ADM has announced plans to invest around $300 million to expand the production of soy protein concentrate at its facility in Decatur, Illinois.
The project marks the latest move by the business to expand its alternative protein production capacity. Last year, the company acquired soy ingredients producer Sojaprotein, and ADM says that between the two investments, it will increase capacity by more than 30%.
The expansion at Decatur is expected to be completed in the first quarter of 2025, and will not only increase soy protein concentrate capacity but also nearly double extrusion capacity at the site.
In addition, the company says that it will further strengthen its alternative protein capabilities by opening a new Protein Innovation Center, also in Decatur.
The facility will be part of ADM’s existing Decatur-based innovation complex, and will bring together labs, test kitchens and pilot-scale production capabilities to “power new innovation”.
“The global trends of food security and sustainability are driving structural changes in the food industry, including strong growth in alternative proteins, and we’re investing to ensure ADM remains a leader in this vast and exciting space,” said Leticia Gonçalves, ADM’s president of global foods.
“The array of opportunity areas for alternative proteins in foods and nutrition solutions is continuing to grow at 10% CAGR, with alternative meat and dairy sales alone expected to grow by 14% a year and reach $125 billion in 2030.
“Our sales in this space have been growing at rates much faster than the industry’s, and our work to expand our leadership position with new innovation and capacity is an important driver of future growth for our nutrition business.”
© FoodBev Media Ltd 2024
