Plant-based meat is exploding in popularity across the globe, and food brands like Conagra are taking note. According to a new report from MarketWatch, the company says it is seeing an opportunity in the range of USD30bn from its recently acquired Gardein brand which offers meat alternatives.
Conagra acquired Gardein’s parent company Pinnacle Foods last year in a USD10.8bn deal. Noticing the success of brands like Beyond Meat and Impossible Foods, the company believes its plant-based holdings will prove lucrative in the future. Shares of plant-based meat company Beyond Meat, for example, have soared since its trading debut in March, up 48% in the past month.
Even if plant-based burgers are getting a lot of attention, according to Conagra chicken sales are growing fastest among consumers, up 26% year-over-year compared with 11% growth in beef and fish, and 9% growth in pork. The company also notes that meat alternatives represent an USD800m business, up 22% from a year ago.
At the moment, Conagra says Gardein is will-position with a diverse portfolio of products including plant-based chicken, beef and fish alternatives. However, the packaged foods giant is in the process of developing the next-generation of beefless burger in order to better compete in this popular segment.
In related news, Conagra has recently unveiled a line of frozen single-serve line of Power bowls with grain-free options. The new convenient meals are packed with nutrient-dense ingredients and come in four flavors including Spicy Beef Teriyaki, Basil Pesto Chicken, Spicy Black Bean & Chicken, and Chicken Marinara.
The bowls offer 18-20g of protein and 5-7g of fiber per bowl each. Each variety is grain-free and gluten-free.