Tyson Foods, 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 Whole Foods Market, Publix and Albertsons Cos Inc’s 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.
By Uday Sampath
Currently chief executive of GreenV – an international group of companies active in the horticultural sector – van Karnebeek spent a large portion of his career at Heineken, working in commercial, marketing and general management positions. He served as chief commercial officer at the Dutch brewer from 2015 until 2021.
The facility combines the existing Kerry office in Barcelona with a new customer suite and application labs. It will enable the company to work more closely with its customers in Southern Europe to develop food and beverage solutions.
The sweet and culinary flavor creation labs are the latest addition to the company’s expansive campus that has been in operation since 1964, spanning more than 312,150 square feet in Brabrand, Denmark. The innovation hub is home to more than 400 employees engaged in research, application development, ingredient and flavor creation.