Tyson expands presence in plant-based sector with New Wave Foods investment
Carried out through its corporate venture subsidiary, Tyson Ventures, the investment in the San Francisco-based business is designed to help it develop a shrimp alternative for the food service sector by early 2020.
“We’re excited about this investment in the fast-growing segment of the plant-based protein market,” said Amy Tu, president of Tyson Ventures. “This continues our focus of identifying and investing in companies with disruptive products and breakthrough technologies related to our core business so we can continue to serve a growing global population.”
New Wave Food’s plant-based shrimp is made with sustainably sourced seaweed and plant protein, and contains all eight essential amino acids that are found in all meats and seafood. It also contains no allergens, zero cholesterol and is lower in both calories and salt than real shrimp.
“We worked with the Culinary Institute of America to set the gold standard for this product and then created a plant-based shrimp that has had rave reviews from the thousands of people who have tasted it,” said Mary McGovern, CEO of New Wave Foods. “Our plant-based shrimp cooks and tastes just like the real thing, and it matches the texture, taste, performance and versatility of shrimp fresh from the ocean. The proof is in the overwhelming, positive response we have had to the product.”
“Our product is a delicious, one-for-one direct swap for the real thing, and interchangeable in a wide range of recipes,” she added. “It gives chefs and food service operators great menu options while addressing consumers’ growing demand for sustainable choices.”
In June, Tyson launched the Raised & Rooted alternative protein brand in response to demand from retailers and foodservice customers who want to grow their offering in this category.
