After exiting Beyond Meat, Tyson Foods will launch meatless products this summer

After exiting Beyond Meat, Tyson Foods said that it will roll out its own plant-based meat substitutes beginning this summer. The Jimmy Dean owner sold its stake in Beyond before the company went public, citing its desire to produce vegetarian meat substitutes under its own umbrella of brands. CEO Noel White told analysts on the quarterly conference call Monday that the plant-based product will launch this summer on a limited basis, with a wider rollout in October and November. Despite the difference in market value, Beyond and other makers of plant-based meat alternatives — such as Impossible Foods — pose a threat to Tyson. Beyond Meat’s CEO, Ethan Brown, told CNBC that the company is trying to capture the meat industry’s customers. Its gluten- and soy-free products are meant to more closely resemble and taste like meat than previous iterations of veggie burgers. Although the number of vegans and vegetarians in the U.S. has remained relatively stable over the last decade, more Americans are trying to cut down on their meat consumption and incorporate more plant-based foods in their diets. The U.S. meat substitute market is worth about $1.44 billion, according to Euromonitor International data. By 2023, the market is expected to grow 74% to $2.5 billion...MORE