US Vegan (Plant-Based) Christmas Dinner Index
The Vegan (plant-based) Index, which includes commodities like pea protein isolate, carrots, potatoes, corn starch, tapioca starch, and carrageenan, rose by 23.10% YOY and 9.13% MOM. This was mainly due to higher prices for pea protein isolate and corn starch.
Pea Protein
In November 2025, the Expana Benchmark Prices for pea protein isolate EXW US increased by 56.8% YOY to $4.00/lb amid limited sourcing options due to antidumping tariffs on Chinese pea protein imports. The November price at $4.00/lb was 14.2% higher than a month ago. A few buyers have stated that they are splitting tariff rates with vendors, but this is on a case-by-case basis. Buyers note that there are some suppliers refusing to share the tariff impact, and prices are generally high across all ingredient types. Antidumping tariff rates on China to the US currently range from 112% to 270%.
In Canada, the rates are not as high as in the US. Canada has imposed a provisional antidumping duty of 34.8% and a provisional countervailing duty of 19.8% on pea protein from China, which can be charged together. For exporters that were not issued a specific rate, the anti-dumping duty is equivalent to 24.9% of the export price, as outlined by the Canada Border Services Agency.
Europe has launched similar investigation where potential dumping margins will be 41% to 123% and injury eliminating levels could range from 60% to 118% for the 2024 period. Though, European Commission leaders added that those figures are preliminary and do not indicate final liability.
Participants also note that input costs including energy, transportation, and freight rates are rising. This is causing more suppliers to increase offers as negotiations pick up towards the end of the year. A buyer stated that labor costs remain a challenge and are up 8% YOY in Germany. Workers are fighting for higher wages, and the lack of truck drivers in certain regions is delaying deliveries. This, coupled with freight increases, has put upward pressure on the market.
Soy prices remained mostly steady throughout the year with slight increases, causing some players to reformulate from pea protein to soy protein to cut costs. Some market participants are opting to use ingredients with a lower protein content as well since pea protein has become increasingly expensive. Meanwhile, several players continue to source locally and increase carbs or fats in the end-product to reduce expenses.
Corn Starch
The Expana price of corn starch increased by 1.94% YOY in November 2025 to $0.22/lb. The US corn starch price follows the CBOT (CME) corn futures price closely. Corn futures found some support in November 2025, due to a slight decline in global production forecast from the USDA, as well as instances of short covering ahead of the Thanksgiving holiday. However, sources say that unless demand picks up significantly, prices will stay in a bearish range, primarily due to harvest pressure from the US.
Carrageenan
The price for food grade carrageenan fell by 5.50% YOY in November 2025 to $2.31/lb. due to decline in consumption of the ingredient. Several factors contributed to declining demand, including health concerns, product reformulations that eliminated carrageenan, and increased competition from alternative ingredients such as guar gum.
Tapioca
The price for food-grade tapioca starch fell 5.26% YOY in November 2025 to $0.30/lb. Higher production in key exporting countries, notably Nigeria and Thailand, helped stabilize global supply chains and put downward pressure on prices through the year. Improved cassava yields, lower transport costs and softer demand for gluten-free products further eased supply constraints.
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