ADM Reviews Plant-Based Protein Growth Plan on Weak Demand for Fake Meat
A chef works at the ADM Culinary Center test kitchen in Decatur, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Archer-Daniels-Midland Co. is reassessing a planned expansion of plant-based protein at an Illinois facility due to disappointing demand for fake meat.
“The plant-based protein market has been experiencing de-stocking and consumer demand softness over the course of the year,” Chief Executive Officer Juan Luciano said on a conference call with investors, adding adverse conditions would likely persist into 2024.