Beyond Meatīeyond Meat is getting into plant-based steak Strips and cutlets sales increased about 16% and nuggets jumped nearly 28%.īeyond Meat launched a new steak product, Beyond Steak. Ground plant-based meat fell about 19%, and patties were down 30% in that period.īut frozen chicken alternatives are growing. Retail sales of meat alternatives fell about 12% in the year through November 6, according to data from IRI. It’s true that the plant-based meat pie is smaller these days. “Instead, more companies are pursuing the same or fewer consumers.” Brown said Beyond is the leader in refrigerated plant-based meat, and that he expects some brands to pull back or consolidate in the future. “However, in the current environment, we are not seeing this benefit,” he said. “We believe that healthy competition within plant-based meat is a good thing as it brings investment in marketing to the category,” said Brown during the November analyst call. But now, rivals are interfering with its bottom line.
In the grocery store, Beyond is facing a swell of competition.īeyond has embraced competition in the past. Impossible is private and is not required to share its sales data publicly. “We haven’t been experiencing what Beyond Meat and some of the other brands in the space have reported,” said Impossible foods spokesperson Keely Sulprizio. Meanwhile, Burger King continues to sell the Impossible Whopper nationally. And these days, making a limited-time offer permanent is a tough sell because operators have been slimming down their menus, she noted. “Even if they sell, say 30 to 40 of these plant-based burgers a day … that still pales in comparison to their traditional proteins,” she said, speaking about plant-based burgers in general. But getting a permanent menu spot might be challenging, noted Kathryn Fenner, principal at foodservice consulting firm Technomic. “In the last 12 months, we have had 25 trials for permanent menu launches with nine distinct products,” said Beyond CEO Ethan Brown during a November analyst call discussing the company’s third-quarter results.īrown positioned the launches as long-term investments, saying they won’t generate big sales in the short term but should pay off eventually. Justin Sullivan/Getty Imagesīeyond still has plenty of partnerships with restaurants, but many of them are limited-time tests. McDonald's tested the McPlant, but has not added it permanently to US menus. The coffee chain enthusiastically rolled out a breakfast sandwich with Beyond sausage nationally in 2019, but stopped working with Beyond last year. “I don’t think it’s totally off the table, but I’m not sure that it’s going to be saving grace at this point,” said Saleh.īeyond has also lost its spot on the Dunkin’ menu. But it hasn’t added the item to the menu, and it’s not clear if or when that will happen.
(MCD) tested out the burger in some locations. Since then, the McPlant has been added to the McDonald’s menu permanently in some European markets. Last year, Beyond Meat announced a strategic partnership with McDonald’s, including working with the burger chain on the McPlant, a plant-based burger. Next year will be about “trying to get their financials in order to a place where they can sustain themselves,” he added. “They’ve got a big task ahead of them,” said Peter Saleh, restaurant analyst at financial services firm BTIG. “Despite the current headwinds facing our business and category, we remain confident in our ability to deliver on the long-term growth and impact expected from our global brand,” a Beyond Meat spokesperson told CNN Business in response to a request for comment. The company’s plan is to focus on cash flow and profitability rather than growth, and become more strategic in its restaurant and marketing initiatives, among other things. And fierce competition is squeezing sales, including in frozen, plant-based chicken, a category that is growing while refrigerated plant-based meat sales falter. A recent LA Times report called into question the hygiene of a Beyond Meat facility in Pennsylvania, though the company stands by the cleanliness of the plant, saying that its “food safety protocols go above industry and regulatory standards.”Īlso, a promising partnership with McDonald’s The company recently parted ways with three members of its C-suite, one of whom allegedly bit someone’s nose. Yuriko Nakao/Getty Imagesīut Beyond is facing some unique challenges. Beyond Meat's sales fell in the third quarter.
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