“But we are receiving very positive reviews from early customer tests.” “It’s been a long time in the making,” he said. “Now some of that is taking care of itself as the category shakes out and I think the consumer is left with a much more rational and approachable decision set in grocery,” he added, before revealing that a new, “animalic” edition of the Beyond Burger is set for release. “It became a very crowded and somewhat confusing landscape for the consumer, and I don’t think we did enough to really stand out.” “A tremendous number of entrants came into the category,” Brown told AFN. The company is set to launch new products, after reportedly failing to do enough to separate itself from the pack in recent years.
This follows year-on-year declines in US food service and retail, but growth in international food service. Here’s what you need to know.Īccording to Brown, Beyond Meat is set for a solid second half of this year, which will see the company return to growth and achieve cashflow positive status, reports AgFunder Network Partners (AFN). The story appears to be a little different for traditional meat, however. We’ve also witnessed a pandemic, and, right now, a cost of living crisis, which has also affected product sales.īut all of that said, Beyond Meat is turning things around, and vegan meat sales-driven by health, environmental, and ethical concerns-do seem to be thriving. Even Beyond Meat CEO Ethan Brown has acknowledged that the number of products on the market made it very difficult for his brand to stay on its upward trajectory. And all of that competition made things complicated. In a very short period of time, the plant-based meat market was crowded with options. But it hasn’t all been plain sailing for the California brand-or indeed, the rest of the plant-based meat industry. Since then, the brand has found its way to grocery store shelves, restaurant menus, and fast-food chains all over the world (hello, McPlant in the UK). When Beyond Meat-arguably one of the most well-known brands in the plant-based meat arena- first went public in 2019, it made history when the stock surged to record-breaking highs. The last few years have been a rollercoaster ride for the plant-based meat market.
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