Tyson Foods' Strategy for Cooking Up Protein Profits
The largest U.S. meat processor and producer of Ball Park hot dogs, Tyson Foods, is looking to stay on top of the competition through innovative technology and savvy investments. Sally Grimes, Group President of Prepared Foods at Tyson Foods was with us to explain how the company is staying ahead of consumer trends and market changes.
One major trend shaking up the food business is the "snackification" of food. She defines it as the consumers need to have food that allows one to be flexible. Grimes said all brands at Tyson are focused on catering to the on-the-go lifestyle. Tyson just revealed its new Green Street brand, which includes 100% plant-based grab & go bowls.
Tyson is preparing for a future that delivers options for consumers. She said the company is noticing a rise in "flexitarians." Meat consumption is going up, but consumers increasingly want a mixture of foods. That's why Tyson is investing in companies such as Beyond Meat and Tovala Food. Tovala has its own cloud-connected smart oven.
When it comes to an acquisition of Blue Apron, Grimes said Tyson keeps an open mind in its M&A strategy. However, she stressed Tyson's ability to find success internally with its own meal-kits.
It might feel like the artificial intelligence train has left the station, but there are still opportunities to get in before the boom gets even bigger.
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