Plant-based protein powders, such as pea protein, are no longer exclusively for athletes and vegans. A report from MycoTechnology, which surveyed 725 consumers of plant protein, found that only 17% identified as vegan, while 38% mixed these products with dairy milk. This suggests that consumers are more motivated by taste and quality rather than lifestyle choices. However, as the demand for plant-based protein powders increases, the industry faces potential challenges. If the ITC and DOC reach a final decision regarding the allegations, import duties on HPC pea protein could be imposed to match “the dumping and subsidy margins,” according to AgFunder News.
The global pea protein market was valued at $1.9 billion in 2022 and is projected to grow at a compound annual growth rate of 12% from 2023 to 2030, driven by health and fitness trends, as well as a rising number of vegans and vegetarians, according to Grand View Research. Puris, a major supplier of pea protein to plant-based meat giant Beyond Meat, opened a new production facility in Dawson, Minnesota, in 2019, allowing it to supply 50% of North America’s pea protein. Other producers have also entered the pea protein market; Ingredion launched a facility in Nebraska, ADM opened a plant in North Dakota, and Roquette debuted a plant in Portage la Prairie, Manitoba, Canada.
However, these domestic producers are facing significant competition from inexpensive Chinese imports, which are undercutting their prices, as reported by AgFunder News. In 2022, five U.S. buyers of pea protein involved in the ITC investigation reported sourcing 96.6% from China, with only 2.3% from U.S. producers and 1.1% from other countries. Puris stated in the complaint that there is substantial evidence showing that Chinese imports have consistently sold below the prices of the domestic industry during the investigation period. This situation has forced domestic producers to idle their facilities and lay off American workers due to the influx of unfairly traded imports from China. The complaint further claims that the domestic industry is in “grave peril.”
In this context, it’s worth noting that consumers are increasingly seeking natural supplements to complement their diets, such as Costco Kirkland calcium citrate magnesium and zinc, which also reflects a broader trend towards health and wellness. The growing interest in nutritional products like these, alongside plant-based protein powders, indicates that consumers are becoming more health-conscious and looking for quality options in their diets.