Kroger is jumping into the meatless business, The Wall Street Journal reports. The largest U.S. supermarket chain said today that it will roll out plant-based burger patties, grinds and other products, seeking to capitalize on consumer interest in new meat replacements that have recently been added to menus at big fast-food chains and other restaurants.
Cincinnati-based Kroger is one of the biggest retailers to introduce a store-branded line of meatless products, part of its effort to reinvigorate sales as it faces tough competition from online services and discount grocers.
The announcement from Kroger comes at the same time as Tyson has made public its plans to make plant-based products that resemble seafood, beginning with shrimp, according to The Washington Post. Tyson invested in a startup called New Wave Foods.
The plant-based meat market is estimated to hit $85 billion by 2030, according to a recent report by investment banking firm UBS.
More meat companies outside of Tyson, too, are introducing plant-based alternatives to their core beef, pork and chicken products. Hormel Foods Corp. on Wednesday said it is introducing a plant-based protein brand.
Retailers including Safeway, Publix Super Markets Inc. and Sprouts Farmers Market, which just opened its first Louisiana location in Baton Rouge, sell Beyond Meat products. Other than Trader Joe’s, which has carried a range of veggie patties for years, few grocers have created their own meat alternative brands.
Read the full Wall Street Journal story here and the Washington Post story here.
