demand and rising prices for items used as raw materials, such as peas, lentils and chickpeas. From January 2020 to October 2021, peas rose from US$ 650 to US$ 950 a ton at the Port of Santos, according to the Brazilian Institute of Beans and Pulses (Ibrafe). The price of lentils went from US$ 685 to US$ 1,400 per ton in the period. The world's largest producer (37%), Canada reached the lowest level of supply in 2021, with a loss of 31%. Canadian exports are around 1.8 million tonnes in the current harvest, compared to 2.3 million last season. Pea is one of the ingredients widely used as raw material for plant-based foods (Photo: Getty images) Pulses, as these legumes are called, are more expensive because foreign supply is leaner. Marcelo ...

Source: Agroinforme