Peas are a key ingredient in some alternative proteins, where demand is growing. At the same time, European pea supply was hurt by adverse weather, while a drought in Canada cut pea output there by 45 per cent, causing prices to more than double from last year, France’s Roquette Freres SA said.
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“The dramatic increase in prices will inevitably lead to costs being transferred to customers,” Roquette said in a statement on Monday. The company has also been hit by high energy prices.
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Demand for alternative proteins has expanded in recent years as climate change and health concerns drive consumers to products like plant-based burgers. Roquette’s warning of higher prices also comes as food costs in general are near the highest in a decade amid harvest worries, higher shipping costs and supply-chain disruptions.
Beyond Meat didn’t immediately respond to a request for comment.