Happy Little Plants launched in September, housed under the company's Cultivated Foods umbrella. The flagship product of the brand is a ground meat alternative.
said it would be adding plant-based meat line Incogmeato to its portfolio, produced by its Morningstar Farms brand.Beyond MeatShares of Hormel, which has a market cap of $22.4 billion, have risen around 5% in the past 12 months. Beyond Meat, which has a market cap of $8.2 billion, has seen its stock skyrocket more than 400% since its IPO in May.
"There's no arguing the consumer is more curious about plants than they ever have. When it comes to valuation of the company, all we can worry about is ourselves," said Snee. "It's about, how can we grow our business organically, how do we innovate, and how do we continue to make disciplined acquisitions?"
Snee also said that the company has made significant runway in taking its brands global, but the growth has been slower than he hoped for. "It hasn't been accelerated as quickly as we like," he said. "We've got a good business in China that's focused on the China market. Two years ago, we made a small investment in Brazil to learn about that market. Business has been doing well ... but there's going to be other opportunities for us to become even more global over time."
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