Hormel said [September 4] it will launch its own plant-based meat brand, following Kellogg’s announcement of a similar addition to its portfolio in bids to compete with Beyond Meat and Impossible Foods.
Hormel’s new brand will be called Happy Little Plants, and will be housed under its Cultivated Foods umbrella. The company said the flagship product is a ground meat alternative. Kellogg’s product line Incogmeato and will be produced by its Morningstar Farms brand. Both companies’ plant-based meats will be made with non-GMO soy designed to look and taste like real meat.
Plant-based meats and burgers have surged in popularity as start-ups try to appeal to meat-eaters who don’t want to compromise on taste, and to vegans and vegetarians who want more options. Barclays projects the “can’t believe it’s not meat” industry will reach $140 billion over the next decade.
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