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Kellogg Company (NYSE:K) has joined the growing list of companies selling plant-based meat alternatives.
What Happened
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Kellogg's MorningStar Farms division announced Wednesday the addition of a new line of products: Incogmeato. The new products differ from MorningStar's veggie burgers, as they are fully plant-based and can be found in both the refrigerated or frozen meat sections at grocery stores.
The three items are:
- Refrigerated plant-based burger patties.
- Frozen and fully prepared plant-based chicken tenders.
- Frozen and fully prepared plant-based chicken nuggets.
The addition of Incogmeato is meant to satisfy consumers "choosing a 'flexitarian' lifestyle" by consuming less meat, Sara Young, MorningStar's general manager of plant-based proteins, said in a statement.
Shares of plant-based food maker Beyond Meat Inc (NASDAQ:BYND) moved slightly lower following the press release.
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Around three out of four Americans are open to eating plant-based alternatives, but only one out of four people actually make a purchase, Young said.
The low purchase rate could be a function of bad-tasting products, but Kellogg hopes to stand out by offering the "amazing taste, texture and sizzling qualities of meat" in a product that represents a "better alternative for themselves and the planet."
What's Next
Kellogg's new food items will be available for purchase in grocery stores in early 2020, the company said.
The stock was down 0.19% at $63.58 at the time of publication Wednesday.
Related Links:
Beyond Meat Products 'Catching On With Consumers,' JPMorgan Says In Upgrade
Whole Foods CEO Says Grocer Launched Beyond Meat, Even Though It's 'Highly Processed'
Photo courtesy of Kellogg.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.