ADM has agreed to acquire Sojaprotein – a European provider of high-value soy ingredients – to expand its plant protein production capacity and customer base. 

The Serbian company is the largest producer of plant-based proteins in Southern Europe and offers a wide array of exclusively non-GMO vegetable protein ingredients. Applications expand to the meat alternative, confectionery, protein bar, pharmaceutical and feed categories. 

With Sojaprotein’s reach into 65 countries and over US$100 million in sales in 2020, the move is touted as another feather in the cap for ADM as it expands to meet global demand for plant-based proteins. 

“Sojaprotein has a wide range of diverse products that few soybean processors can boast, and its special comparative advantage is the processing of genetically unmodified soybeans,” says Leticia Gonçalves, ADM’s president of global foods.

“Alternative proteins represent one of our core growth platforms. And as this US$10 billion global industry grows to US$30 billion over the next decade, we are investing to expand our capabilities.”

ADM’s acquisition of Sojaprotein will expand the reach of non-GMO Serbian soy products.Financial details of the agreement have not been disclosed. The purchase agreement was signed with the Parent Victoria Group under which Sojaprotein operates. Completion of the transaction is expected after obtaining the approval of regulatory bodies.

Expounding on premium plant-based 
The agreement will bring together ADM’s global footprint, consumer insights and technologies to Sojaprotein’s network of customers, helping meet the need for nutritious and responsible plant-based F&B. 

“Consumers today are looking for more from their foods and drinks – they want great-tasting products and sustainable sources of proteins,” adds Gonçalves. 

“High-value soy proteins and the quality of Sojaprotein’s products recognized by a wide network of European and worldwide customers fit perfectly into our portfolio.”

Power of provenance
The companies will work together to meet the fast-growing demand of European consumers who prioritize locally sourced, non-GMO ingredients in their food and beverages. 

“We believe in further expansion and even better positioning of products from Serbian non-GMO soy for customers around the world,” notes Gonçalves. 

Since its founding in 1977, Sojaprotein has grown its products locally with strict control of origin and quality. 

Touting Serbian soyADM’s interest in Sojaprotein followed new investments and sales abroad that Sojaprotein made in the past two years to build the company. 

With the agreement, Stefan Babović, chief operations officer of Victoria Group, observes that Serbian soy will become available to new customers around the globe.

“Sojaprotein is entering a new phase of its development and further growth. The arrival of a world-renowned strategic investor is a great compliment for Serbia and our agri-food sector,” he says.ADM expects the plant-based global market to triple in value within the next decade. 

“This is global confirmation of our non-GMO soybean products’ world-class quality,” affirms Aleksandar Kostić, vice president of MK Group, the majority owner of Sojaprotein. 

MK Group is a South-East Europe investment group that invests in agri-food, among other sectors, to create value throughout the value chain.  

Expanding capabilities worldwide
The agreed-upon acquisition builds on ADM’s recent investments in alternative proteins. 

The latest moves include the company’s US$250 million investment in a soy protein complex in Brazil as well as a pea protein plant in Enderlin, North Dakota, US. 

Further, ADM recently revealed its PlantPlus Foods joint venture with Marfrig to sell plant-based foods in South and North America. 

The company has also created partnerships with protein-focused start-ups such as Air Protein.

Gonçalves adds that ADM is in a “unique” position to meet plant-based demand with its global, integrated value chain, which stretches from the farm gate to the dinner table, and its portfolio of ingredients and solutions. 

“As today’s announcement demonstrates, we’re not content to stop there. We’re focused on continued growth.”