Merit Functional Foods announced its partnership with Bunge Limited that will strengthen its aim of providing plant-based protein ingredients with unrivalled purity and quality.
Merit Functional Foods, founded in 2019, is determined to fulfill expectations for plant-based protein, supply the market with the best quality protein ingredients and blends that offer unequalled purity, unique taste, and superb solubility. Merit is planning to set up a state-of-the-art production facility in Winnipeg, where it will manufacture a collection of pea and canola protein ingredients with exceptional functional and nourishing values.
Bunge (NYSE: BG), founded in 1818, is a major firm in collecting, processing and supplying oilseed and grain products and ingredients globally. Its broad network feeds and fuels a developing world, creates sustainable products and provides employment to more than 70,000 farmers. The company has its headquarters at St. Louis, Missouri and has 24,000 staffs across the globe supporting more than 350 port terminals, grain facilities, oilseed processing workshop, and food and ingredient production and packaging units worldwide.
Bunge Limited, a well-known overseas agribusiness and food company, has made a capital investment of $30 million in Merit, granting the global raw-material supplier a minority interest in the Canadian-based company. This partnership will accelerate the construction of state-of-the-art plant-based protein production facility of Merit in Manitoba, Canada, where it will manufacture novel pea and canola protein ingredients. It will be the sole commercial-scale facility being able to produce food-grade canola protein worldwide. Construction is in progress and the plant can be expected to be fully functional by the year end.
Ryan Bracken, Merit’s Co-CEO informed- “We’re excited to have a global partner like Bunge recognize our mission and assist us in accelerating our plans and path to launch.” He further said- “Bunge also holds a deep knowledge of international commodity markets which will help boost our canola business with customers globally.”
The demand for plant-based foods and beverages–including dairy and meat alternatives–is increasing at a great pace. This growing need for highly functional and taste-forward plant-based applications would be sustained by Merit’s product portfolio of pea and canola protein ingredients. Bunge, being one of the leading processors of canola in Canada, is an expert in the outset and will provide Merit with crucial inputs.
