Meat processing company Tyson Foods has increased its stake in plant-based company Beyond Meat.
Tyson first acquired a five percent stake last year: as yet the details of the new purchase have not been released, though the company said it took part in Beyond Meat’s most recent funding round through its venture capital fund.
The company is reportedly looking to tap into the growing alternative protein market.
Hollywood heavyweight Leonardo DiCaprio has invested in Beyond Meat
According to a recent report, the meat will have to look at diversifying if it is to keep hold of its market share.
The report, called Watch out… or They Will Steal Your Growth! Why Alternative Proteins Are Competing So Successfully for the Centre of the Plate, says that ‘doing nothing’ is not a rational response to the threat posed by alternative proteins.
It says: “Alternative proteins are capturing plenty of consumer interest, food column inches, and space in food retail cabinets and on foodservice menus.
“And if the talk is any indicator, they appear set to enter the mainstream in the coming years.”
Beyond Meat CEO Ethan Brown faced some criticism after Tyson Foods bought its first stake in the company.
Talking at the time, Brown said: “Do I think Tyson and its executives are the enemy because they have a radically different view of our relationship to animals? I don’t.
“The good news is that Tyson and I can – and do – agree on many other things including: the need for sustainable protein for a growing global population; that innovation can fuel growth and profit; and that business best serves the consumer by offering choice.”