Vegan brand Beyond Meat plans to reduce the price of its plant-based meat products and offer them in new formats—such as bulk “value” packages—to fill the void left by disappearing animal meat products on grocery store shelves. As meat shortages continue due to slaughterhouse closures and other disruptions to the meat supply chain after more than 5,000 meat industry workers tested positive for COVID-19, Beyond Meat is providing consumers with a viable alternative that might soon be cheaper than its animal-counterpart. Amid the meat shortage this week, fast-food chain Wendy’s removed beef from its menu at some locations and retailers—including Costco, Sam’s Club, and Kroger—began putting limits on the amount of meat customers could buy.
“Our biggest focus is to provide solutions for consumers as they have meat disruptions,” Beyond Meat CEO Ethan Brown said during the company’s most recent earnings conference call this week. “There is an opportunity for consumers to be aware of a different [protein] model. There are more opportunities to be relevant to customers.”
During the same call, Brown reported Beyond Meat’s net revenues had increased to $97.1 million during the first quarter of 2020—a 141 percent increase from its net revenues of $40.2 million during this time last year. “I am proud of our first quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis,” Brown said. “During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement.”