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June 2, 2021

Tyson Foods launches First Pride plant-based meat brand

US protein major Tyson Foods, which is building its presence in the meat-alternatives market, has launched its first plant-based meat brand in Asia.

Tyson yesterday (1 June) unveiled a range of three products featuring bamboo fibre, soy protein and wheat protein.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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The company is selling the products under a new brand, First Pride. Tyson said it will initially sell the nuggets, bites and strips in Malaysia. It plans to “roll them out to other markets in the region in the coming months”.

“The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture,” Tan Sun, the president of Tyson’s business in the APAC region, said. “The key to meeting consumer preferences with new plant-based protein is through innovation and making locally relevant products that taste great, which is our expertise.”

Tyson said the First Pride products are halal-certified. The company added “product flavour and package size” will vary by country and will be “priced competitively”.

Products available in Malaysia will come in 420g bags priced at MYR19.90 (US$4.82). Tyson is initially selling the First Pride products in retail stores but has plans to target foodservice customers in the region later this year.

Tyson sells plant-based meat products in the US, with items sold under one of its flagship meat brands, Jimmy Dean. The company has a dedicated plant-based meat brand, Raised & Rooted, also on sale domestically, although it has made changes to that range in recent months.

Last November, Tyson took the Raised & Rooted brand to Europe, marketing a series of products to foodservice customers.

Today, the company announced the departure of president and CEO Dean Banks. Tyson said Banks, who became president in 2019 and CEO last October, had decided to leave for personal reasons.

Tyson has promoted COO Donnie King to replace Banks in the roles of president and CEO.

King, who joined Tyson in 1982, was appointed COO in February as part of a rejig of the company’s business segments with a core aim to drive speedy innovation.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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