Companies and Brands
The First Big Name to Jump on the Beyond Meat Trend
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Tyson Foods Inc. (NYSE: TSN) has announced that it will be jumping on the plant-based meat trend. Beyond Meat Inc. (NASDAQ: BYND) has seen a meteoric rise since its initial public offering and other food companies are taking notice. Tyson Foods is one of the first major brands to act.
Tyson Foods introduced the company’s first plant-based and blended products, along with its new Raised & Rooted brand. The initiative makes Tyson Foods the largest U.S. meat producer to enter the growing alternative protein segment with its own products.
Looking forward, Tyson Foods expects to introduce additional alternative protein products through multiple customers and sales channels. This includes products under the Raised & Rooted brand and across the company’s portfolio of iconic brands, as well as to foodservice operators.
Noel White, president and CEO of Tyson Food, commented:
Today’s consumers are seeking more protein options so we’re creating new products for the growing number of people open to flexible diets that include both meat and plant-based protein. For us, this is about ‘and’ – not ‘or.’ We remain firmly committed to our growing traditional meat business and expect to be a market leader in alternative protein, which is experiencing double-digit growth and could someday be a billion-dollar business for our company.
Shares of Tyson Foods traded up about 2% Thursday to $83.56, in a 52-week range of $49.77 to $84.30. The consensus price target is $85.08.
Beyond Meat was down about 2% at $139.40. The post-IPO range is $45.00 to $186.43, and the consensus analyst target is $77.20.
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