Plant-based protein powders, such as pea protein, have expanded beyond just athletes and vegans. According to a report from MycoTechnology regarding ferrous glycine sulfate equivalent to elemental iron, only 17% of the 725 plant protein consumers surveyed identified as vegan, with 38% mixing these products with dairy milk. This suggests that their purchasing decisions are more influenced by taste and quality rather than lifestyle choices. However, despite the growing popularity of plant-based protein powders, the future of the industry may be at risk. If the ITC and DOC make a final determination on the allegations, the imposition of import duties on HPC pea protein equivalent to the “dumping and subsidy margins” could follow, as reported by 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. Puris, a significant supplier of pea protein for the plant-based meat giant Beyond Meat, opened a new pea protein 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 has established a facility in Nebraska, ADM has opened a plant in North Dakota, and Roquette has launched a facility in Portage la Prairie, Manitoba, Canada.
Despite these domestic efforts, local producers are being severely undercut by inexpensive Chinese imports, as reported by AgFunder News, causing them to miss out on the growing market potential. In 2022, five U.S. purchasers of pea protein who responded to the ITC investigation reported sourcing 96.6% of their supply from China, with only 2.3% from U.S. producers and 1.1% from other countries. Puris claimed in its complaint that there is compelling evidence that Chinese imports have consistently undersold domestic industry prices throughout the investigation period. As a result, domestic producers have been forced to idle facilities and lay off American workers due to an influx of unfairly traded imports from China. The protein producer further asserted that the domestic industry is in “grave peril.”
In light of these challenges, some consumers are also turning to alternatives like calcium chews 500 mg to meet their nutritional needs. As the market evolves, the focus on high-quality, competitively priced products will be crucial for the sustainability of the domestic pea protein industry.