Currently, Beyond Meat has launched the new version of its meat-free burger patties in grocery stores in the upcoming weeks.
From the time of the first iteration of the Beyond Burger in the year 2016, the patties are over 28,000 retail locations around the United States. Well, pre-pandemic, restaurants and cafeterias are accounted for almost half of the Beyond’s total sales. However, the crisis has also shifted that the balance sharply in favor of grocery and convenience stores. It is noted that the retail sales increased by 76% to $62.1 million at the time of the company’s fourth quarter.
Soon, the consumers will get the option to avail themselves of the Beyond Burger 3.0 in grocery stores from Monday onwards. Almost by June, the products will hit the restaurants.
The company’s chief growth officer, Chuck Muth mentioned that improving the quality of the meat alternatives will help the company is holding its position in the market. There are even several competitors like Tyson Foods and Kellogg is offering meatless burgers.
Muth mentioned, “As one of the first movers in the category, we do have a prominent position. We’re only going to stay there if we continue to innovate, and we will always stay focused on our innovation and improving our products.”
Finally, Beyond saw the traditional meat producers during its real competition. By improving the taste of its Beyond Burger helps in winning consumers. Further, the meat substitute boasts 35% that is less than total fat, less cholesterol as well as fewer calories than a burger which is made from 80/20 beef.
Well, Beyond’s strategy is to encourage the meat-lovers to change to its products that involve the achieving of the price parity with beef by 2024. The company will be selling the new version of their burgers in the first value four-pack at the best retail price of $9.99. However, the average advertised price for a pound of beef patties makes around four burgers. It was almost $2.93 for this week as per the U.S Department of Agriculture data. Rival Impossible Foods has even been slashing prices.
Soon, the Beyond Burgers will be available in the two-pack and a 1-pound Beyond Beef pack.
Well, the shares of Beyond have now risen by almost 21% more than the last 12 months. This is giving the company a market value of $8.33 billion. Soon, it is expected to report within the first-quarter earnings on 6th May after the bell.