One of the world’s biggest meat producers will soon be selling its own plant-based meatless products.
Tyson Foods, an early investor in Beyond Meat and owner of Jimmy Dean brand sausage, recently sold its stake in Beyond to produce its own vegetarian meat substitutes, according to CNBC. Beyond didn’t want a competitor as an investor, Axios reported last month.
CEO Noel White told analysts Monday that Tyson Foods’ plant-based meat substitute will launch this summer with a wider rollout in the fall.
“Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time was right to exit its investment,” the company said in a statement. “Beyond Meat provided an early opportunity for Tyson Ventures to invest in plant-based protein products that many consumers are seeking.”
The move echoes a national trend of Americans trying to cut down meat consumption and eat more plant-based foods. According to research firm Euromonitor International, the meat substitute market (currently worth approximately $1.4 billion) is expected to grow 74% by 2023.
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