Beyond Meat
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Beyond Meat, Inc.
Type Public
Traded as
Nasdaq: BYND
Russell 1000 component
Industry Food
Founded 2009; 12 years ago
Founder Ethan Brown
Headquarters El Segundo, California, U.S.
Revenue $406.8 million (2020)[1]
Number of employees 472 (December 31, 2019)[2]
Website beyondmeat.com
Beyond Meat is a Los Angeles-based producer of plant-based meat substitutes founded in 2009 by Ethan Brown. The company's initial products were launched in the United States in 2012.[3][4][5][6] The company has products designed to emulate beef, meatballs, ground meat, and pork sausage links and patties.
A Beyond Meat burger
Contents
1History
1.1Finances
2Joint ventures
3Products
3.1Chicken strips
3.2Beyond Burger
3.2.1Ingredients
3.3Beyond Sausage
3.4Beyond Meatballs
4See also
5References
6External links
History
The company was founded by Ethan Brown in 2009.[7] Brown initially contacted two University of Missouri professors, Fu-hung Hsieh and Harold Huff, who had already been refining their meatless protein for years.[7][8] Beyond Meat’s first product, "Chicken-Free Strips," was released to limited locations in 2012.[7][9][10]
The company began selling its plant-based chicken products in Whole Foods supermarkets across the US in April 2013.[7][10][11] In 2014, it developed a simulated beef product.
The People for the Ethical Treatment of Animals named Beyond Meat as its company of the year for 2013.[12][13] In 2014, Beyond Meat expanded its presence from 1,500 to 6,000 stores across the US.[14]
Walmart started selling Beyond Meat products in 2015.[15]
In June 2018, Beyond Meat opened its second production facility in Columbia, Missouri, resulting in a three-fold increase of the company's manufacturing space.[16] The company claimed to have 27,000 different points of distribution for their products in the United States,[17] and was rolling out their products to fifty international markets, partnering with Tesco in the UK and Tim Hortons[18] and A&W in Canada.[19] The same month, they opened a 26,000-square foot R&D lab in El Segundo, California housing nearly 100 employees.[20][21] In 2020-1, the company is opening a production facility in Shanghai.[22]
In March 2019, a civil suit was filed against Beyond Meat by its former business partner and supplier, Don Lee Farms. This was prompted by Beyond Meat's switch to different suppliers, who they then shared details with, about the manufacturing process.[23] Don Lee Farms alleged breach of contract, and further alleged that they had expressed "significant concerns" about food safety protocols for raw materials produced at Beyond Meat's facility which were then given to Don Lee Farms for further processing.[24]
In July 2019, Dunkin' Donuts announced that they would begin selling breakfast sandwiches using the Meatless Sausage product in Manhattan, with plans for national distribution beginning on November 6, 2019.[25][26]
In 2020, Beyond Meat launched an e-commerce site to sell products directly to consumers.[27]
Finances
Over the years 2013-16, the company received venture funding from GreatPoint Ventures, Kleiner Perkins, Obvious Corporation, Bill Gates, Biz Stone, the Humane Society[28][29] and Tyson Foods.[30] Tyson Foods purchased a 5% stake in Beyond Meat in October 2016,[31] but sold its 6.5% stake and exited the investment in April 2019, ahead of the company's initial public offering.[32] By 2018, Beyond Meat had raised US$72 million in venture financing.[7]
As of July 2019, Beyond Meat had a market value of US$11.7 billion,[33] following a value of $3.8 billion on the day of its IPO on 2 May 2019.[34] Beyond Meat trades on the United States NASDAQ exchange under the symbol BYND.[33] In November 2020, Beyond Meat announced sales had only grown by 2% year-on-year compared to an expected increase of 40%. The poor results were blamed on the COVID-19 pandemic reducing foodservice sales.[35]
Joint ventures
In November 2020, Beyond Meat announced a collaboration with McDonald's for development of the McPlant option, a plant-based patty and chicken substitute.[36] It started testing the McPlant in Denmark and Sweden in February 2021.[37] Beyond Meat also announced the launch in China of a plant-based version of minced pork.[38]
In January 2021, Taco Bell announced a collaboration with Beyond Meat, initially as a test and then as a permanent option for a new plant-based protein food.[39]
Also in January 2021, Beyond Meat and PepsiCo announced a joint venture, called The PLANeT Partnership, to develop and market plant-based snacks and drinks.[40]
In February 2021, Beyond Meat started a partnership with McDonald's and Yum Brands. These deals will bring new choices to the food menu, such as the McPlant Burger and the plant-protein based pizza toppings, chicken alternatives and possibly taco fillings for Yum Brands' restaurants KFC, Taco Bell and Pizza Hut.[41]
Beyond Meat burger serving
Beyond Sausage, raw (above) and cooked (below)
Products
Chicken strips
The company's first product launched in 2012 was designed to emulate chicken and sold frozen. The product was licensed from Harold Huff and Fu-Hung Hsieh at the University of Missouri.[42] They were made from "soy powder, gluten-free flour, carrot fiber and other ingredients" which were mixed and fed into a food extrusion machine that cooks the mixture while forcing it through a specially designed mechanism that uses steam, pressure, and cold water to form the product's chicken-like texture.[11][42] Although praised by some celebrities, journalists who tasted it said the "likeness to real chicken was tolerable, at best", and the chicken product was discontinued in 2019.[42]
Beyond Burger
The company announced in 2014 that it had begun development of a new product emulating a beef burger, which was released in February 2015.[43][44][4]
Ingredients
The burgers are made from pea protein isolates, rice protein, mung bean protein, canola oil, coconut oil, potato starch, apple extract, sunflower lecithin, and pomegranate powder.[45] Beef products that "bleed" are achieved by using red beet juice.[46] The products are certified as not containing genetically modified ingredients.[47] The number of ingredients and processes involved in making the products are classified as ultra-processed foods in the NOVA food classification scheme, indicating that more than five ingredients are used during manufacturing.[48]
One burger patty contains 1,100 kilojoules (270 kilocalories) of food energy, twenty grams of protein, twenty grams of fat (of which five grams is saturated fat) and one gram of salt. The protein and fat content are similar to a beef patty of a similar weight, but the salt content is "much higher".[48] Nutrition of the burger varies according to the restaurant chain in which it is served.[49]
Beyond Sausage
In December 2017, the company announced a vegan alternative to pork sausage called "Beyond Sausage".[50] The three varieties of "sausage" were called Bratwurst, Hot Italian, and Sweet Italian.[51]
Beyond Meatballs
"Beyond Meatballs," a plant-based alternative to traditional meatballs, were first introduced at Subway in 2019 through the Beyond Meatball Marinara sub.[52] In September 2020, Beyond Meat announced the rollout of Beyond Meatballs at select grocery stores across the U.S.[53]
See also
Companies portal
Food portalList of meat substitutes
References
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^ Strickland, Julie (May 7, 2013). "Fake Meat for the Masses?". Inc. Archived from the original on 6 May 2019. Retrieved 7 July 2014.
^ Wellesley, Laura (10 May 2019). "The vegetarian 'meat' aimed at replacing the real thing". Chatham House. BBC. Archived from the original on 10 May 2019. Retrieved 10 May 2019.
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^ Meredith Kile (15 January 2014). "Need to Know: Tastes like chicken, made in a lab". Aljazeera America. Archivedfrom the original on 3 August 2014. Retrieved 7 July 2014.
^ Patrick J. Hurley (June 27, 2014). ""Beyond Meat," the Mizzou-Creared Faux Chicken That Fooled the New York Times". Riverfront Times. Archived from the original on 16 July 2014. Retrieved 7 July 2014.
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^ Watson, Elaine (29 June 2018). "Beyond Meat triples manufacturing footprint". foodnavigator-usa.com. William Reed Business Media. Archived from the original on 19 February 2020. Retrieved 7 July 2018.
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^ "Beyond Meat®". Tim Hortons. Archived from the original on August 18, 2019. Retrieved August 26, 2019.
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^ "Beyond Meat signs deal to open production facility near Shanghai". Reuters. 2020-09-08. Archived from the original on 2020-09-08. Retrieved 2020-09-09.
^ Watson, Elaine (3 February 2020). "Beyond Meat hits back at former co-manufacturer as shareholders file lawsuit: 'We simply couldn't get Don Lee Farms to meet our standards'". foodnavigator-usa.com. Archived from the original on 27 April 2021. Retrieved 28 August 2020.
^ Beyond Meat Sued by Former Partner Don Lee FarmsArchived 2019-04-26 at the Wayback Machine, Specialty Food News 03/11/2019, accessed April 25, 2019
^ Genovese, Daniella (2019-10-21). "Dunkin' announces nationwide rollout of Beyond Sausage Sandwich". FOXBusiness. Archived from the original on 2019-10-21. Retrieved 2019-10-21.
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^ Sanchez, Kait (2021-02-02). "McDonald's is testing the 'McPlant' burger in Denmark and Sweden". The Verge. Archived from the original on 2021-02-06. Retrieved 2021-02-06.
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External links
Business data for Beyond Meat:
Google Finance
Yahoo! Finance
Bloomberg
Reuters
SEC filings
Nasdaq
Beyond Meat website
Media related to Beyond Meat at Wikimedia CommonsCategories:
Companies based in El Segundo, California
Food and drink companies based in California
Food and drink companies of the United States
American companies established in 2009
Food and drink companies established in 2009
2009 establishments in California
Meat substitutes
Vegetarian companies and establishments of the United States
Companies listed on the Nasdaq
2019 initial public offerings
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