Food
Tyson Embraces Faux Fish by Backing Maker of Plant-Based Shrimp
- Meat giant buys minority stake in New Wave for undisclosed sum
- Fish already healthy so buyers may not seek out alternatives
Plant-based seafood just got a deep-pocketed backer. The question now is whether consumers are actually asking for faux fish.
Meat giant Tyson Foods Inc.’s venture arm bought a minority stake in New Wave Foods, a maker of plant-based shrimp, the companies announced in a statement Thursday. Tyson declined to disclose the size or value of its investment but says Tyson Ventures’ policy is to stay below 20% ownership.