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January 30, 2018 02:00 am

World's Second Largest Meat Processor Invests In Lab-Grown Meat Startup

Tyson Foods, the world's second largest processor and marketer of chicken, beef, and pork, announced it has invested in Silicon Valley startup Memphis Meats, a company that makes lab-grown meat using animal cells. The investment amount was not disclosed, but it follows a slew of other high-profile backers including Cargill Inc., Bill Gates and Richard Branson. Fox Business reports: Last December, Tyson made a similar investment in another meatless startup called Beyond Meat, investing a roughly 5% stake in the company that produces plant-based meat alternatives. Tyson CEO Tom Hayes told FOX Business in March of last year that he sees plant-based protein as a big part of the company's future. "If you take a look at the FAO (Food and Agriculture Organization) stats, protein consumption is growing around the world -- and it continues to grow. It's not just hot in the U.S.; it's hot everywhere, people want protein, so whether it's animal-based protein or plant-based protein, they have an appetite for it. Plant-based protein is growing almost, at this point, a little faster than animal-based, so I think the migration may continue in that direction," Hayes told FOX Business. Memphis Meats, which debuted its first animal-free meatball in 2016, followed by the world's first chicken strip in 2017, said customers should expect to see these products on store shelves by 2021 or 2022.

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