Leading Meat Processor Tyson Foods Invests in Alternative ‘Meat’
Tyson, a leader in the meat industry, specializing in chicken, and the largest meat producer in the United States, has invested in Beyond Meat, a company that creates “meat” from alternative protein sources, The New York Times reported.
The company is investing an undisclosed amount for a five percent stake in the company.
“The quality of the Beyond Burger [Beyond Meat's signature product] is amazing,” said Monica McGurk, senior vice president in charge of strategy and new ventures at Tyson. “We think it’s a game-changing product that gives us exposure to this fast-growing part of the food business.”
Plant-based foods are on the rise among American consumers. Companies such a Beyond Meat, Califia Farms, and others logged $4.9 billion in sales over the past year, according to the Plant Based Foods Association.
Ethan Brown, founder and chief executive of Beyond Meat, sees the investment as an opportunity to push his company into the mainstream with consumers as they look for protein alternatives.