Defying the downward trend, Tyson Foods jumped 5%, delivering a positive Q3 report prior to Monday’s opening bell. Tyson’s YTD growth reached 59%, significantly outperforming the broader food market’s 13.8%.
What sparked their growth?
Planting roots and raising the bar. Raised & Rooted, Tyson’s alternative-meat effort, is expected to fuel their Q4 growth.
- The plant-based nuggets and “blended” burgers will be in coolers across 4,000 stores and available for foodservice delivery by the end of September.
- Raised & Rooted is Beyond Meat’s biggest competition
How does this affect my wallet?
Tyson Foods Inc. is the world’s second largest processor of chicken, pork, and beef. Their shift to plant-based protein is a huge sign that the food industry is flippin to a different type of patty.
The protein industry is welcoming plant-based potential with open arms.
- The FAIRR initiative expects the alternative meat market to capture 10% of the global meat market and reach $100 billion in value within the next 15 years
Chain Reaction. Beyond Meat skyrocketed to 163% growth in their three-month public life and major chains are linking on for the ride.
- Burger King, Del Taco, and Dunkin’ have all rolled out plant-based menu items.
Impossible Foods is working on a new plant-based fish as part of the company’s mission to create replacements for all animal-based foods by 2025.
The protein industry is changing with companies moving to plant-based meat, riding health conscious trends among consumers. But Tyson’s recent commitment to alternative meat shows that plant patties will be a new industry norm.
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