Cargill to make plant-based burgers

Food behemoth Cargill said Monday that it's jumping into the alternative meat market and will begin making plant-based hamburger patties and other "fake meat" products in April.

That'll beef up competition for imitation meat producers Beyond Meat and Impossible Foods.

Cargill will offer products made from either pea protein or soy protein and allow retailers to sell them under their own labels.

Beyond Meat uses pea protein; Impossible relies on soy.

What's more, 155-year-old Cargill is one of the world's largest privately held companies that distributes everything from sugar to salt.

It plans to tap its experience handling ingredients and buying crops to produce products more efficiently than its rivals.

Demand for alternative proteins has mushroomed, enticing big companies like Tyson Foods and Smithfield Foods to enter the alternative meat market.

Health-conscious consumers as well as those concerned about animal welfare and environmental sustainability have flocked to plant-based protein.

Following Cargill's announcement, Beyond Meat shares tumbled Monday morning amid a broad market sell-off.

Impossible Foods is privately held.