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
Source: Reuters
Consumer healthcare firm Haleon has appointed Tate & Lyle executive Dawn Allen as its new chief financial officer, effective 1 November 2024. Allen will succeed Tobias Hestler, who has decided to step down from the role, citing a long-term health condition, the company said.
The group said that the bottling line, which adds 6,500 square metres to the existing 60,700-square-metre site, is the next necessary stage in the company’s international development. The leading brand in Campari Group’s global sales, demand for the Italian bitter apéritif has grown by 500% in the last decade.
The partnership will see Coca-Cola adopt new technology to foster innovation and productivity globally. Through the deal, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.
