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  /  Food Innovation News   /  Huge food meat brands are paying $ multi-millions to get out of traditional meat production!

Huge food meat brands are paying $ multi-millions to get out of traditional meat production!

When the meatpacking giant Cargill sold off its last cattle feedlots in April, it said that it wanted to free up funds to invest in alternatives like insects and plant-based protein. Four months later, along with Bill Gates and Richard Branson, the company joined a $17 million round of investment in Memphis Meats, a startup that grows beef and chicken from cells instead of on farms.

It was one of several large deals in 2017 for meatless meats. Tyson Foods, the largest meat producer in the U.S., was part of a $55 million round of investment in Beyond Meat. Roughly a year after it started selling its meat-like burgers in mainstream grocery stores, Beyond Meat’s products are now in 19,000-plus stores. For Tyson, which also invested in Beyond Meat in 2016, it’s an example of a new direction for the company that is no longer focused solely on meat. “We’re talking about ourselves as a protein company,” says Justin Whitmore, executive vice president of corporate strategy and chief sustainability officer for Tyson.

READ THE FULL ARTICLE AT: https://www.fastcompany.com/40508181/get-ready-for-a-meatless-meat-explosion-as-big-food-gets-on-board

 

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