Major meat companies like Tyson, Hormel, Nestle, Smithfield and Perdue are getting into the plant-based game to compete with startups like Impossible Foods and Beyond Meat. The market for lab-grown meat and plant-based protein is expected to reach up to $85 billion by 2030.

Tyson Foods will introduce plant-based chicken nuggets this summer under a new brand called Raised & Rooted. The company is also looking to add a burger to the line, made with a blend of Angus beef and pea protein.

Beyond Meat makes its Beyond Burger using pea protein because its a plentiful source of plant-based protein that isn't from soybeans, but that could change in the future, CEO Ethan Brown said. "You can get protein from any number of resources, and one of the products I'm really excited about is our breakfast sausage that is protein from sunflower seeds and protein from mung beans and protein from brown rice as well as pea protein," he said.

Tyson Foods has divested its 6.5% interest in plant-based meat producer Beyond Meat, which this week filed for an initial public offering. "Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time is right to exit. ... [Tyson] plans to launch an alternative protein product soon with market testing anticipated this summer," said Tyson spokesman Worth Sparkman.

Following recent investments in entrepreneurial firms such as lab-made meat startup Memphis Meats, Tyson Foods is evolving its profile with an eye toward the future. "At Tyson Foods, we're creating a modern food company focused on protein," said CEO Tom Hayes.