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Kraft Heinz is also jumping into plant-based food production after announcing its partnership deal with TheNotCompany this week. It was stated that the two companies entered into a joint venture agreement to produce vegan meat options.
According to CNBC, Kraft Heinz may be introducing plant-based hotdogs in the near future as part of its joint venture deal with the Chilean start-up company that is known to make plant-based alternatives for meat, milk, and eggs.
“Now we will have the advantage of bringing the products you love from the brands you trust also with a plant-based option,” Carlos Abrams Rivera, Kraft Heinz US’ president, told CNBC’s ‘Squawk Box’ on Wednesday this week. “It is thinking about whether you have Oscar Mayer hot dogs and Oscar Mayer ‘Not Hot Dogs.’”
The executive further shared that Kraft Heinz’s goal for its team up with TheNotCompany is to “democratize” or make plant-based a regular type of food. He added that a third of the Americans practice a flexitarian diet - less meat and more on plant-based items. Thus, the company is setting out to provide what the consumers need and want.
At any rate, the joint venture will be named The Kraft Heinz Not Company LLC, and it will be operating under the control of the Chicago, Illinois-headquartered food company. The newly-formed firm is expected to succeed based on the ingrained strengths of both TheNotCompany and Kraft Heinz.
The Chilean firm will be contributing its proven artificial intelligence (AI) solutions and patented, first-of-its-kind technology while the American food conglomerate is offering its iconic brand portfolio. With these elements, the two companies will develop plant-based versions of their co-branded products.
“The joint venture with TheNotCompany is a critical step in the transformation of our product portfolio and a tremendous addition to our brand design-to-value capabilities,” Kraft Heinz’s chief executive officer, Miguel Patricio, said in a press release. “It helps deliver on our vision to offer more clean, green, and delicious products for consumers. We believe the technology that NotCo brings is revolutionizing the creation of delicious plant-based foods with simpler ingredients.
