(priceshall) – Tyson Food items (TSN.N), the premier U.S. meat processor, claimed on Thursday it a little raised its stake in plant-based mostly protein maker Beyond Meat as it appears to be like to tap developing need for alternate resources of protein.
The organization, which already owns a 5 per cent stake in Beyond Meat, mentioned it participated in the most current funding spherical by way of its venture capital fund. Aspects of the financial commitment had been not disclosed.
California-dependent Further than Meat sells plant-based burger patties, heat-and-try to eat foods and non-GMO soy and pea protein frozen meals at grocery chains this kind of as Amazon.com Inc’s (AMZN.O) Full Foods Market place, Publix and Albertsons Cos Inc’s (Abdominal muscles.N) Safeway.
Classic meat product sales have arrive below stress on rising problems about animal welfare and the environmental influence of intensive animal farming, aside from a climbing notion of vegetarian meals as healthier.
U.S. corporations this sort of as Beyond Meat and MorningStar Farms, owned by the world’s premier cereal maker, Kellogg Co (K.N), are primary the demand in the meat substitute industry.
The field could reap $5.2 billion in revenue by 2020, in accordance to Oregon-dependent Allied Industry Exploration (AMR), an 8.4 p.c increase from 2015.
Reporting by Uday Sampath in Bengaluru Editing by Anil D’Silva