Lantmännen Biorefineries buys into Sproud as interest in pea protein deepens

Lantmännen Biorefineries has acquired a 10% stake in Sproud, the Malmö-based plant-based dairy company best known for its pea protein beverages. The deal marks a strategic step for Lantmännen, strengthening its involvement across the pea protein value chain and signaling further investment in plant-based alternatives.

“It’s a positive development that we can become a part-owner of Sproud, an exciting company with a bright future,” commented Fredrik Krook, Managing Director of Lantmännen Biorefineries. “We have great interest in plant-based proteins, not least considering our current efforts in Lidköping. This investment is an important step in strengthening our presence and knowledge in the entire pea protein value chain.”

Sproud was founded in Sweden in 2018 and has grown steadily, with its range of plant-based milks now sold in 30 markets worldwide. Its products are available online, in grocery stores, and through foodservice channels including cafés, hotels, and restaurants. Core markets include the Nordics, the UK, Europe, the USA, Canada, and parts of Asia.

With growing consumer interest in health and sustainability, demand for plant-based dairy alternatives continues to expand. Sproud positions itself as a climate-conscious choice in the segment, promoting the lower environmental impact of its yellow pea-based drinks compared with traditional dairy and other plant-based options such as almond or soy.

“We are in an exciting phase with an expanded innovation pipeline and strong growth,” added Sara Berger, CEO of Sproud. “Global demand for plant-based products is rising, driven by consumers’ growing interest in health, sustainability and the food of the future. We are pleased to welcome Lantmännen Biorefineries to Sproud’s group of shareholders.”

For Lantmännen, the deal aligns with its growing focus on plant-based innovation. The Lidköping site referred to by Krook is home to Lantmännen’s existing pea protein production infrastructure, which it has been expanding to meet increased demand for sustainable protein ingredients. Becoming a minority shareholder in Sproud enables the group to move closer to the consumer end of the value chain, while also supporting a homegrown Swedish brand with international reach.

Lantmännen, owned by Swedish farmers, is one of the largest agricultural cooperatives in the Nordic region, with operations spanning grain handling, food production, energy, and agricultural services. Its biorefinery division processes cereals and other crops into food ingredients, feed, and biofuels, including protein concentrates from peas.

While the terms of the investment were not disclosed, the approximately 10% stake gives Lantmännen Biorefineries a foothold in the fast-growing alternative dairy category at a time when retailers and food manufacturers are under pressure to diversify protein sources. Plant-based dairy alternatives represented around 11% of total milk sales in Europe in 2024, according to research group GFI Europe, and the share is expected to grow steadily over the next five years.

The partnership is expected to support Sproud’s continued international expansion and product development. With its clean-label and allergen-friendly profile, pea protein has been gaining attention as a versatile base for plant-based drinks and creamers. It offers a relatively neutral taste, higher protein content than some other plant bases, and a lower water and land footprint.

Sproud’s portfolio includes barista-style drinks, unsweetened options, and fortified products, catering to consumers across retail and foodservice segments. The company has previously raised capital from private equity and venture investors, and its collaboration with Lantmännen is the latest sign of increasing interest in scaling homegrown European players in the plant-based sector.

Lantmännen’s move mirrors broader trends among traditional agrifood players looking to secure supply chains and bolster their presence in sustainable protein markets. As consumer expectations shift, partnerships between ingredient suppliers and branded consumer-facing businesses are becoming more common.

Sproud and Lantmännen have not commented on future joint projects, but both parties highlighted shared ambitions to accelerate the transition to more sustainable diets. “This is more than an investment,” said Krook. “It’s about deepening our understanding of the future of food, starting with the humble pea.”