Tyson Foods (NYSE:TSN) is investing in New Wave Foods as it works toward releasing plant-based shrimp.
Source: Daniel J. Macy / Shutterstock.com
Tyson Foods is investing in New Wave Foods through its Tyson Ventures subsidiary. The finer details of the investment aren’t known, but we do know that TSN wants to get in on the plant-based hype.
New Wave Foods has been focusing on the creation of plant-based shellfish. It’s also looking to specifically have plant-based shrimp ready early next year. However, that doesn’t mean customers will be buying it off of store shelves. Instead, the company is planning to provide this to food service operators.
So how exactly is New Wave Foods planning to create plant-based shrimp? The company has a team of researchers working to developer the product. They are using seaweed and plant protein in its creation. The company also notes that this alternative to real shrimp will include the eight essential amino acids found in meat and seafood.
Tyson Foods’ investment may also pay due to its attractiveness to health-conscious customers. New Wave Foods claims that its plant-based shrimp will have zero cholesterol and less calories and salt than real shrimp. It also won’t contain any allergens, which is a plus for anyone allergic to shellfish.
“Our product is a delicious, one-for-one direct swap for the real thing, and interchangeable in a wide range of recipes,” Mary McGovern, CEO of New Wave Foods, said in a statement. “It gives chefs and food service operators great menu options while addressing consumers’ growing demand for sustainable choices.”
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As of this writing, William White did not hold a position in any of the aforementioned securities.