US meat processor Tyson Foods has invested in Beyond Meat
One of the US’s largest meat companies, Tyson Foods, has invested in Beyond Meat, a vegan plant-based protein manufacturer.
The US’s biggest chicken processor took a 5 per cent stake in Beyond Meat, which describes itself as ’the future of protein’.
The company creates products from soy and pea protein but are designed to look and taste like real meat.
US government figures show red meat consumption has declined since the 1970s to 69.2 pounds per person in 2014, the lowest on record.
However, the USDA project consumption may start to increase as production expands and prices decline.
Tyson Foods’ president of foodservice, Monica McGurk, said: "We’re enthusiastic about this investment, which gives us exposure to a fast-growing segment of the protein market.
"It meets our desire to offer consumers choices and to consider how we can serve an ever-growing and diverse global population, while remaining focused on our core prepared foods and animal protein businesses."
Ethan Brown, CEO of Beyond Meat, said: "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."
Beyond Meat also has secured funding from investors including Bill Gates.