Tyson Foods Debuts New Plant-Based Products, First Pride™ Brand in Asia Pacific

Rhea-AI Summary

Tyson Foods is launching its First Pride™ plant-based products in Malaysia, marking the company’s debut in the Asian market. This move targets the growing demand for alternative proteins, driven by a shift toward flexitarian diets. The line includes frozen bites, nuggets, and strips made from regional ingredients, priced at RM19.90 ($4.81). With APAC retail sales of meat substitutes projected to exceed $20 billion by 2025, Tyson aims to leverage its expertise in protein to offer diverse choices that cater to local consumer tastes.

Positive

• Launch of plant-based products in Malaysia, indicating market expansion.
• Initial offerings include halal-certified frozen products, appealing to local consumers.
• Projected growth of APAC retail sales of meat substitutes to exceed $20 billion by 2025.

Negative

• None.

Company launches plant-based innovations for Asia’s growing market

BANGKOK, Thailand, June 01, 2021 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN) is launching a new line of plant-based products in select retail markets and e-Commerce across Asia Pacific under the brand, First Pride™.

This is the first time the company has introduced plant-based products in Asia, as it works to make protein more accessible and affordable for more people around the world. Tyson Foods is initially launching the products in Malaysia and will roll them out to other markets in the region in the coming months.

Plant-based options have seen a rise in popularity across the region in recent years and have further accelerated during the pandemic. Consumers are rethinking their health and wellbeing with 75% of consumers open to a diet that includes meat and plant proteins¹.

“We’re thrilled to offer Asia Pacific consumers more high-quality protein choices as they explore flexitarian diets,” said Tan Sun, president, Tyson Foods APAC. “The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture. The key to meeting consumer preferences with new plant-based protein is through innovation and making locally relevant products that taste great, which is our expertise.

“Our new product expansion delivers on taste and quality, giving consumers a modern take on familiar tastes, local flavors and texture," he said. “We’re experts in the protein industry with a diverse, multi-protein portfolio and have the capabilities to produce great tasting plant-based products.”

The initial launch will introduce frozen Bites, Nuggets and Strips made with plants to consumers in Malaysia. The innovations are halal certified and made with regionally sourced ingredients including bamboo fibre, soy protein and wheat protein.

Alternative proteins could account for 11% of the global protein market by 2035². While the category in Asia is still growing, APAC retail sales of meat substitutes reached $16.3 billion in 2020 and are expected to exceed $20 billion by 2025, according to Euromonitor.

“We’re excited to expand our internal capabilities globally as we build our portfolio of loved plant protein brands,” said David Ervin, vice president of alternative protein for Tyson Foods. “Our global culinary network and scalability positions us well to replicate the success we’ve had in the U.S. in Asia Pacific and provide consumers with great tasting plant protein options.”

Product flavor and package size availability will vary by country and priced competitively. Products available in Malaysia will come in 420g bags priced at RM19.90 ($4.81 USD). While the products will initially be available in retail stores, there are plans to offer the plant-based innovations for foodservice customers in the region later this year.

“We’re committed to Asia Pacific and as protein consumption of all kinds continue to grow in the region, we intend to grow with consumers and be the leader across all proteins,” said Tan Sun. “Our plant-based launch will complement our existing assets across Thailand, Malaysia and Australia where we offer a range of products from poultry to beef.”

About First Pride

The First Pride™ brand is a household name in Malaysia and has provided innovative frozen chicken, beef, and fish products to consumers for nearly 15 years. Found on top shelves in all major hypermarkets, the brand prides itself on consistently providing premium quality products. All First Pride™ products are halal certified. Visit TYSONFOODS.COM.MY to learn more.

About Tyson Foods
Tyson Foods, Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson^®, Jimmy Dean^®, Hillshire Farm^®, Ball Park^®, Wright^®, Aidells^®, ibp^®, and State Fair^®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company has 139,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit TYSONFOODS.COM to learn more.

Media Contact: HLI YANG, +1-479-290-2122

Category: IR, Newsroom 

¹ Consumer Insights, Good Food Institute
² Alternative-Protein Market to Reach at Least $290 Billion by 2035, Boston Consulting Group. March 2021

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa28cccb-d828-47de-b593-a8017077946a