Commodities trader Louis Dreyfus enters plant protein market
NEW YORK, March 15 (Reuters) - Commodities trader and food processor Luis Dreyfus Co said on Tuesday it was entering the plant protein business, the latest among large global food groups to invest in a segment expected to keep growing in coming years.
Dreyfus - the "D" in the ABCD group of leading international food traders along with ADM, Bunge and Cargill - said it was opening a research facility in the San Francisco area in the United States to accommodate a group of researchers and engineers that will work to develop plant-based foods.
Chief Executive Michael Gelchie said in a statement that the move is aligned with the company's aim to diversify operations into higher value-added products, including plant protein extraction.
The company plans to launch non-GMO plant protein ingredients in the North American market by the end of 2022, and later expand its offerings to other regions. (Reporting by Marcelo Teixeira; Editing by David Gregorio)
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