ALTERNATIVE PROTEIN MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Developments

• In December 2022, Bunge announced a US$ 550 million investment to construct a fully integrated soy protein concentrate (SPC) and textured soy protein concentrate (TSPC) facility. The facility will be built adjacent to and integrated with Bunge's soybean processing plant in Indiana, U.S. The construction is set to commence in the first quarter of 2023, with a commissioning date expected in mid-2025. This initiative will create approximately 70 full-time jobs and is projected to process an additional 4.5 million bushels of soybeans. The primary goal of this facility is to address the growing demand for key ingredients in plant-based foods, processed meat, pet food, and feed products.
• In August 2022, ADM announced a partnership with Benson Hill, an agricultural technology company, to scale its soy ingredients to cater to the growing demand for plant-based proteins. As part of the partnership, ADM processed and commercialized its proprietary ingredients derived from Benson Hill's Ultra-High Protein soybeans through an exclusive North American licensing partnership. The collaboration scaled innovative ingredients enabled by Benson Hill genetics, featuring less-processed proteins with significant water and carbon sustainability benefits. The collaboration was aimed at creating a pathway toward commercial-scale production of higher-value alternative protein products.
• In September 2021, Ingredion Incorporated introduced a line of pulse-based ingredients designed to offer great taste, nutrition, and functionality, aiming to support manufacturers in meeting the growing consumer demand for tasty, plant-protein-rich foods in the U.S. and Canada. The product line included VITESSENCE Prista P 155 pea protein concentrate and VITESSENCE Prista P 360 faba bean protein concentrate.