One of the fastest growing food companies in the United States rang the Nasdaq MarketSite bell in Times Square last week. Beyond Meat Inc offers a range of revolutionary plant-based meats. They build meat directly from plants.
“Today we become the first plant-based food company to list on Nasdaq, marking an important milestone in our mission of making plant-based meat accessible globally,” founder and chief executive officer of Beyond Meat, Ethan Brown said.
“With this progress we are one step closer towards becoming the generation that seperates meat from animals, unlocking the next era in the American story of innovation, disruption, and growth. We have always been a consumer driven brand and we are excited to invite the brand`s longtime fans and supporters to join in on our vision for the Future of Protein. Our goal is for people everywhere to have access to the health and environmental benefits of our delicious plant-based meats,” Ethan said.
Beyond Meat has received venture funding from Bill Gates, Leonardo DiCaprio, Biz Stone, the Human Society and Tyson Foods to name a few. The company began selling its chicken-free mock chicken products in Whole Foods across the US in April 2013.
In 2014 it developed a Beyond Beef product. The Beast Burger was available in February 2015. Beyond Sousage became available nationwide in January 2018, and People for Ethical Treatment of Animals named Beyond Meat as its company of the year for 2013.
The Beyond Burger contains 20 grams of protein and has no soy, no gluten, no cholesterol, and half the saturated fat of an 80/20 beef burer. However, it contains five times as much sodium as unseasoned hamburger meat and one dietician argued that the processing of the vegetarian ingredients could couase the loss of valuable nutrients.
Tyson Foods purchased a 5% stake in Beyond Meat in October 2016, but it sold its stake and exited the investment in April 2019, ahead of Beyond Meat`s IPO. Later on this summer, Tyson Foods will start to competed with Beyond Meat while they will roll out its own meatless products.
Their biggest competitor is Impossible Foods with their Impossible Burger. They announced that they were teaming up with Burger King to produce their own Impossible Whopper as a meny item. Not only that; even Ikea are jumping on this trend wagon.
Ikea said a plant-based Swedish meatball is already in the works and will be available early next year.
Americans are trying to cut down on their meat consumption and incorporate more plant-based foods in their diets and there is no doubt that plant-based foods gives people health benefits. Standard burgers are high in fat and cholesterol but plant-based foods are not.
Beyond Meat uses 100% natural ingredients while some of their competitors use genetically modified soy leghemoglobin. This ingredient has had a controversial history, with the FDA flip-flopping on whether it was safe for consumption.
The U.S meat substitute market is worth about $1,44 billion and by 2023, the market is expected to grow 74% ot $2,5 billion. Beyond apologized for shortages in 2017 and 2018, and Impossible Foods did the same last week, so it can be difficult for them all to meet the demand in the future.
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