American agribusiness Cargill is launching a $475 million project to modernize and expand its soy processing operations in seven US states, an announcement said Thursday. The funds will be used to increase capacity and operational efficiencies at the sites.
“We are positioning ourselves to meet the growing global and domestic demand for soy products both in food and fuel markets. These investments will better enable us to serve our end-use customers, while also providing greater market access and a better experience for farmers,” Warren Feather, managing director for Cargill Agricultural Supply Chain North America, in a statement. “Investing in our plants to better support our customer’s businesses is critical to create a mutual value and ensure a health operating environment, while continuing to assess the needs of the market.”
During the effort, Cargill will expand production at its soybean crush site in Sidney, OH and add new receiving and loading capabilities; boost output at its Cedar Rapids, IA soybean processing plant; double the soybean unload capacity per hour and upgrade safety and automation assets at its Wichita, KS facility; and carry out automation enhancements to triple the per-hour truck load out capacity at its Kansas City, MO plant.
All of the facilities will remain in operation during the work.
Cargill said the expansions and upgrades will give its customers quicker access to feedstocks.
The market for soy has been heating up as demand for plant-based protein increases. A recent forecast by Markets and Markets predicts the global market for plant-based protein, including soy-based products, will increase in value from $10.3 billion in 2020 to $15.6 billion in 2026. The market is expected to grow at CAGR of 7.2% during the period.