Pulse market outlook favourable

The COVID-19 pandemic may have positive results for pulse growers

Despite the continued challenges as a result of the COVID-19 pandemic; pulse growers may anticipate some favourable markets this year.

Overall, Canada’s pulse acres will be down 3 per cent from the average, Agriculture and Agri-Food Canada estimated.

And analysts expect improved demand, said Abhinesh Gopal. He is a commodity analyst with Farms.com Risk Management.

India, for example, is a major pulse importer and consumer.

“India is said to be looking at lowering import tariffs from 50 per cent to 15 per cent for some pulses as COVID-19 raises food price inflation in the country,” said Gopal.

Many consumers are also stocking their pantries with pulses like lentils, which helps the Canadian domestic markets, he said.

So, the outlook for this year’s pulse market could be better than the last two years, said Gopal.

Experts “in the industry point to the rise in veganism and the global increase in plant-based meat demand, for which pulses are used. The 2020 demand profile looks promising with the higher domestic demand. As we still face COVID-19, consumers are likely to continue with home-cooked meals and hence prefer being prepared and stocked,” he said.

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