Missouri-based soy ingredient supplier Solae is the latest major supplier to jack up its prices, with most of its products increasing between 12 and 24 per cent. "Market conditions are putting pressure on much of the food chain," said Solae CEO and Chairman Craig Binetti. "Fortunately, we're in a great position to help our customers through these challenges by continuing to provide innovative, economical solutions."
Solae is intensifying its positioning as an alternative to dairy proteins, many of which have also experienced upward price pressure this year and which, in most cases, are more expensive than soy and other plant proteins.
"Food manufacturers around the world are struggling to deal with rising costs, and many are finding it difficult to raise prices to consumers," Binetti said. "Solae's unique ability to replace animal proteins provides our customers with the opportunity for significant savings in their product formulations."
Solae recently unveiled Supro Plus isolated soy protein forms aimed at the bar and bakery sectors, and intended to replace non-fat dry milk and whole milk powder. In terms of nutrition profiles, Supro Plus matches up well with dairy versions, Solae said.
Non-fat dry milk prices commonly used in weight loss and other products have more than doubled in the past year, reaching $5000 per ton in the summer. Whole milk powder has risen about 75 per cent in the same period.
Factors contributing to the dairy price rises include greater demand from Asia and constricted production in the US. Reduced exports from Australia and the European Union due to poor weather have also been a factor.