The Next Big Thing
Tyson Ventures, the venture capital arm of the Tyson brand will be an amount less than 20% investing in New Wave Foods, according to one report. The company also took a minority share in Beyond Meat when they were vested in that company. New Wave was founded in 2015 and makes a plant-based shrimp from seaweed, soy protein with natural flavors added.
Tyson CFO Tom Mastrobuoni told CNBC, “I tasted it for the first time in a cafe in Palo Alto, and I had no idea I was eating plant-based shrimp.”
More Than Just Shrimp
New Wave also plans to introduce crab and lobster. The company’s Co-Founder and Chief Technology Officer Michelle Wolf says shrimp was first because it is the most widely consumed seafood worldwide. “From a business perspective, it made sense because of the market opportunity.”
Because there is so little competition in the plant-based crustacean market, New Wave was an attractive prospect for a company like Tyson who was looking for a new investment. Mastrobuoni agrees. “We’ve said this all along — alternative protein is an ‘and’ concept for Tyson, it’s not an ‘or.'” Mastrobuoni said.
Where It Is
New Wave Foods’ is limited to only three food-service locations. According to CEO Mary McGovern, the plan is to rollout the product through food service first, because 80% of U.S. shrimp consumption occurs outside the home.
Since starting the Tyson Ventures fund in 2016, New Wave is their ninth investment.
What do you think? Will plant-based shrimp be the next big thing? Are you looking forward to trying them? Tell us in the comments below. You can also contact us for more information! Feel free to shoot us an email to Outreach@ConsiderTheConsumer.com. You can also find us on Twitter, Facebook, Instagram, LinkedIn, or even connect with us directly on our website!
About the Author: Aisha K. Staggers is a writer, lecturer, political analyst and literary agent. She appears weekly for “Staggers’ State of Things” on the Dr. Vibe Show. Her work has been published by Paper Magazine, AfroPunk, The Spool, GREY Journal, MTV News, HuffPost, Blavity, Atlanta Blackstar, For Harriet, New York Review of Books and a host of other first-run publications and syndicated outlets. Find her on Twitter @AishaStaggers. For more of her work, check out her page here!