Food industry giant Tyson Foods is investing in New Wave Foods, a plant-based startup that makes shrimp from seaweed and soy protein. After trying the product, Tyson Ventures CFO Tom Mastrobuoni said:
I tasted it for the first time in a cafe in Palo Alto, and I had no idea I was eating plant-based shrimp.
Founded in 2015, New Wave Foods began with shrimp because it is the most consumed seafood in the world. Company co-founder and chief technology officer Michelle Wolf explained, “From a business perspective, it made sense because of the market opportunity.”
But the company is looking to expand with vegan crab and lobster, and it is this drive to innovate and develop that attracted Tyson Foods. While many companies are working on plant-based salmon and tuna, New Wave Foods is one of the very few focusing on vegan shellfish. Tyson can now use its leverage and connections to help speed up New Wave Foods’ growth and make it an industry front-runner.
This is not the first time Tyson Foods has invested in a plant-based company. In fact, according to an article in Forbes, Tyson started a venture capital fund, Tyson Ventures, to invest in sustainable vegetable protein options, even investing an undisclosed amount for a 5 percent stake in Beyond Meat.
Other food giants like Hormel and Kellogg have also announced exciting plans for the plant-based meat market. Hormel’s new brand, Happy Little Plants, is set to launch with a vegan ground meat, while the Kellogg Company is expanding its MorningStar Farms brand with a line called Incogmeato. Sara Young, general manager at MorningStar, said:
As more consumers are choosing a “flexitarian” lifestyle and actively reducing meat, we’re thrilled to be extending the MorningStar Farms portfolio with a delicious and satisfying meat-like experience.
With more and more huge companies creating and investing in fantastic plant-based products, it’s never been a better time to choose more vegan foods. For delicious meal ideas and recipes, order a FREE Vegetarian Starter Guide today.