Food giants Tyson, Hormel, Kellogg's and Kroger all want bigger bite of fake-meat market

 

By Sarah Min, CBS News

September 6, 2019

 

Beyond Meat and Impossible Foods put plant-based food on the map by making meatless patties that "bleed." But now traditional food giants Hormel, Kellogg's, Kroger, Smithfield, Tyson and others are all jumping into realistic alternative proteins, making recent announcements of new products and investments they've made to take a bite of the market.

 

Their forays are likely to propel fake meat into the mainstream. Beyond Meat crushed analysts' expectations earlier this year when its stock price soared 160% in its public debut from its offering price of $25 per share despite the startup never turning a profit.

 

Part of the allure is the rapid growth of the market for alternative proteins. Faux meat is projected to reach 10% of the $1.4 trillion global meat market in the next decade, according to Barclay's analysts. Even big fast-food chains want in on the action, with Burger King partnering with Impossible Foods last month to debut a limited nationwide launch of meatless Whoppers.

 

"When you've got the largest meat companies in the world effectively reconstituting as protein companies, and launching plant-based meat products, that is transitional and is a huge boon for the entire plant-based meat market," said Bruce Friedrich, executive director at the Good Food Institute, which advocates for the plant-based food industry. Its conference this week drew executives and representatives from several food giants, including Kroger, Perdue and Tyson.

 

Here's a roundup of who's buying whom and which products will soon be available in stores:

 

Tyson: More than chicken, it's a "protein company" now ...

 

Hormel: Yes, the maker of Spam is now into fake meat ...

 

Kroger: Plant-based protein goes private label ...

 

Kellogg's: They call it "Incogmeato" ...

 

Smithfield Foods, Perdue Farms, Cargill and more ...

 

more, including links, video reports [7:49 min., 0:30 min., 6:15 min., 1:13 min.]

https://www.cbsnews.com/news/tyson-kelloggs-kroger-hormel-kroger-jumping-into-fake-meat-and-competing-with-beyond-meat-and-impossible-foods/