After recently announcing its new partnership with beef patty producer Marfig to supply Burger King, Big Food giant Archer Daniels Midland Co (ADM) has reached an agreement to acquire Sojaprotein, a leading European provider of non-GMO soy ingredients.
“Thirty years ago, ADM invented the soy vegetable burger, giving rise to the plant-based protein segment” – Leticia Gonçalves, ADM’s president of Global Foods
The acquisition of Sojaprotein – the largest producer of plant-based protein in southern Europe – will enhance ADM’s production capacity to meet the fast-growing global demand for plant-based proteins.
The Serbia-based Sojaprotein produces a wide array of non-GMO vegetable protein ingredients for global customers in the alt meat, confectionery, protein bar, pharmaceutical, pet food, and animal feed segments. The company shows more than $100 million in sales in 2020.
The move is part of ADM’s further expansion into the alt protein sphere, after it recently revealed research that 18% of alt protein buyers in the US purchased their first plant-based protein during COVID-19, and 92% of those first-time buyers report they are likely to continue purchasing meat alternatives.
“Thirty years ago, ADM invented the soy vegetable burger, giving rise to the plant-based protein segment. Today, alternative proteins represents one of our core growth platforms, and as this $10 billion global industry grows to $30 billion over the next decade, we are investing to expand our unparalleled capabilities,” commented Leticia Gonçalves, ADM’s president of Global Foods.
“The addition of Sojaprotein – the largest producer of plant-based protein in southern Europe – adds production capacity in addition to an impressive network of customers who are leading the way in meeting consumer needs for nutritious and responsible plant-based foods and beverages. We’re particularly excited for the opportunity to work together to meet the fast-growing demand of European consumers who prioritize locally-sourced, non-GMO ingredients in their food and beverages. We’re looking forward to bringing this successful, growing provider together with ADM’s global footprint, consumer insights and innovative technologies,” she added.