Cargill Inc will launch plant-based hamburger patties and ground"fake meat" products in April, the company said on Monday, challenging Beyond Meat and Impossible Foods for sales in grocery stores, cafeterias and restaurants.
The entry of Cargill, one the world's largest privately held companies, in the market for imitation meat highlights the growing popularity of plant-based foods and expectations that consumers will continue to gobble up meat substitutes.The 155-year-old company presents new competition for startups Beyond Meat and privately held, Silicon Valley-based Impossible Foods. Major meat companies including Tyson Foods and WH Group's Smithfield Foods also sell plant-based products.
Cargill plans to employ its decades-long experience handling ingredients and buying crops to produce private-label products more efficiently than competitors.
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