Kroger mulls selling its own plant-based meat products

by   |  VIEW 303

Kroger mulls selling its own plant-based meat products

On Thursday, the 5th of September 2019, the US-based retailing company founded by a Bernard Kroger back in the 1883s in Cincinnati, Ohio, Kroger Co. or simply Kroger, issued a statement saying that the retailing giant would launch its own line of plant-based meats, as the supermarket chain had been working on a plan to acquire a larger slice of the faster-growing vegan-based meat market.

On top of that, according to Kroger’s Thursday’ (September 5th) statement, the Ohio-based supermarket chain, which had been one of the first retailers to adopt Beyond Meat’s vegan burgers, added that the company would be selling plant-based meat alternatives under its “Simple Truth” brand and the products would include plant-based meats, sour cream alongside queso.

In point of fact, latest Kroger statement to set out vegan-based products came forth a few days after Kroger’s rival food chains likes of Tyson Foods Inc. alongside Perdue Foods had rolled out products made entirely of plant-based meats, as vegan meats were getting quick popularity considering impacts of high-cholesterol diet in the aged consumer group.

Meanwhile, NYSE-listed shares of Kroger were last trading 0.75 per cent higher to $24.89 per share in extended trading after rising as much as 2 per cent followed by reveal of the news. Apart from that, according to Piper Jaffray analysts’ estimate, sales of plant-based meat had already been accounted for 7% to 8% of $80 billion meat industry, while much of its were brought into light from new, refrigerated products with a feel and look more identical to the red meats.