The Clap👏 Kraft Heinz (NASDAQ: KHC) is forming a joint venture with unicorn startup (a startup with a $1 billion valuation or more) TheNotCompany (NotCo) to “democratize plant-based food”.
We’ve heard of democratizing investing, but plant-based food?🌱 It’s the same idea. While investing was historically characterized by high fees & therefore low accessibility, so is the current plant-based industry, in which its products still cost more than regular chicken or beef.
What’s on the menu?🌭 Plant-based hot dogs could be next in line, according to Heinz’s U.S. president, Carlos Abrams-Rivera.
Why this matters🤔 The joint venture comes in line with Heinz’s strategy of keeping the “right balance between innovation & renovation.”
But that’s easier said than done🙃 Investors are beginning to rethink the long-term viability of plant-based food, which has been reflected in Beyond Meat’s (NASDAQ: BYND) stock over the past year, crashing almost 70%.