Investors are chewing out Kraft Heinz Co (KHC.O) for failing to lay out a full strategy for how it plans to compete in the roughly $3 billion-a-year plant-based protein market.
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Products by rivals Beyond Meat Inc (BYND.O) and Impossible Foods have become the hottest food trend in recent years, gaining popularity among mainstream consumers looking to cut back on meat consumption.
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Kraft Heinz has been ranked one of the least proactive major food makers in the plant-based protein market, according to FAIRR, a major investor coalition that includes several Kraft Heinz shareholders. The company’s main meat-alternative brand, 40-year-old BOCA Burger, has lost market share since 2013.
“Any company ranking at the bottom clearly has some catching up to do,” said Peter van der Werf, head of responsible investment management at Robeco
This almost made my brain melt. Five years ago, this would have been a headline from The Onion.