Established legacy food companies like Kraft Heinz Co, Tyson Foods, Inc., and Kroger Co, are increasingly expanding their plant-based offerings to join purpose-built plant-based food companies like Beyond Meat Inc and Else Nutrition in the rapidly growing plant-based business market.
Else Nutrition Grows US Retail Availability
Israeli-based food and nutrition company Else Nutrition (TSXV:BABY) (OTCQX:BABYF) has been rapidly expanding its footprint in the United States market throughout 2020 with a successful e-store and Amazon launch and an ongoing rollout of its products in more than 380 retail locations throughout the United States.
On December 23, Else Nutrition announced a major development in the company’s US product rollout. Else announced that the company’s plant-based toddler nutrition formula would be carried by major US health food retailer Sprouts Farmers Market. Else formula will be available at more than 360 Sprouts locations throughout the country beginning in February 2021. This partnership between Sprouts and Else Nutrition will dramatically increase the size of Else’s footprint in the United States and put the company’s products front and center in the eyes of health-conscious consumers throughout the country.
Beyond Meat Inc (NASDAQ:BYND), the company largely credited with popularizing the plant-based meat alternatives concept is continuing to make its products available in a growing number of stores and restaurants. Most recently, the company announced in January that Beyond Meat will be available at Taco Bell restaurants beginning in March, then this week announced a partnership with PepsiCo to produce plant-based snacks and beverages.
Kraft Heinz Co (NASDAQ:KHC) was relatively late to capitalize on the plant-based alternatives boom and is still vastly behind Beyond in market share. The company is looking to catch up, however, particularly in the plant-based cheese and condiments segments. Kraft-owned Philadelphia cream cheese has been researching plant-based alternatives, and Kraft launched vegan mayo and salad dressing options in late December.
US meat giant Tyson Foods, Inc. (NYSE:TSN) is not looking to be left behind in the plant-based craze either. In 2019, the company launched its Raised and Rooted brand of plant-based and hybrid foods. Then, in November 2020, the company retooled the Raised and Rooted lineup to eliminate the hybrid options and go fully meatless. In January, the company added to its plant-based offerings with the introduction of meatless options to its Jimmy Dean breakfast sausage brand.
In October, Kroger Co (NYSE:KR) expanded its in-house Simple Truth brand of plant-based foods with the addition of more than 50 meatless items. These included dairy-free ice creams and desserts, along with plant-based deli slices, ‘Chick’n’ burger patties, and more.