Global food company Hormel Foods Corporation – makers of SPAM – has announced a new partnership with mycoprotein fermentation specialist The Better Meat Co. The exclusive deal aims to bring new mycoprotein and plant-based protein products to the marketplace.
Announcing the partnership through its venturing company and food-forward incubator, 199 Ventures, Hormel Foods will work together with Sacramento-based The Better Meat Co. to develop next-gen sustainable alt protein products using The Better Meat Co.’s innovative Rhiza mycoprotein ingredient.
Produced via a potato-based fermentation process, The Better Meat Co.’s Rhiza is a whole food mycoprotein with a remarkable meat-like texture, as well as more protein than eggs and more iron than beef. The mycoprotein market in the US was valued at $149.6 Million in 2020 and continues to see global growth and is estimated to reach a 21.8% share of the global alt protein market.
Since Hormel Foods CEO Jim Snee remarked that plant-based foods were his “shiny new toy” during a conference last year, the company has made an increasing number of plant-based moves. The company launched its Happy Little Plants range while animal rights group PETA is a shareholder, using its position to push the company in a plant-based direction.
“As a global branded food company, we understand our food culture is changing at a rapid pace and people are curious and willing to try great tasting, plant-based proteins,” said Fred Halvin, vice president of corporate development at Hormel Foods. “We are excited to work with The Better Meat Co. team to continue to offer delicious and convenient mycoprotein and plant-based protein products.”