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BEYOND MEAT, INC.

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U.S. meat giant Tyson Foods to launch plant-based food in Asia-Pacific

06/01/2021 | 06:40pm EDT
FILE PHOTO: Tyson foods Inc and Hillshire Brands Jimmy Dean sausages are shown in this photo illustration in Encinitas

(Reuters) - U.S. meat processor Tyson Foods Inc will launch its plant-based food in select Asia-Pacific markets starting this month, as it looks to cash in on the burgeoning demand for meat substitutes in the region its rivals have set out to capture.

Impossible Foods Inc, Nestle SA, Beyond Meat Inc have already entered Asia with their plant-based meat products, expecting rising demand for the protein from consumers conscious about health, animal welfare and the environment.

Retail sales of meat substitutes in Asia-Pacific reached $16.3 billion in 2020 and are expected to exceed $20 billion by 2025, according to data provided by Euromonitor to Tyson Foods.

"The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture," Tan Sun, president, Tyson Foods Asia-Pacific, said in a statement.

Tyson Foods, the biggest U.S. producer of animal meat by sales, said on Tuesday it would first roll out plant-based nuggets, strips, and bites in Malaysia under its First Pride brand, with a view to expand into other markets.

The Jimmy Dean sausage maker launched its plant-based products late last year from its Raised & Rooted brand in Europe.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -2.00% 120.565 Delayed Quote.-1.76%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.27% 158.775 End-of-day quote.14.36%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.08% 123.95 End-of-day quote.9.12%
NESTLÉ S.A. -0.58% 112.9 Delayed Quote.8.92%
TYSON FOODS, INC. 0.33% 70.59 Delayed Quote.11.28%
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Financials (USD)
Sales 2021 566 M - -
Net income 2021 -61,8 M - -
Net Debt 2021 91,4 M - -
P/E ratio 2021 -142x
Yield 2021 -
Capitalization 7 744 M 7 744 M -
EV / Sales 2021 13,8x
EV / Sales 2022 9,34x
Nbr of Employees 700
Free-Float 89,1%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 122,80 $
Average target price 122,79 $
Spread / Average Target -0,01%
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Managers and Directors
Ethan Walden Brown President, Chief Executive Officer & Director
Philip E Hardin Chief Financial Officer
Seth Goldman Chairman
Sanjay C. Shah Chief Operating Officer
Raymond J. Lane Lead Independent Director
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