Tyson launches a new brand for plant-based products
Tyson Foods, the largest US meat producer, launched a new brand to cover the market for vegetarian and flexitarian consumers. Raised and Rooted will introduce the new products such as nuggets made with plant and patties blended with beef and plants later this summer. "The Raised & Rooted brand was created to provide great-tasting plant-based and blended foods that are rooted in how people eat today", Tyson said in a press release.
US sales of meat substitutes are expected to grow by 78% to $2.5 billion between 2018 and 2023, according to Euromonitor. Global sales could reach $23 billion in that same timeframe.
Tyson Foods will compete against companies such as Impossible Foods and Beyond Meat, who are already present in this market.
Tyson Foods reported $40 billion in sales in its 2018 fiscal year. Meanwhile, Beyond Meat forecasts $210 million in sales this year. Tyson has 50 facilities just for processing chicken; Impossible Foods has one factory in Silicon Valley, according to Fox News channel.
“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 CEO Noel White said in a statement earlier this year.
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