Main own plant-based brands
Boca Foods, Tiny Giants, Origin Almond, Heinz Beans (Vegan Pizza), The Good Taste (some products).
- Kraft Heinz’s exposure to animal proteins is unclear; it is likely that segments that comprise nearly 53% of the company’s revenues in 2018 are exposed to animal proteins (this revenue split has not yet been reported in 2018). Some of these segments are wholly focused on products with animal proteins. The company has made no statements on the materiality of this issue for their business, beyond some high-level discussion on consumer preference and environmental stewardship, especially given the quantities of animal proteins that they source.
- Kraft Heinz is working to expand its exposure to plant-based products, including through its new Springboard venture platform. The company has reformulated its long-standing Boca range of burgers to compete with new entrants such as Beyond Meat. The company’s stock price nosedived earlier this year due to missed earnings estimates, and while other reasons contributed to the decrease, the company’s lack of investment in product innovation was singled out as a specific reason by analysts and the media.
- On the sourcing side, the company’s animal protein strategy is only focused on welfare issues and does not address other environmental impacts.
- The company has said they plan to report on a ‘protein diversification’ strategy in 2019; we would encourage the company to begin by tracking and disclosing its sourcing of animal versus plant-based ingredients.
- We also encourage the company to strengthen its sustainability work in animal proteins as well as build a more strategic plan to transition its product portfolio (through, for example, brand/business segment targets) to ensure any exposure to animal proteins is in line with a low-carbon strategy.
Our teams reviewed and do not have any feedback.