Global agribusiness giant Bunge has invested around US$550M in a fully integrated soya protein concentrate (SPC) and textured soya protein concentrate (TSPC) facility in the USA, Food Navigator wrote.
The facility, which is integrated with the company’s soyabean processing plant in Morristown, Indiana, was expected to process an additional 4.5M bushels of soyabeans once fully operational, the 7 May report said.
Due to open following a five-year period of growth in demand for plant proteins, the new facility would support the company’s launch of a new range of soya protein concentrates, Food Navigator wrote.
The global soya protein market totalled €8.8bn (US$10bn) last year and was forecast to grow at a CAGR of 7% to €15.8bn (US$18.4bn) within the next decade, according to IMARC Group data quoted in the report.
Speaking when plans for the new facility were first announced in December 2022, Bunge CEO Greg Heckman said: “Plant proteins are a natural extension of our … oils, fats and speciality ingredient portfolio. This new facility is an important step in our long-term strategy to strengthen our capabilities in downstream higher value food ingredients.”
The company said the new facility was expected to add significant scale, efficiencies and non-GMO capability to its existing US-based conventional SPC and TSPC operation in Bellevue, Ohio.
Bunge said it had also invested US$10M in enhancing its plant protein technical capabilities at its Creative Solutions Center near its St Louis headquarters, which would allow the company to work more closely with the alternative meat and dairy industries.
The facility now offered commercial pilot plants for alternative meat and dairy, processed meat and drinks, the company said.
