Tyson Foods looks for innovation in snacking market
Speaking at the recent 2018 Consumer Analyst Group of New York conference, members of its leadership team shared plans on how it will drive growth across its protein portfolio.
Tom Hayes, president and chief executive officer, said: “Tyson Foods is transforming from a company with a strong heritage in chicken to a modern food company that is challenging the industry status quo. Consumers expect more from food companies today, and we’re up for the challenge. We’re combining our size and scale with agility to make food people want to eat. That’s driving our business and helping us deliver top-tier returns for shareholders.”
At the event, the company launched its Tyson Innovation Lab, which aims to explore “new approaches to accelerate the pace of innovation”.
The lab comprises a team of designers, chefs, scientists and supply chain experts in a dedicated space at the company’s Chicago office and gives them six months to go from an idea to an in-market solution. For the first product launch, they are finding opportunity in wasted food. Utilizing what goes unused in the food supply chain as ingredients, they are developing a line of protein snacks branded “YAPPAH”.
The company also recently announced an exclusive partnership with Mexican spice brand Tajin. Tyson Foods hopes to leverage its protein know-how, culinary capability and brand building expertise with Tajin through a portfolio of new products including Tajin spiced meatballs, smoked sausage with mango and boneless chicken bites.
Plant-based protein
Tyson also announced that it is launching a new brand of ready-to-eat meals. Green Street will be protein-rich grab-and-go bowls that are 100% plant-based.
It also recorded strategic investments through Tyson Ventures which is designed to back entrepreneurs who are pioneering breakthroughs in food and food-focused technologies. Its initial investments included Beyond Meat, Memphis Meats and Tovala.
