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Tyson Foods (TSN) Offers Plant-Based Products in Asia Pacific

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Tyson Foods, Inc. (TSN - Free Report) is steadily expanding plant-based products owing to changing consumer behavior toward health and wellbeing. In this regard, the company is rolling out a range of plant-based products in chosen retail markets and digital platforms in Asia Pacific under First Pride brand.

For now, Tyson Foods is launching products like pant-based Bites, Nuggets and Strips made using locally-procured ingredients like soy protein, bamboo fibre and wheat protein, across Malaysia. These offerings will be made available in 420g bags costing RM19.90 (or $4.81) and can be purchased from retail stores in the region. Further, the company is on track to offer these launches for foodservice customers by the end of 2021. Moreover, management plans to launch these halal certified offerings to other markets across Asia Pacific in the next few months.

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Tyson Foods highlighted that plant-based alternatives have been gaining traction in the Asia Pacific; especially since the coronavirus outbreak. The company stated that alternative proteins are likely to contribute 11% to the worldwide protein market by 2035. Further, management stated that per Euromonitor, APAC retail sales of meat substitutes amounted to $16.3 billion in 2020, while the same is anticipated to cross $20 billion mark by 2025. Well, the company’s aforementioned launches bode well amid rising protein consumption in the Asia Pacific region. Certainly, the introduction of plant-based alternatives in the region brings Tyson Foods closer to its objective of building an impressive portfolio of plant protein brands.

Focus on Fresh Prepared Foods

Tyson Foods has been steadily expanding fresh prepared foods offering, owing to consumers’ rising demand for natural fresh meat offerings without any added hormones or antibiotics. In this respect, the company’s buyout of Tecumseh (June 2018) is quite noteworthy. The deal has added that the popular air-chilled Smart Chicken brand along with a variety of chicken sausages, fresh and deli-style chicken to Tyson Foods’ portfolio. Additionally, Tyson Foods has been venturing into alternative sources for meat and protein products, evident from the investment in Memphis Meats (2018). Moreover, the company’s recent nationwide launch —Raised & Rooted — that includes three new products, bodes well amid rising demand for plant-based protein options. In January 2021, the company launched new alternative protein offerings under the Jimmy Dean Label.

Well, Tyson Foods boasts a rich portfolio of protein packed brands that are growing rapidly across the globe. Additionally, the company has undertaken divesture of non-protein businesses (such as Sara Lee Frozen Bakery, Kettle and Van’s) to focus more on growing protein-packed food arena.

Shares of this Zacks Rank #3 (Hold) stock have rallied 33.3% in the past year compared with the industry’s rise of 16.6%.

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Medifast, Inc. (MED - Free Report) , currently sporting a Zacks Rank #1, has a trailing four-quarter earnings surprise of 12.7%, on average.

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