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Kroger to sell its own plant-based meat products

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09/05/2019 | 02:16pm EDT
FILE PHOTO: The Kroger supermarket chain's headquarters is shown in Cincinnati

(Reuters) - Kroger Co on Thursday said it would launch its own line of meatless burger patties, as the supermarket chain tries to cater to a growing appetite for plant-based meat alternatives, made popular by Beyond Meat.

The supermarket chain, which was one of the first retailers to sell Beyond Meat's plant-based burgers, will sell the products under its "Simple Truth" brand and include deli meats, sour cream and queso.

Companies including Tyson Foods Inc and Perdue Foods are also rolling out products made of plant-based meat as vegan diets gain popularity.

Piper Jaffray analysts estimate sales of plant-based meat could account for about 7% to 8% of the $80 billion meat industry, with much of it coming from new, refrigerated products with a look and feel more similar to grass-fed meat.

Kroger's shares were up about 2% in afternoon trading.

(Reporting by Nivedita Balu in Bengaluru)

Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -7.99% 97.9 Delayed Quote.0.00%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.02% 145.05 End-of-day quote.-2.57%
KROGER 0.52% 24.98 Delayed Quote.-9.16%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.00% 110.2 End-of-day quote.-11.70%
PIPER JAFFRAY COMPANIES 0.97% 74.23 Delayed Quote.12.74%
TYSON FOODS -2.11% 77.5 Delayed Quote.45.13%
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