Cargill will launch plant-based hamburger patties and ground “faux meat” products in April, the corporate stated Monday, challenging Beyond Meat and Impossible Foods for sales in grocery stores and restaurants.
The debut of Cargill, one of the world’s largest privately held companies in the market for fake meat, marks the rising recognition of plant-based meals and expectations that consumers will continue to gobble up meat substitutes.
The 155-year-old firm presents new competitors for startups Beyond Meat and privately held, Silicon Valley-stationed Impossible Foods. Major meat corporations, along with Tyson Foods and WH Group’s Smithfield Foods, sell plant-based products.
Demand for meat options has climbed as consumers include plant-based products to their diets for health reasons and animal welfare.
Cargill plans to employ its decades-long experience dealing with ingredients and buying crops to provide private-label products more effectively than rivals.
Cargill will provide customers soy protein or pea protein-based patties and ground merchandise, which can be made into tacos, spaghetti sauce, or other delicacies. Retailers will sell the merchandise under their own labels.
Beyond Meat products are made from pea protein, while Impossible Foods employs soy protein.
North American pea-protein producer Puris is a provider to Cargill and Beyond Meat. Cargill has declared investments of $100 million in Puris since January 2018 and benefited from the investment because of limited supplies of pea protein, Gutschenritter stated.