Ground beef producer Jensen Meat is entering the alternative protein market with a new plant-based facility.
The meat giant, which supplies beef to retailers such as Walmart, will open the factory later this year.
The move is part of the company’s goal of making the global food system sustainable. It also says the facility will help reduce world hunger.
According to Store Brands, CEO Abel Olivera said: “With 60 years’ experience, Jensen Meat has perfected how to process and pack quality ground beef.
“We now want to leverage our world-class knowledge to create a cost-effective process for producing plant-based products…
“We want to help bright minds out there that have the same goal of creating healthy, low-cost foods from alternative sources of protein, which also play a part in reducing world hunger.”
Jensen Meat has shown increased interest in alternative protein. Last year, it acquired vegan brand Before the Butcher – which saw the company open a 90,000 square-foot production facility.
Plant-based meat market
According to Markets and Markets’ latest report, the global plant-based meat market will hit $8.3 billion by 2025.
The report cites ‘growing vegan and flexitarian populations’ as well as increased awareness on the ‘health benefits offered by plant-based meat over animal meat’ as reasons for the growth.
It also says government initiatives and ‘significant investment’ are key drivers for the plant-based market.