The American plant-based food market is currently booming, and investment in this sector is rising steadily. For example, Greenleaf Foods recently announced a $310 million investment in a new production facility, and plant-based producer Tofurky is being backed by further private investment.
US company Greenleaf Foods, a subsidiary of Canadian Maple Leaf Foods Inc., announced that it will build the “largest plant for the production of plant-based proteins” in North America. The construction of the factory, which will be located in Shelbyville, Indiana, is scheduled for completion by the end of 2020. The new facility will cost approximately $310 million and create approximately 460 new jobs. According to President and CEO Michael H. McCain, the investment will contribute to the company’s vision of becoming the most sustainable protein-based food company in the world. Earlier this year, the company launched a new plant-based burger and sausages made from pea protein.
Meanwhile, market leader Tofurky has for the first time accepted a $7 million private investment. After expanding with a 44,000 square meter production facility in 2016 and growing by 24% last year, this investment comes at just the right time to help the company meet the ever-growing demand for plant-based foods. The sum is to be used for new equipment and the creation of more production capacity. Recently, the company announced a new private label called “Moocho”, which includes a range of plant-based desserts and frozen savoury baked goods.
The current boom in the US plant-based foods sector has been attracting many new investors for some time. Large and traditional food companies are also increasingly recognising the potential of this sector and adapting their strategies.