Tyson Foods raises stake in plant-based protein maker Beyond Meat

Reuters

Published Dec 07, 2017 09:00PM ET

Updated Dec 07, 2017 09:10PM ET

Tyson Foods raises stake in plant-based protein maker Beyond Meat

(Reuters) - Tyson Foods (N:TSN), the largest U.S. meat processor, said on Thursday it slightly raised its stake in plant-based protein maker Beyond Meat as it looks to tap growing demand for alternative sources of protein.

The company, which already owns a 5 percent stake in Beyond Meat, said it participated in the most recent funding round through its venture capital fund. Details of the investment were not disclosed.

California-based Beyond Meat sells plant-based burger patties, heat-and-eat meals and non-GMO soy and pea protein frozen foods at grocery chains such as Amazon.com Inc's (O:AMZN) Whole Foods Market (NASDAQ:WFM), Publix and Albertsons Cos Inc's (N:ABS) Safeway.

Traditional meat sales have come under pressure on growing concerns about animal welfare and the environmental impact of intensive animal farming, apart from a rising perception of vegetarian meals as healthier.

U.S. companies such as Beyond Meat and MorningStar Farms, owned by the world's largest cereal maker, Kellogg Co (N:K), are leading the charge in the meat substitute market.