Tyson Foods, the world's second-largest processor and marketer of pork, beef, and chicken, recently took a minority stake of less than 20 percent in a new, plant-based shellfish company -- New Wave Foods. The vegan company was founded in 2015 and creates its vegan shellfish alternative by combining soy protein, seaweed, and natural flavors.
Tyson Foods hopes to leverage its scale in order to help develop and accelerate the growth of New Wave Foods. The brand states that it "plans to target food service first, in part because 80% of shrimp consumption in the U.S. happens outside the home." Moreover, Tyson Foods hopes to further develop New Wave Foods' product portfolio with the introduction of plant-based lobster and plant-based crab.
More companies such as Tyson Foods are expanding their product lines to include plant-based options to meet the growing demand for vegan food.