The firm, which also produces nutritional oils, has developed and licensed a processed soya matrix (PSM) technology, said to deliver the health benefits of soya beans without their bland taste.
The joint venture with Moree Seed Graders, to be called Future Food Ingredients, will build an A$8 million soy processing plant in New South Wales, scheduled to begin operation by September 2004, according to Australian press reports.
Clover Corp subsidiary Nu-Mega Ingredients, a joint venture with the Food Spectrum Group, will be involved in the marketing of the soy technology worldwide.
Increasing demand for soyfoods, driven by consumer awareness of soya's health benefits, has triggered the launch of a number of new soy ingredients. ADM's Novasoy whole bean powder recently launched at the Food Ingredients Europe show in November.
Clover says its ingredient can be used in a range of foods, including bread, cheese and confectionery. Soyfood sales are soaring in Europe, according to a recent report, with consumption of soya-based drinks and desserts up by over 20 per cent in 2002, valued at €1.3 billion, say authors Prosoy.