The Archer-Daniels-Midland Company (ADM) announced Monday that it will acquire the Serbian plant-based protein company Sojaprotein, the latest of its efforts to focus on the alternative protein market.

“Today, alternative proteins represents one of our core growth platforms, and as this $10 billion global industry grows to $30 billion over the next decade, we are investing to expand our unparalleled capabilities,” Leticia Gonçalves, ADM’s president of global foods, said in a release. “The addition of Sojaprotein – the largest producer of plant-based protein in southern Europe – adds production capacity in addition to an impressive network of customers who are leading the way in meeting consumer needs for nutritious and responsible plant-based foods and beverages.”

Sojaprotein was established in 1977 and specializes in non-GMO soy ingredients. It had more than $100 million in sales in 2020.

According to the release, the transaction will be subject to regulatory approvals.

ADM also recently invested in a soy complex in Brazil and a pea protein plant in North Dakota, as well as partnerships with startups like Air Protein and a joint venture with Marfrig known as PlantPlus Foods.

“Consumers today are looking for more from their foods and drinks – they want great tasting products and sustainable sources of proteins,” Gonçalves said. “ADM is in a unique position to meet those needs: Our global, integrated value chain, which stretches from the farm gate to the dinner table, and our unmatched portfolio of ingredients and solutions, are why we are the partner of choice for customers at every step of the food and agriculture value chain.”

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