Tyson Joins the Alt-meat Fray, With Plant-based Nuggets Coming This Summer

Tyson Foods entered the crowded fray of alt-meat Thursday, with the country's largest meat producer announcing it will produce plant-based meat products under the Raised & Rooted brand. They intend to release nuggets to retailers this summer, with a blended burger product to follow in the fall.The move shows traditional meat companies are eager to get in on plant-based alternatives heralded as the next big thing. The entry of these heavy hitters presents a challenge to start-ups and other fledgling companies that have centered their whole business on plant-based meat.After the announcement, shares of Beyond Meat plummeted about 4% in premarket trading. Until recently, Tyson held a 6.52% share in the El Segundo, California-based Beyond Meat, but Tyson sold its stake in April in anticipation of launching its own alternative-meat company.As has been widely publicized, Beyond Meat had the strongest initial public offering of the year, with stocks soaring 468% and a market value of about $8.3 billion, but Thursday's fall in share prices may indicate that the market perceives Tyson as a challenge to the younger, smaller company.  Continue reading...