Meat brand Applegate announced plans to capitalize on the $3.7 billion plant-based industry with its own animal-free products. “We’re a brand that is always looking for better solutions and how do we continue to make progress,” Applegate President John Ghingo told Bloomberg. “We are definitely considering creating new products.” While Ghingo did not reveal details about forthcoming plant-based products, he stated that meat alternatives were a “really interesting space.” Applegate’s parent company Hormel is also evolving to include plant-based meat products. “We’ve acquired some great non-meat protein items that have really rounded out our portfolio,” Hormel CEO James Snee said in reference to the company’s $286 million acquisition of nut butter brand Justin’s, LLC. “It’s really this rounding out of our business in the protein space, the non-meat protein, and then flavor enhancers that will allow us to evolve to become a broader food company.” Hormel’s largest competitor Tyson has already entered the plant-based and clean-meat industries by investing in Beyond Meat, Memphis Meats, and Future Meat Technologies, while meat giant Purdue is actively seeking to invest in vegan meat companies.
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