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Hormel In New Partnership For Developing Plant-Based Foods

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Hormel In New Partnership For Developing Plant-Based Foods

Hormel Foods Corporation (NYSE: HRL), through its venturing company 199 Ventures, has partnered with The Better Meat Co. on developing new mycoprotein and plant-based protein products.

What Happened: The Better Meat Co. was founded in Sacramento in 2018 and focuses on producing animal-free protein through potato-based fermentation, resulting in ingredients like Rhiza designed to improve sustainability while creating alternative meat foods.

While Hormel is not a stranger to the plant-based protein realm — the company owns popular retail brands including Planters peanuts, Skippy peanut butter and Justin's nut butters — it's also known for its meat- and poultry-based brands including Spam, Hormel Natural Choice and Applegate.

"As a global branded food company, we understand our food culture is changing at a rapid pace and people are curious and willing to try great tasting, plant-based proteins," said Fred Halvin, vice president of corporate development at Hormel Foods. "We are excited to work with The Better Meat Co. team to continue to offer delicious and convenient mycoprotein and plant-based protein products."

Related: EXCLUSIVE: Plant-Based Dog Food Company Wild Earth Secures $23M In Funding Round Led By Mark Cuban

Why It Matters: Hormel’s new foray into the plant-based food sector is certain to ratchet up competition within an environment that has already seen companies seeking to expand their alt-meat presence into wider consumer channels.

Last week, Beyond Meat (NASDAQ: BYND) announced it would begin selling its meat-free chicken tenders in select grocery chains during October. The company had introduced the product in U.S. and Canadian restaurants during July.

Another company in the space, Tattooed Chef Inc. (NASDAQ: TTCF), is also expanding its grocery presence, making six of its plant-based entrée bowls available in approximately 1,200 Publix supermarkets across the U.S.

The plant-based foods market recorded $29.4 billion in sales during 2020 and could make up to 7.7% of the global protein market by 2030, according to a report by Bloomberg Intelligence.

Photo: Free-Photos from Pixabay.

 

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Posted-In: food plant-based protein The Better Meat Co. veganNews Small Cap Best of Benzinga

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