Demand for pea protein is soaring amid growing demand for plant-based meat and dairy substitutes.
Cargill is increasing its exposure to pea protein by investing $75 million in Puris, which supplies plant-based burger maker Beyond Meat. The move adds to the $25 million investment Cargill made early last year in the largest manufacturers of pea protein in North America.
Puris said it would double the capacity of its plant in Minnesota, allowing it to keep up with increasing interest from food companies.
Food companies use pea protein as the main ingredient for products such as burgers, bacon, tuna and yogurt. The launch of new pea-protein-based food and beverage products grew 19 percent a year globally between 2016 and 2018, according to Innova Market Insights.
Source: Financial Times