Undated handout photo of the Beyond Meat burger. REUTERS/Beyond Meat/Handout
December 8, 2017
(Reuters) – Tyson Foods <TSN.N>, the largest U.S. meat processor, said on Thursday it slightly raised its stake in plant-based protein maker Beyond Meat as it looks to tap growing demand for alternative sources of protein.
The company, which already owns a 5 percent stake in Beyond Meat, said it participated in the most recent funding round through its venture capital fund. Details of the investment were not disclosed.
California-based Beyond Meat sells plant-based burger patties, heat-and-eat meals and non-GMO soy and pea protein frozen foods at grocery chains such as Amazon.com Inc’s <AMZN.O> Whole Foods Market, Publix and Albertsons Cos Inc’s <ABS.N> Safeway.
Traditional meat sales have come under pressure on growing concerns about animal welfare and the environmental impact of intensive animal farming, apart from a rising perception of vegetarian meals as healthier.
U.S. companies such as Beyond Meat and MorningStar Farms, owned by the world’s largest cereal maker, Kellogg Co <K.N>, are leading the charge in the meat substitute market.
The industry could reap $5.2 billion in sales by 2020, according to Oregon-based Allied Market Research (AMR), an 8.4 percent rise from 2015.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)
