Meat giant Cargill has invested in pea protein brand PURIS in an attempt to ‘accelerate a new wave of sustainable plant-based foods’.
Acknowledging the rapid rise in consumer demand for plant-based protein, Cargill wants to expand into the sector.
David Henstrom, Vice President, Cargill Starches, Sweeteners and Texturizers, said: “PURIS is a game changer in terms of taste and vertical integration in pea protein.
“Cargill is excited to expand into the emerging pea protein space while continuing to support our conventional agricultural crops.
“It’s clear that PURIS is in alignment with Cargill’s vision to meet the growing demand for protein globally and to help customers deliver label-friendly products without sacrificing taste.”
PURIS President, Tyler Lorenzen, added: “Cargill’s financial backing and market reach will power significant expansion of our operation globally.
“We will add substantial capacity, including a second plant, while maintaining our focus on U.S. production.
“With Cargill’s support, our plant-based ingredients become available to customers and consumers on a global scale.
“Our founder set out to feed the world in 1986. Now it’s coming true.”
The investment follows a wave of meat producers pumping cash into plant-based businesses, in an attempt to not lose their massive market share as vegan-friendly foods become more popular.
Most famously, Tyson Foods – one of the largest meat processors in the world – owns an undisclosed stake in food tech company Beyond Meat.
Tom Hayes CEO, Tyson Foods, says: “Plant-based protein is growing almost, at this point, a little faster than animal-based, so I think the migration may continue in that direction.”