Beyond Meat Inc BYND 1.23%‘s stellar run since its Wall Street debut on May 2 has turned the spotlight on plant-based meat companies.
Plant-based meat products are substitutes that mimic the properties of actual meat, and therefore look and taste like meat. The telling proof for the popularity of these products is Beyond Meat’s recently released results, which revealed a 215% jump in first-quarter net sales.
The lucrative market opportunity is likely to allure more and more players.
The following are companies that are bracing to make a name for themselves in the up-and-coming market for plant-based meat products.
Tyson Foods
Tyson Foods, Inc. TSN 1.08% announced in mid-June that it has introduced the first plant-based and blended products under the brand name “Raised & Rooted,” marking its foray into the alternative protein segment.
The company announced plans to roll out its initial products — plant-based nuggets as well as blended burgers and a beef-plant combo product — at several of its major retail customers.
Nestle
Swiss food giant Nestle NSRGY 0.02% revealed on April 2 plans to launch 100% plant-based burgers in Europe and the U.S., with the U.S. launch planned for fall.
The company said the burgers don’t compromise on flavor, texture and cooking experience.
“We believe this trend is here to stay, as consumers look at different ways to enjoy and balance their protein intake and lower the environmental footprint of their diets,” the company said in the release.
ConAgra
Conagra Brands Inc CAG 5.96%, which recently reported disappointing quarterly results, is eyeing an opportunity in the space through the Gardein brand, which came into its stable through its 2018 Pinnacle Foods acquisition. The brand has a presence in food service and a strong market positioning in plant-based meat alternatives at the retail level.
The company quantified the market opportunity for plant-based meat alternatives at $30 billion in the U.S. alone.
Impossible Foods
Based in Redwood, California and founded in 2011, privately held Impossible Foods develops plant-based substitutes for meat and dairy products. It launched its flagship product, the Impossible Burger, in 2016, and also makes plant-based sausage products.
Hormel Foods
Hormel Foods Corp HRL 1.33% recently said at the Deutsche Bank dbAccess Global Conference that it has been working on meat substitutes in multiple channels over the past several years.
The company has introduced the Fuse burger, which is a blend of meat and some plant-based items. One of its food service subsidiaries is working on a plant-based pizza topping.
