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.
[...] Beyond made the strongest market debut so far this year on Thursday [cnbc.com], surging 163%. The stock has a market value of $3.97 billion, dwarfed by Tyson's own market value of $22.66 billion. Tyson shares gained more than 2% Monday.
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 [cnbc.com]. Its gluten- and soy-free products are meant to more closely resemble and taste like meat than previous iterations of veggie burgers.
Also at CNN [cnn.com].
See also: Beyond Meat goes public with a bang: 5 things to know about the plant-based meat maker [marketwatch.com]
Competitors Sink Their Teeth Into The Meatless-Meat Industry [npr.org]