Sydney Kramer
Tyson Foods is firing a direct shot at Beyond Meat.
- $4 is taking on $4 with a new line of plant-based "meat" products.
- "We ... expect to be a market leader in alternative protein, which is experiencing double-digit growth and could someday be a billion-dollar business for our company," Tyson Foods CEO Noel White said in a statement.
- Tyson Foods sold its 6.52% share in Beyond Meat in April, shortly before the plant-based "meat" maker's explosive IPO.
- $4.
Tyson Foods is firing a direct shot at Beyond Meat.
On Thursday, Tyson Foods introduced Raised & Rooted, its first line of plant-based products, which includes vegan meat alternatives and products that blend meat and plant-based protein. According to the company, the rollout makes Tyson Foods the largest US meat producer to bring its own products to the alternative protein segment.
Products include plant-based nuggets and burgers made with a combination of beef and plants. The nuggets will hit shelves at major retailers late this summer, and the burgers will launch this fall.
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"Today's consumers are seeking more protein options so we're creating new products for the growing number
of people open to flexible diets that include both meat and plant-based protein," Noel White, Tyson Foods' CEO, said in a statement.
"For us, this is about 'and' - not 'or,'" White continued. "We remain firmly committed to our growing traditional meat business and expect to be a market leader in alternative protein, which is experiencing double-digit growth and could someday be a billion-dollar business for our company."
Tyson Foods sold its 6.52% share in Beyond Meat $4 shortly before the company's explosive IPO. Beyond Meat shares are up 436% this year.