Tyson Foods, the world’s second-largest processor and marketer of chicken, beef, and pork products says it’s launching a plant-based protein line called Green Street.
“Tyson Foods is transforming from a company with a strong heritage in chicken to a modern food company that is challenging the industry status quo,” President and Chief Executive Officer Tom Hayes said at a recent conference. “Consumers expect more from food companies today, and we’re up for the challenge. We’re combining our size and scale with agility to make food people want to eat. That’s driving our business and helping us deliver top-tier returns for shareholders.”
The company says it’s “changing the game with new growth models,” which includes the Green Street launch. The new products address two consumer needs: ready-to-eat meals and a demand for plant-based protein. Green Street will be “grab-and-go bowl that are 100% plant-based,” the company says.
The company made headlines in recent years with investments in plant-based startup Beyond Meat and most recently into Memphis Meats, a clean meat company that relies on cellular agriculture to “grow” meat from animal cells without the need for raising live animals.
Through its Tyson Ventures, the company says it’s backing “talented entrepreneurs who are pioneering breakthroughs in food and food-focused technologies.” Its initial investments included Beyond Meat, Memphis Meats, and Tovala, a smart oven that “cooks pre-prepared meals with the scan of a code and the touch of a button.”
The company also recently launched the “Tyson Innovation Lab,” which is about “exploring new approaches to accelerate the pace of innovation,” the company says. “The lab brings together a lean team of designers, chefs, scientists and supply chain experts in a dedicated space at the company’s Chicago office and gives them six months to go from an idea to an in-market solution.” Its first mission is food waste, Tyson says. “For the first product launch, they are finding opportunity in wasted food. Utilizing what goes unused in the food supply chain as ingredients, they are developing a line of protein snacks branded ‘YAPPAH’.”
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