He added that Tyson has no plans to move away from traditional meat, and will sell both types of products.
Startups like Beyond Meat, which makes burgers and sausages from pea protein, and Impossible Foods, which has a soy-based formula, have also raised consumers' interest with products that mimic meat so closely in taste and texture that they're being sold at Burger King and Carl's Jr.
Per a press release, the product will be launched as part of Tyson's new Raised & Rooted brand, which utilizes protein alternatives along with "plant-based and blended foods". According to the report, 14% of Australians are 'making concerted efforts' to avoid red meat, whereas 34% to 39% of urban Thais and Indonesians have reduced consumption of animal-based proteins over the past two years due to this. USA sales of meat substitutes are expected to jump 78% to $2.5 billion between 2018 and 2023, according to Euromonitor. Tyson Foods reported $40 billion in sales in its 2018 fiscal year; Beyond Meat, which held its IPO last month, forecasts $210 million in sales this year. Tyson Foods is taking the competition further, with investments in a new mushroom-based food company.
Tyson is also the only company out of the three to offer a chicken alternative. Earlier this year, both Burger King and McDonalds revealed plans to bring plant-based, vegan-friendly burgers to their menus, because this is real hot rn, you guys! Additionally, Impossible Foods is working on developing a chicken alternative, but little information is known about the product at this time. Nestle is planning to launch its own plant-based burger this fall in the USA under its Sweet Earth brand. As of today, Thursday, June 13, R Nuggets has been launched by the company on a grand scale.
Tyson, with a large industry footprint, will be powerful competitor.
USA meat processor Tyson Foods Inc on Thursday launched its first vegetarian and mixed protein products as it joined a growing number of companies catering to rising demand for plant-based meat products. He wouldn't say what percent of its sales Tyson expects to come from plant-based products in 2020.