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It seems like the meat and dairy just can’t keep their hands off the growing plant-based food industry, especially when it comes to protein. In 2016, food giant Tyson Foods, the world’s largest processor of meat, took five percent ownership in plant-based food company Beyond Meat. Later that year, Tyson announced the launch of Tyson New Ventures LLC, a $150 million venture capital fund, that would complement existing investments as well as focus on “breakthrough” business and technology models in the food industry. We witnessed the same grab for success when Pinnacle Foods, parent company to brands such as Gardein, Earth Balance, Evol, Birds Eye, and Boulder Brand, would be investing more in Gardein after identifying a growing trend in more people looking for plant-based alternatives to animal-based protein. Well, it’s happened again — another meat company has made the leap.

Canadian meat processor Maple Leaf Foods Inc announced on Tuesday that it would be acquiring Litelife Foods, a company known for products such as tempeh, vegan sausages, and burgers, for $140 million and related costs. According Michael McCain, President and CEO of Maple Leaf, “expanding into the fast growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability.” Not to mention, plant-based protein is the future of food; nearly one-third of Americans are consciously choosing to leave meat off their plates and the numbers are proof of that. In 2016, Lightlife reported sales of approximately $40 million and has a 38 percent stake in the U.S. refrigerated plant protein market. Under Maple Leaf Foods, the company will continue to lead its business out of its facility in Turner Falls, Massachusetts while operating as a subsidiary of Maple Leaf.

While five or ten years ago, it would have been unthinkable for the meat industry to invest in plant-based food, the times they are indeed changing! The plant-based food space is bigger than ever, thanks to the rising trend of consumers seeking out meat-free and dairy-free alternatives. According to some estimates, the plant-based meat market is set to reach $5.2 billion by 2020 and could make up one-third of the market by 2050It is expected that the U.S. market for plant-based proteins alone will reach “$600 million, with the refrigerated category representing over US$110 million and delivering double-digit annual growth.”  There’s no denying it: meat and dairy are going out of style and the future of food is plant-based.

Lead image source: Crispy Chickpea Burger



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0 comments on “Meat Processor Maple Leaf Foods to Pay $140 Million to Buy a Company That Makes Vegan Meats!”

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C.
1 Months Ago

Would you want to buy plant based \'vegan meats\' from a meat processing company??


Reply
C. Ames
22 Feb 2017

Do we have a choice? I prefer not to. But if the plant-based markets are being bought out by the meat, dairy and egg industries, what\'s the alternative? Boca Foods Company is a subsidiary of Kraft Foods. If a majority of the public prefers the plant-based products, sales of the animal-based products should decline, making the plant-based market more attractive profit-wise.

C.
22 Feb 2017

Ok, let me put it another way - would you want to trust them, to make 100% non meat products?
Strikes me its a bit like the fashion industry selling \'fake\' fur - which turns out to be real fur - maybe from someone\'s stolen pet!
https://www.change.org/p/the-mauritian-government-stop-the-capture-and-killing-of-dogs-in-mauritius

GB
22 Feb 2017

I am a vegetarian and have most of the same concerns a a vegan. My problem with this is that tyson foods do not have a good track record. I believe they are just concerned about the money and profits. The original owner was most likely concerned about the philosophy, environment and synthesis of the factors that make this world a better place and that includes money but is not the main factor. It also seems like a conflict of interest. I don\'t think it is a matter of a big company or a small company. It is a matter of a company with consciousness. A big company with money values would be Monsanto and a big company with more consciousness is Google although some may disagree.



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