Solae increases prices for soy protein ingredients
April 07, 2008
by FoodBusinessNews.net Staff
ST. LOUIS — Solae L.L.C. has increased prices for soy protein ingredients, which may increase up to 30% globally.
"Solae cannot release the baseline prices or a range of baseline prices," said Michele Fite, Solae vice-president of global strategy and marketing. "Regarding the impact on U.S. customers, the scope of the price increase for products from isolated soy protein to textured soy flour will be up to 30%. That increase does not include any premium for identity-preserved soy products."
Various market factors leading to the price increase include rising soybean prices, identity-preserved soybeans being difficult to source as well as higher soybean and corn prices causing increased costs for the livestock and dairy industries.
"Market pressures are continuing to challenge the food industry, and Solae is not immune to those pressures," Ms. Fite said. "The landscapes of the agricultural and food industries and economies have changed. In an era of biofuels, increased competition among crops for land, high demand for protein and global demand for natural resources, costs are rising for Solae along with the rest of the food industry."