Tyson Foods is swimming into new territories. The meat processing mammoth will dip its feet in plant-based shellfish, investing in a part of the San Fran-based, New Wave Foods.
A fin-tastic idea. Founded in 2015, the plant-based wants to make a positive impact on the flawed seafood industry. Fishing for the best chance to succeed, CTO Michelle Cox settled on shrimp: the most consumed seafood in the world.
- It’s made of seaweed, soy-protein and natural flavors and mimics the taste and texture of a peeled shrimp.
Competitive abyss. There is competition in the plant-based seafood market, but most companies focus on alternatives for Salmon and Tuna, not shrimp. This made shrimp a no brainer investment for Tyson.
With 80% of U.S. shrimp consumption taking place outside of the home, New Wave aims to focus on hotels and restaurants when they start distribution.
How does this affect my wallet?
The tides have turned (kinda). After the release of its in-house plant-based brand, Raised & Rooted, it appears that Tyson Foods is all in on transitioning to meatless protein, right?
- Not so fast! Tyson believes alternative protein is an “and” market, not an “or”.
Not everyone’s on board. Kellogg, General Mills and Kraft Heinz have all hopped on the plant-based protein craze, but Red Lobster is not about to jump ship.
- Red Lobster CEO doubled-down on staying true to the real deal, calling plant-based seafood “terrible” and said they will not add alternatives to the Red Lobster menu.
Plant-based protein is trending and Tyson continues to expand in order to appease the masses. They recently invested in meatless chicken nuggets and they will now dive head first into planty-seafood.
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