Hormel Foods to Partner with The Better Meat Co. for Food Forward Alternative Protein

Rhea-AI Summary

Hormel Foods Corporation (NYSE: HRL) announced a partnership between its venturing company, 199 Ventures, and The Better Meat Co. to develop plant-based protein products utilizing Rhiza, a mycoprotein derived from potato fermentation. The collaboration aims to enhance Hormel's offerings in the growing alternative protein market, highlighting Rhiza's nutritional benefits, including higher protein content than eggs and more iron than beef. This initiative marks Hormel's continued investment in sustainable food innovation.

Positive

• Partnership with The Better Meat Co. to enhance product offerings.
• Focus on developing sustainable alternative protein products.
• Rhiza mycoprotein showcases superior nutritional profile.

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• None.

AUSTIN, Minn., Oct. 6, 2021 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a global branded food company, today announced its venturing company, 199 Ventures, has entered into an exclusive partnership with The Better Meat Co. to bring new mycoprotein and plant-based protein products to the marketplace. 199 Ventures was formed in 2019 by Hormel Foods to be the company's food forward incubator, which includes investing in companies that align with Hormel Foods growth strategies.

The two companies will work together to develop the next generation of great-tasting, wholesome, and sustainable alternative protein products with The Better Meat Co.'s innovative Rhiza mycoprotein ingredient. Produced via a potato-based fermentation pioneered by The Better Meat Co., Rhiza is an all-natural whole food mycoprotein with a remarkable meat-like texture. Boasting more protein than eggs and more iron than beef, Rhiza offers a new generation of sustainable animal-free protein for the burgeoning alternative meat market.

"As a global branded food company, we understand our food culture is changing at a rapid pace and people are curious and willing to try great tasting, plant-based proteins," said Fred Halvin, vice president of corporate development at Hormel Foods. "We are excited to work with The Better Meat Co. team to continue to offer delicious and convenient mycoprotein and plant-based protein products."

This partnership is the latest effort into plant-based products by Hormel Foods. The company is no stranger to plant-based protein with retail products like Planters^® peanuts, SKIPPY^® peanut butter and Justin's^® nut butters, as well as several plant-based pizza toppings in the foodservice industry through its subsidiary Burke Corporation and under the Happy Little Plants^® brand.

The Better Meat Co. is a Sacramento-based sustainable food tech start-up founded in 2018. As a business-to-business ingredients provider, it pioneers new ways of producing animal-free protein via fermentation, generating ingredients like Rhiza that empower food companies to improve sustainability while making the meatiest alt-protein possible.

"We're proud to partner with Hormel Foods to unleash the power of fermentation to build an even more sustainable food supply," said Doni Curkendall, executive vice president of operations at The Better Meat Co. "Hormel Foods has a deep bench of expertise in both animal and plant proteins, and we look forward to working together to bring our delicious mycoprotein to the world."

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters^®, SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin's^®, Wholly^®, Hormel^® Black Label^®, Columbus^® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for 12 years, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.

Contact:	Hormel Media Relations	The Better Meat Co.
	507-434-6352	916-758-1464
	media@hormel.com	hello@bettermeat.co

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SOURCE Hormel Foods Corporation

FAQ

What is the recent partnership announced by Hormel Foods and when was it made?

Hormel Foods announced a partnership with The Better Meat Co. on October 6, 2021.

What is the main goal of Hormel Foods' partnership with The Better Meat Co.?

The goal is to develop new mycoprotein and plant-based protein products for the market.

What is Rhiza, and why is it significant for Hormel Foods?

Rhiza is a mycoprotein ingredient derived from potato fermentation, offering high protein and iron content, making it a key innovation for alternative protein products.

How does Rhiza compare nutritionally to traditional proteins?

Rhiza contains more protein than eggs and more iron than beef, positioning it as a substantial alternative protein source.

What earlier investments has Hormel Foods made in plant-based products?

Hormel Foods has invested in various plant-based products, including brands like Planters, SKIPPY, and Justin's, as well as plant-based pizza toppings.