Hormel takes another big step in plant-based meat alternatives
Minnesota-based food giant Hormel is partnering with Better Meat, a specialist in proteins from potato fermentation.
By Patrick Condon, Star Tribune (MN)
October 6, 2021
Hormel, a global leader in meat production, is taking its biggest step to date into the growing meat-substitute market in partnership with a California company.
Austin's Hormel Foods Co. and Sacramento-based Better Meat Co. announced the joint venture on Wednesday. The California food startup developed a meat alternative it calls Rhiza, an all-natural whole food mycoprotein produced through a process of potato-based fermentation.
"It's critical that we give our consumers choices. Plant-based products are one choice, traditional meat is another choice," Fred Halvin, Hormel's vice president for corporate development, said in an interview. He said the company will "continue to align our portfolio with consumer trends, and we believe plant-based is a significant consumer trend."
A June report by Allied Market Research, a global market research firm based in Portland, Ore., projected that the worldwide meat substitute market would reach would generate $8.82 billion in revenue by 2027, up from $4.5 billion in 2019.
That growth is seen as being driven by multiple factors: