James Snee says the brand behind SPAM plans to evolve in the plant-based direction.
During Hormel’s recent third quarter analysis conference, CEO James Snee revealed that the meat brand plans to focus on diversifying its non-meat holdings. In May, Hormel acquired nut butter brand Justin’s for $286 million to capitalize on the growing demand for non-meat protein. “We’ve acquired some great non-meat protein items that have really rounded out our portfolio,” Snee said. “It’s really this rounding out of our business in the protein space, the non-meat protein and then flavor enhancers that will allow us to evolve to become a broader food company.” Snee revealed that Hormel aims to make 15 percent of its net sales in 2020 from products developed during the previous five years to help the meat company grow in an innovative direction. Competing meat brand Tyson also made an investment in vegan brand Beyond Meat earlier this year, after which its CEO Tom Hayes said that he believes the future of protein is moving away from animals and toward plants.
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