Tyson takes on Beyond Meat with plans to make plant-based 'meat' a billion-dollar business
- Tyson Foods is taking on Beyond Meat 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.
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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.
Read more: Beyond Meat tanks after Tyson announces its own line of plant-based meat alternatives
"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 in April, shortly before the company's explosive IPO. Beyond Meat shares are up 436% this year.
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