GLOBAL June 2019
 
Big players now venturing into meat-substitute (plant-based) market
 
When we talk of plant-based meat, we often relate it to names like Impossible Foods or Beyond Meat.
However, this might change when multinational giants like Tyson Foods and Nestle started to move aggressively into this segment this year.
US-based Tyson has recently sold its stake in Beyond Meat ahead of a planned IPO for the latter. According to a spokesperson from Tyson, “Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time is right to exit its investment.” Tyson first invested in Beyond Meat in 2016, however while Beyond Meat was busy preparing to raise US$1.2 billion in the Nasdaq IPO, Tyson has been developing its own meat replacement product that will be tested to market soon in the 3rd quarter 2019.
Another major player, Nestle is also set to venture into the fast-growing vegan foods market with a range of plant-based burgers, confirming that its innovative recipes could compete head-to-head with traditional beef patties.
Lately, Nestle has been revamping and introducing products which are healthier, with lesser salt and sugar to appeal to the growing health conscious consumer market. A Nestle spokesperson said, “Many consumers recognise that less meat in their diet is good for them and for the planet, but plant-based meat alternatives often do not live up to their expectations.”
Nestle confirmed that its meat-free burgers, slated for launch in European markets in April 2019 under the Garden Gourmet Incredible Burger brand and made from soya and wheat protein with beetroot, carrot and bell pepper extracts tasted almost exactly like typical beef burgers. In the US, the group will start rolling out a plant-based range dubbed Awesome Burgers under its Sweet Earth brand in the 4th quarter 2019.
It will only be soon that these new products from the multinationals will reach Asian retail shelves.
 
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