October 18, 2016
Tyson Foods acquires 5% of US firm Beyond Meat
Tyson Foods Inc. has taken a 5% ownership stake in plant-based protein producer Beyond Meat, both companies have announced.
The investment, provided through a fundraising initiative by Beyond Meat, which is headquartered in California, USA, will provide additional capital to help the company expand its product portfolio and distribution. Beyond Meat will remain an independent, privately held company led by Founder and CEO Ethan Brown.
"This investment by Tyson Foods underscores the growing market for plant protein. I'm pleased to welcome Tyson as an investor and look forward to leveraging this support to broaden availability of plant protein choices to consumers", Brown said.
Beyond Meat's products are made from soy and pea protein that are prepared to taste like real meat.
Americans' red meat consumption has declined since the '70s to 69.2 pounds per person in 2014, US government data showed, according to a TVC News report.
US-based Tyson Foods is a recognised market leader in chicken, beef and pork, as well as prepared foods including bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, and tortillas.