Food Giants Tyson, Hormel, Kellogg's & Kroger All Want Bigger Bite Of Fake-Meat Market
Beyond Meat and Impossible Foods putby making meatless patties that "bleed." But now traditional food giants Hormel, Kellogg's, Kroger, Smithfield, Tyson and others are all jumping into realistic alternative proteins, making recent announcements of new products and investments they've made to take a bite of the market.
Their forays are likely to propel fake meat into the mainstream. Beyond Meat crushed analysts' expectations earlier this year when its stock price soared 160% in its public debut from its offering price of $25 per share — despite the startup.
Part of the allure is the rapid growth of the market for alternative proteins. Faux meat is projected to reach 10% of the $1.4 trillion global meat market in the next decade, according to Barclay's analysts. Even big fast-food chains want in on the action, with Burger King partnering with Impossible Foods last month to debutof meatless Whoppers.