Beyond Meat “Beyond Burger” patties, made from plant-based meat substitutes, stand on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Beyond Meat will be launching the latest version of its meat-free burger patties in grocery stores next week.
Since the first iteration of the Beyond Burger was launched in 2016, the patties are now available in more than 28,000 retail stores across the United States. Pre-pandemic, restaurants, and cafeterias accounted for about half of Beyond’s total sales, but the crisis has shifted that balance heavily in favor of grocery and convenience stores. Retail sales increased 76% to $ 62.1 million in the company’s fourth quarter.
Consumers can buy the Beyond Burger 3.0 in grocery stores from Monday. The product will be available in restaurants until June.
Chuck Muth, the company’s chief growth officer, said improving its meat alternatives will help the company maintain its market share, even with more competitors like Tyson Foods and Kellogg offering meatless burgers.
“As one of the first players in this category, we have an outstanding position,” said Muth. “We will only stay there if we continue to innovate, and we will always focus on innovating and improving our products.”
Ultimately, Beyond sees traditional meat producers as real competition. Improving the taste of the Beyond Burger helps attract customers. In addition, the meat substitute contains 35% less total fat, no cholesterol and fewer calories than an 80/20 beef burger.
Beyond Beyond’s strategy of encouraging meat lovers to switch to its products is to get price parity with beef by 2024. The company will be selling the new version of its four-pack burgers with a suggested retail price of $ 9.99. The average advertised price for a pound of beef patty that makes roughly four burgers was $ 2.93 for that week, according to the U.S. Department of Agriculture. Rival Impossible Foods also cut prices.
The Beyond Burgers will also be available in a 2-pack and 1-pound Beyond Beef pack.
Beyond’s shares are up 21% in the past 12 months, giving the company a market value of $ 8.33 billion. The first quarter earnings after the bell are expected to be released on May 6th.
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