Beyond Meat currently developing bacon and steak substitutes
Beyond Meat, an LA-based producer of plant-based meat substitutes, has announced that it is now developing vegetarian bacon and steak. The company’s mock beef and pork products are already sold in supermarkets and restaurants.
Beyond Meat CEO Ethan Brown said the new products are “important as we build our portfolio.” He said the products are still in the development phase and declined to say when they would be available to consumers.
The company has witnessed demand for its meat substitutes skyrocket in recent years. In the first quarter of 2019, Beyond Meat registered more than $40 million in sales, which is a 215 percent increase from the first quarter of 2018, KYW-TV reports.
Last week, Beyond Meat announced a partnership with Dunkin’ Donuts. The coffee and breakfast chain’s Manhattan locations will begin selling a breakfast sandwich made with Beyond Meat sausage.
The company is continuously tweaking its recipes in order to make its products taste more like real meat. Its burger patty, for example, now uses oil and cocoa butter.
Beyond Meat has performed extraordinarily well in the stock market following its initial public offering in May. CNBC reports that the company was surprisingly unscathed by plunging markets following a break down in trade negotiations between Washington and Beijing, prompting fears that a settlement is nowhere on the horizon. Per CNBC:
“Beyond Meat’s stock is no stranger to outperforming the market. It has been a standout stock this year, surging nearly 600% since its initial public offering in May. The move has caused many to liken it to past bubbles in speculative stocks with a lot of hype, but not a lot of revenue yet.
“Perhaps one reason why the shares are higher is that a lot of its revenue at this stage is domestically-focused, allowing it be immune from the trade war.”
In any case, it’s plain to see that a tectonic is taking place in terms of the way in which people in the US and around the world view meat consumption. More and more people are adopting plant-based diets, owing largely to health and environmental concerns.