Investors are chewing out Kraft Heinz Co for failing to lay out a full strategy ...
) 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.
Products by rivals Beyond Meat Inc and Impossible Foods have become the hottest food trend in recent years, gaining popularity among mainstream consumers looking to cut back on meat consumption. “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, which owns an $9.6 million stake in Kraft Heinz.
BOCA Burgers, by contrast, are frozen and sit in refrigerators with vegetarian and vegan products, where meat-eaters may not think to look. Kraft Heinz declined to provide details on its plans for plant-based proteins or comment on the forthcoming shareholder vote. In a filing ahead of the meeting, Kraft Heinz said several named executives had forfeited their bonuses for 2018 due to the company’s performance. Chief Executive Officer Miguel Patricio, who took the helm in July, said last month that the company needed to better understand consumers and was “far behind the plant-based market.
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