Bunge Invests in New US Soy Protein Plant as Plant-Based Demand Rise

Global agribusiness giant Bunge has invested approximately $550 million in a fully integrated soy protein concentrate (SPC) and textured soy protein concentrate (TSPC) facility in the United States.

A May 7 announcement said the facility, which is integrated with the company’s soybean crushing plant in Morristown, Indiana, was expected to process an additional 4.5 million bushels of soybeans once it reaches full capacity, oilworld.ru reported, citing Food Navigator.

Food Navigator reports that the opening of the new facility, following a five-year period of growth in demand for plant proteins, will facilitate the company’s launch of a new line of soy protein concentrates.

The global soy protein market was worth €8.8 billion (US$10 billion) last year and is projected to grow at a compound annual growth rate of 7% over the next decade to €15.8 billion (US$18.4 billion), according to IMARC Group data cited in the report.

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 specialty ingredients portfolio. This new facility is an important step in our long-term strategy to strengthen our capabilities in processing higher-value food ingredients.”

The company said the new facility is expected to significantly increase the scale, efficiency and non-GMO capabilities of its existing conventional SPC and TSPC facilities in Bellevue, Ohio.

Bunge said it has also invested $10 million to expand the technical capabilities of its plant protein creative solutions center near its St. Louis headquarters, which will allow the company to collaborate more closely with the alternative meat and dairy industries.

The company said the facility now has commercial pilot plants for alternative meats and dairy products, processed meats and beverages.

Tags: Bunge, soybean