Tyson Foods: Expect more plant-based protein innovations

Tyson Foods President Dean Banks believes plant-based protein products have a lot of potential, and he spoke of ways the company intends to meet consumer demands for such products.

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Blended burgers and plant-based nuggets are among Tyson Foods' Raised & Rooted offerings. (Tyson Foods)
Blended burgers and plant-based nuggets are among Tyson Foods' Raised & Rooted offerings. (Tyson Foods)

Tyson Foods President Dean Banks believes plant-based protein products have a lot of potential, and he spoke of ways the company intends to meet consumer demands for such products.

Banks, who became president of Tyson Foods in December 2019, discussed the company’s plant-based protein strategy while speaking at the 2020 Consumer Analyst Group of New York (CAGNY) Conference on February 19.

“Even with all the buzz, we still see a gap between the number of people who say they’ll consider eating plant protein versus those who are currently eating plant protein,” Banks said.

While speaking, Banks displayed a slide that highlighted plant-based protein’s potential. The slide showed that presently only 17% of consumers use meat substitutes, while 69% of consumers say they are receptive to eating plant-based proteins.

But Tyson Foods -- already a leading producer of chicken, pork, beef and turkey – does not want plant-based proteins to replace meat in their diets.

“Looking at the data, we believe the biggest opportunity is in serving flexitarians. Our goal is to supplement, not replace traditional protein offerings,” he said.

The future of Raised & Rooted

In June, Tyson Foods launched its Raised & Rooted line of alternative protein products. The brand launch included plant-based nuggets and blended burgers made with a combination of beef and plants.

Banks spoke optimistically about the consumer reception to Raised & Rooted and the foundation it is setting for the future.

“Raised and Rooted as a brand shows our inclusive stance on protein, and it showcases our capability and capacity to lead by delivering fantastic taste with cleaner ingredient labels at accessible practices. Our blended burger, and nuggets made by plants, are just the beginning. By the end of the year 2020 we will have ten items in market across protein forms, brands, meal occasions and channels,” said Banks.

“Our break-neck pace of innovation in this space, shows not only our ability to innovate, but our commitment to this segment,” he said.

Banks was joined onstage at the CAGNY Conference by Tyson Foods CEO Noel White and Chief Financial Officer Stewart Glendinning.

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