Tyson says nuggets from Beyond Meat rival Raised & Rooted to be available in 4,000 stores
Tyson shares soared 7% in Monday trading after fiscal third-quarter earnings
By Tonya Garcia, MarketWatch
Aug 5, 2019
Tyson Foods Inc. said Monday it will bring plant-based nuggets from its Raised & Rooted brand to 4,000 stores and make them available for foodservice distribution by the end of September.
Tyson, which is known for animal protein from brands like Hillshire Farms, Jimmy Dean and Ball Park, has been exploring the possibilities in alternative proteins, recycled snacks, and lab-made meats for some time.
The Raised & Rooted brand nuggets were launched in June, with initial plans to also include “blended” burgers made with a mix of beef and pea protein. The company said at that time that it has also launched sausage and meatballs made with chicken and plant-based ingredients under the Aidells brand.
“This kind of quick start demonstrates the capabilities and scale and national reach of Tyson Foods,” said Noel White, Tyson’s chief executive, on the earnings call, according to a FactSet transcript. The company will eventually roll out these alternative meats internationally, but says domestic distribution is the launch focus right now.
The launch is happening at a time when enthusiasm for plant-based products has hit fever pitch with investors, consumers and food companies.
Beyond Meat Inc., which sells Beyond Burgers, Beyond Sausage and other plant-based items, has seen its shares soar 163% over the past three months. Beyond Meat went public on May 2...
... According to a Nielsen report, nearly 60% of U.S. consumers think having the right balance of animal and plant foods in their diet is important, with nearly all of the people purchasing meat alternatives also buying animal-based meat. Many people are looking to meat alternatives out of concerns for the environment. Twelve percent of consumers say they would eat lab-grown meat.
“Scale is the real kicker,” Nielsen wrote...