Marfrig and ADM unveil PlantPlus Foods, a joint venture offering fake meat plant-based products
- Marfrig and ADM has announced that they have reached an agreement to create PlantPlus Foods, a joint venture for the sale of plant-based food products across South American and North American markets.
- Marfrig and ADM have a history working together developing plant-based foods in South America.
- “PlantPlus Foods will be ready from day one to meet customer needs in this fast-growing market,” said Marcos Molina, founder and chairman.
- The company feels that consumers are thinking of foods in new ways. They feel that people realize delicious hamburgers don’t necessarily have to come from an animal source; they can come from a variety of sources, one of those being plants.
- Initially, Marfrig will own 70% of the company and ADM will own 30%.
- Molina explained that the demand for proteins, both plant and animal, is growing across the globe, and Marfrig and ADM are ready to help meet those needs.
- The new company will launch operations as soon as required regulatory approvals have been received.
First closure in Brazil, world’s top exporter, specter of more disruptions
- While the U.S. has begun to see some normalcy return in our meat-processing sector, Brazil is currently dealing with the rapid spread of the virus. This situation is threatening production in Brazil, the world’s top beef and chicken exporter.
- JBS was ordered to shutter operations at a beef plant in the state of Rondonia after a judicial ruling. This is the first closure for beef in the country since the virus first hit.
- The closure of more Brazilian meat processing facilities could have major global ripple effects on meat supplies.
- Brazil has only seen a handful of plants close so far, much better than the U.S. who cut output by about 40% from normal levels during the worst part of the crisis.
- JBS has introduced a new set of safety standards to protect supplies and workers in hopes of avoiding additional shutdowns.
- Brazil has become a hot spot for the virus, with cases spiking to the second highest in the world.
- Europe is also seeing the effects of coronavirus on its meat processing plants as more than 1,000 workers have contracted the disease.
Boxed beef prices
- Choice boxed beef: $369.56 (-$8.21)
- Select boxed beef: $344.09 (-$6.11)