Tyson Foods said that it will launch several new products this year and modernize its $1bn brands as part of its transformation into a modern food company.
Speaking at the 2018 Consumer Analyst Group of New York conference, Tyson Foods president and CEO Tom Hayes and members of the company’s enterprise leadership team shared with investors that the company is delivering on its strategy and driving growth across its portfolio of protein from its chicken, beef and pork segments to prepared foods.
The US food giant is particularly looking at consolidating the growth of its prepared foods segment.
In May 2018, the company is set to launch a new range of frozen breakfast sandwiches, dubbedEgg’wiches, under the Jimmy Dean brand. This new range of sandwiches will not have bread but will contain egg white scrambles.
Tyson Foods has scheduled the launch of a new range of snacking, salads and wraps made from all-natural meats under the Hillshire Farm. The launch of this new product in the company’s lunchmeat section will be during the spring.
The US food company will also launch a new brand Green Street to meet consumers’ growing interest in ready-to-eat meals. The first launch in this brand will be protein-rich grab-and-go bowls that are completely plant-based.
Tyson Foods has also entered into a partnership with Mexican spice brand Tajin. The partnership will work on new products like Tajin spiced meatballs, smoked sausage with mango and boneless chicken bites.
Tyson Foods said that it is making investments in companies that are bringing in innovations in the food industry through its venture arm Tyson Ventures.
Launched in December 2016 as a $150m venture capital fund, Tyson Ventures has made investments in food startups such as Beyond Meat, Memphis Meats and Tovala.
Hayes said: “Tyson Foods is transforming from a company with a strong heritage in chicken to a modern food company that is challenging the industry status quo.
“Consumers expect more from food companies today, and we’re up for the challenge. We’re combining our size and scale with agility to make food people want to eat. That’s driving our business and helping us deliver top-tier returns for shareholders.”
