Tyson Foods continues to transition from a meat and poultry company to a protein company, and the company’s CEO said consumers can expect Tyson to introduce new alternative protein products in the near future.
While Tyson Foods is the largest broiler company in the United States and also a major processor of turkey, beef and pork products, in recent years it has been investing in the plant-based protein and cell-cultured food sectors.
Tyson Foods CEO Noel White, speaking during a quarterly earnings call of February 7, said that the company will continue to invest in its traditional meat protein businesses, but it is also “committed to incremental growth in alternative protein.”
“We are combining our creativity, our scale and our resources to make great taste in protein alternatives that more accessible for everyone both domestically and internationally,” said White. “We will be leveraging all the resources we have at our disposal. Our insights, our innovation, manufacturing, sales, distribution and a global platform. And in the weeks ahead, you'll be hearing more from us as we announce new products in the alternative protein space.”
In recent months, Tyson Foods has invested in alternative protein companies Future Meat Technologies, Memphis Meats, Beyond Meat and MycoTechnology.
However, Tyson Foods has also been actively acquiring more traditional protein companies, having acquired Tecumseh Poultry and Keystone Foods in 2018, and Original Philly Holdings and AdvancePierre Foods in 2017. On February 6, Tyson also announced it has entered an agreement with Brazil-based BRF to acquire its operations in Europe and Thailand. That proposed acquisition involves four processing facilities in Thailand, one in the Netherlands and one in the United Kingdom.
Tyson Foods, according to the WATTAgNet Top Poultry Companies Database, processed 174.8 million pounds of ready-to-cook chicken on a weekly basis in 2017. During that same year, Tyson Foods slaughtered 349 million pounds of live turkeys.