A Cargill meat processing plant in Springdale, Arizona. Photo: Spencer Tirey/Getty Images
Agriculture giant Cargill will begin producing plant-based patties and ground "fake meat" products in April, the company announced Monday.
Why it matters: Cargill, one of the largest privately held companies in the U.S., presents new competition for startups Beyond Meat and Impossible Foods alongside meat giant Tyson Foods, which is rolling out its own plant-based products, Axios' Rashaan Ayesh reports.
What they're saying: "Cargill has a strong history of providing high-quality protein products to customers," Elizabeth Gutschenritter, managing director of Cargill’s alternative protein team, said.
- "Producing plant-based products across our global supply chain is the logical next step to expanding our ability to meet consumer needs and bring new value to this category."
The big picture: Investment firm UBS projects that the market for plant-based protein and meat alternative products will increase from $4.6 billion in 2018 to $85 billion in 2030.
Go deeper: The next frontier for plant-based meat