Agriculture commodities trader Bunge Ltd said it would invest about $550 million (€517.5 million) to build a soy protein concentrate facility in Indiana to cater to a rising demand for plant-based food products and processed meats.
The new facility, which is adjacent to the company's soybean processing plant in Morristown, is expected to process an additional 4.5 million bushels of soybeans.
The construction is likely to start in the first quarter of 2023 and be commissioned by mid-2025, Bunge said in a statement.
US Expansion
The investment is part of a broader US expansion of oilseed-processing capacity as demand rises for food, animal feed and vegetable oils used in producing renewable fuels.
Demand for meat alternatives has soared as dietary habits shift for health reasons and out of concern for animal welfare and environmental damage from livestock farming.
Soy protein concentrate is used to make meat alternatives, but also helps to increase nutritional value in existing meat and poultry products.
The global plant-based meat market size, according to a report by Grand View Research Inc, is projected to reach $24.8 billion by 2030.
Bunge also operates a soy protein concentrate operation in Bellevue, Ohio.
Last year, the company formed a joint venture along with Chevron Corp and announced plans to expand capacity by 2024 at Bunge facilities in Illinois and Louisiana that crush soybeans, which can be used to produce soy-based diesel.
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