Economy

Beyond Meat's new competitor: Tyson's pea-and-meat blended burger

Beyond Meat's new competitor: Tyson's pea-and-meat blended burger”

USA meat processor Tyson Foods Inc on Thursday launched its first vegetarian and mixed protein products as it joined a growing number of companies catering to rising demand for plant-based meat products.

Meat-alternative competitor Beyond Meat's stock has soared since its IPO in early May.

Tyson Foods has plans to compete directly with Beyond Meat.

In addition to the products that are purely plant-based, Tyson is also expanding offerings of blended products.

"Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time was right to exit its investment", the company said in a statement obtained by CNN Business last month.

The nuggets will be launched in the summer, and burgers in the fall, he added. Both will be sold under a new brand, Raised and Rooted, which will continue to develop plant-based and blended products for both groceries and restaurants. The stock has been gyrating as analysts have raised concern about its monster run and short sellers have taken an interest.

"By blending plants and vegetables with the Perdue chicken families love ... we are appealing to the growing number of flexitarian families who have an increased commitment to getting more plants and vegetables in their families' diets", said Eric Christianson, chief marketing officer for Perdue, in a statement. Nestle plans to roll out a veggie burger in the USA this fall.

Credit Suisse analyst Robert Moskow wrote in a note Thursday that he does not view Tyson's hybrid burgers as a major threat to Beyond. US sales of meat substitutes are expected to jump 78% to $2.5 billion between 2018 and 2023, according to Euromonitor. "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". The flexitarian diet is driving that growth, with almost 60% of USA consumers expressing interest in eating less meat, according to Mintel.

While Beyond has said that the company has enough capacity to handle projected demand for the next two years, Big Food companies like Tyson and Nestle have even more muscle when it comes to production and research and development.



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