US ingredients firm Solae is to increase the prices of its soy ingredients globally as a result of inflationary and economic pressures.
The firm said the increase of 7-9% across the globe is “critical” to its business.
“Solae is not immune to these economic pressures, and this new pricing is critical to our business and our ability to serve our customers,” said CEO Torkel Rhenman. “Solae continues to be in a great position to help customers through these challenges by providing innovative, economical solutions. We are committed to providing high quality, predictable soy ingredients while continuing to invest for future innovation to meet our customers’ needs.”
The firm said, like other food manufacturers, it has been affected by “significant global market dynamics”.
It added that while alternative dairy proteins have experienced double-digit price increases over the last two years, Solae was able to absorb general inflationary pressures through productivity efforts. However, it said that with current outlooks, price increases are “unavoidable”.
Solae develops soy-based technologies and ingredients for food, meat and nutritional products.