Bunge will invest $550 million in a new soybean processing plant in Indiana

Dec 15 (Reuters) – Agricultural commodities trader Bunge Ltd said on Thursday it will invest around $550 million to build a soy protein concentrate plant in Indiana, the United States, to meet growing demand for food products and Plant-based processed meats.

The new facility, which will be attached to the company’s soybean processing plant in Morristown, is expected to process an additional 4.5 million bushels of soybeans. Construction is likely to begin in the first quarter of 2023 with commissioning in mid-2025, Bunge said in a statement.

The investment is part of a broader US expansion in oilseed processing capacity as demand increases for food, feed and vegetable oils used in the production of renewable fuels.

Demand for meat alternatives has skyrocketed as dietary habits change for health reasons and out of concern for animal welfare and environmental damage from livestock.

Soy protein concentrate is used to make meat alternatives, but it also helps increase nutritional value in existing meat and poultry products.

According to a report by Grand View Research Inc, the size of the global plant-based meat market is projected to reach $24.8 billion by 2030.

Bunge also operates a soy protein concentrate complex in Bellevue, Ohio.

Last year, the company formed a joint venture with Chevron Corp. and announced plans to expand capacity through 2024 at its facilities in Illinois and Louisiana that crush soybeans, which can be used to produce soybean-based diesel. (Reporting by Arshreet Singh. Editing in Spanish by Marion Giraldo)

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