Dominique Speleers, member of the executive board of BENEO

Considering the market volatility, supply chain disruptions, energy costs, and workforce scarcity, what does this past year look like for your company when you draw the line?

I think it’s fair to say that every company has been affected by the current situation. At BENEO, we have adopted a range of strategies and while adaptability remains key, these combined actions have proven successful to mitigate the impact of the turbulence faced in 2022. One example of this is the sound contingency plans BENEO has put in place at its sites, including reasonable stock of final products, raw material, and others. But also, the high commitment and flexibility of our people which has ensured that BENEO is very much appreciated for its reliability.

Building on this resilience, we have evolved a lot as a company over the past year, with an even stronger focus on plant-based proteins. Within BENEO’s strategy for plant-based proteins, sustainability plays a key role. This has led to investment in crops such as faba bean that are more resilient, locally sourced and contribute to sustainable farming and CO2 reduction. The decision for a new pulse processing plant has been taken and it is expected to be effective within the second half of 2024. Within the processing, no water will be used, and the plant will be run on renewable energy. Overall, the entire process is very energy efficient. Looking ahead, we will continue to focus our attention and investment on plant-based proteins, allowing us to contribute to a sustainable future with more “sustainable” nutrition.

We also acquired the Dutch company Meatless – a major player in the field of plant-based texturising solutions for meat and fish alternatives. This will allow us to access the plant-based meat and fish market in Europe over the coming years, that is valued at more than EUR 3bn and is expected to grow by 14% CAGR between 2022 and 2027. 

What are your expectations for next year, keeping in mind the legacy of 2022, but also the current challenges?

Looking into the consumer preferences and market trends, we are optimistic for the coming year because our ingredients tap into key trends within the industry that we see developing and growing further in the years ahead. These include increasing consumer demand for plant-based meat and fish alternatives, prebiotic ingredients and solutions that promote healthy ageing. 

With 1 in 2 consumers across the globe now interested in plant-based foods and beverages, 53% interested in the gut microbiome and 2.1 billion projected to be over 60 years of age by 2050, there is growing demand for our ingredients. However, we realise that we will need to stay flexible when it comes to pricing in order to navigate the continued rise in raw material costs in a way that works for both us and our customers to ensure long-term reliability.

How do you estimate the market will evolve and what is your priority list for 2023?  

With the cost-of-living crisis affecting economies worldwide, demand for value has become more important for half of the consumers globally in the past 12 months. Delivering provable value is a continued focus for us in 2023. However, value can be perceived in many ways by consumers. For example, recent Mintel data has shown that they are far more likely to define value in food and drink as ‘made with natural ingredients’ over ‘the cheapest prices’. Gut health is another area where consumers see value, as post-pandemic 7 in 10 link digestive health with immunity. So BENEO is well set with its versatile portfolio of prebiotic chicory root fibre that support the inner defence system, as confirmed by many scientific studies. 

We will also continue to help brands and private label producers innovate through the use of our plant-based, clean label and proven prebiotic ingredients to help them to communicate specific value propositions on-pack to consumers.

What do you consider to be the most valuable asset you have in 2023 as a company? 

Our increased capacity for prebiotic chicory fibre will be an important asset for us in 2023. Through this investment, we can offer our global customers a reliable supply of an ingredient that is key for products supporting gut health, which is a key concern of more than half the consumers worldwide .

Another one of our most valuable assets is our people and their enduring commitment and flexibility. Without the incredible teams we have at BENEO, we would not have been able to adapt during recent challenging years or be ready to make the most of the opportunities available to us in the year ahead.