Tyson will soon offer alternative, or plant-based, ‘meat’ products.
Chief Executive Officer Noel White said on an earnings call that the company is planning to introduce meatless protein products on a limited basis this summer and then on a larger scale soon after.
About one in five U.S. consumers has reduced their red meat consumption in the past year, according to market research firm Mintel. And nearly two in five consumers say they’re trying to add more plant-based foods into their diet.
Tyson, the top U.S. meat processor, sold out of Beyond Meat Inc., maker of vegan burgers, just before its shares rose 163% from the offering price on their first trading day, according to Bloomberg.
Tyson’s distribution network allows it to move quickly into the marketplace, and White said the company has a “deep understanding” of how to develop new products and brands.