A growing number of international agrifood groups, including Archer Daniels Midland, Bunge, Cargill and Roquette in France, are betting on the vegetable protein market due to expectations of a lack of protein on a global scale and a tendency to eat less red meat.
“With the continued growth of the world’s population and the growing demand for healthy and nutritious proteins, the world needs sustainable solutions,” said Patrick Niels, President of DSM Food Specialties, in the joint statement.
“Our partnership with Avril enables the production of CanolaPRO, a high-quality nutritious protein that helps our customers provide consumers around the world with better taste, better meats and dairy substitutes – in line with market trends.”
The global vegetable protein market was estimated at $ 18.5 billion in 2019 and is expected to grow at a compound annual growth rate of 14.0% from 2019 to 2025, to reach $ 40.6 billion by 2025, said research company MarketsandMarkets.
Avril will also invest in the upstream supply of Olatein with non-genetically modified rapeseed meal for a grinding unit which will be installed in one of its existing facilities in Dieppe in northern France. Work is scheduled to start this summer.
Avril refused to give financial details.
Report by Sybille de La Hamaide. Editing by Jane Merriman
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