We had the pleasure of attending the 2024 US Pea & Lentil Trade Association (USPLTA) Annual Gathering last week in Denver, CO, which brought together industry leaders, and experts for a week of insightful discussions about the domestic Pulse industry.
This year's meeting featured speakers who shared their expertise and insights on various topics. Agriculture Future of America, shared their mission to connect the industry with the next generation of food and agriculture leaders. Their discussion on working with Gen Z was particularly enlightening, and it became apparent to me as a woman in Agri-Business that we have an opportunity to unlock a new age of leaders who are interested in building a better food future.
McKinsey & Company also provided valuable insights into the world of alternative proteins. As an industry expert, their team guided agriculture businesses through the changing consumer landscape.
Key Insights on Plant-Based Pea Protein
During the conference, the McKinsey presentation highlighted several key trends impacting plant-based pea protein and companies like PURIS:
- Consumer Trends: There is an increasing concern around health and wellness, with consumers willing to try and pay for products that meet their health needs. Consumers are bifurcating in spend. 76% are trading down in at least one category; most often in discretionary spending. They are also selective when shifting to premium products, so it is critical they offer improved taste, texture, or nutritional benefits to succeed.
- Market Opportunities: Peas and lentils are well-suited to take advantage of changing consumer trends by offering healthier, sustainable, and convenient food options, particularly in the snacking sector. Plant-based growth is heavily influenced by snacks and staple foods, with an anticipated 23% of the plant-based market consisting of snacks.
- Challenges and Innovations: The alternative meat category faces several headwinds, including loss of shelf space and consumer skepticism about health benefits. Innovation in product offerings, such as improving texture and flavor, is pivotal for future growth.
- Consumer Willingness to Pay: Approximately 40% of consumers are willing to pay a premium for plant-based proteins, with pea protein being one of the top choices.
- Claims Matter: "High-protein" is the top driver for willingness to try and/or purchase a product. To capitalize on the shift towards healthier alternatives, producers and CPGs must provide clear claims and prioritize healthy offerings.
- Retailers: They are imposing increased demands on manufacturers for data transparency, agricultural certifications, and expedited supply chain processes.
Networking and Collaboration
The USPLTA Annual Meeting is not just about sharing information; it's about bringing people and resources together. This year's event provided opportunities for networking and collaboration, fostering connections that will undoubtedly benefit the industry in the years to come.
Looking Forward
We are so excited to announce that Nicole Atchison, CEO of PURIS Holdings has been elected to serve as the Secretary for the USPLTA Board of Directors. The PURIS team will continue to serve on the following committees: Info Gov, International Marketing, and Domestic Marketing.
If you are interested in learning more about our industry network, please send us an email at sales@purisfoods.com.
