In an attempt to win back customers, Beyond Meat is reintroducing its plant-based burger in grocery stores this spring. The company believes that this healthier version will appeal to more people.
Beyond is going through a critical period as a business with this Wednesday’s reveal. The once-buzzing category of plant-based meat has lost customer enthusiasm. As of January 28, retail sales of meat substitutes had decreased 33.6% from the same period last year, per Circana data.
As a result, Beyond’s restaurant and retail sales have collapsed. Its revenues for the previous two years have decreased by 29% as of the third quarter. The market valuation of the corporation has similarly decreased, from a peak of $14.14 billion four and a half years ago to $463 million today. Over the last 12 months, the stock has dropped 60%.
The troubled business has consistently argued that its meat alternatives are healthier than the genuine thing. However, Beyond claims that the most recent version of its beef contains less saturated fat and sodium than previously. Speaking with Ethan Brown, CEO of Beyond, “this reformulation is the biggest upgrade to its recipe since the burger originally launched in 2016.”
Brown told CNBC, “I think the Beyond IV represents a leap forward, versus an incremental step,”By using avocado oil, the new burger reduces its saturated fat content by 60% to just two grammes. Moreover, Beyond reduced the salt content of the plant-based meat by 20%. Although the ingredient list is lower, additional ingredients including red lentil and faba bean protein are included.
“For the last several years, there have been a combination of campaigns and other efforts to try to poison the well, regarding the health benefits of plant-based meat,” Brown said. “In the spirit of iron sharpening iron, we’ve tried to create products that are now full
Beyond’s and its competitors’ plant-based meat has drawn criticism for being processed and chemical-laden. During the company’s November conference call, Brown stated that those who supported the push to demonise plant-based meat as harmful were probably from the pharmaceutical and meat sectors.
Beyond claimed that, among other specialists, it collaborated with registered dietitians and the Stanford University School of Medicine to advise the creation of the new product.
On February 27, beyond is anticipated to release its fourth-quarter earnings after the bell.
