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.
What's Driving This Trend
- Plant-based Seafood
- Opportunity for more plant-based seafood alternatives which better suit the dietary preferences of health-conscious consumers
- Food Service Decoupling
- Separating food service from home markets in terms of product offerings due to differing consumer demands
- Expansion of Product Portfolio
- Expansion of product portfolio to include more sustainable and environmentally-friendly options for customers
Who This Affects Most
- Food Production
- Creating plant-based seafood alternatives and expanding product portfolios to cater to different dietary preferences.
- Food Service
- Separating food service offerings from home markets due to differing demands from customers.
- Investment
- More food-based companies investing in sustainable and environmentally-friendly startups that have the potential to disrupt the market with their innovative plant-based seafood alternatives.
