When Beyond Meat went public in 2019 in an initial stock offering that saw its shares nearly triple in price, it seemed to confirm that plant-based meats had arrived. The food technology, capable of converting beans into something approaching meat in taste and appearance, caught the imagination of the public, restaurant chefs and media alike. Deals with fast-food chains and soaring sales during the pandemic seemed to only underscore how a once-fringe idea had gone mainstream.
But those heady days are over as industry sales have fallen amid concerns about the healthfulness of plant-based meat, a sticker price that remains higher than a basic burger — and the fact that the product still only approximates the real thing. "We thought we were just gonna go from our meteoric rise into the mainstream and not have to deal with this cycle that we're in," said Beyond Meat founder and Chief Executive Ethan Brown, in an interview at the company's new El Segundo offices. "The trough has been a difficult place to be the last couple of years.
" Beyond Meat and Beyond Burger patties made from plant-based meat substitutes sit on a shelf for sale Nov. 15, 2019, in New York City. Now the company is betting it can turn around its fortunes with a newly formulated burger that it says not only is a big leap in taste, but has won the seals of approval of leading health and nutrition organizations.
"I give credit where it's due. I think they've made some clear improvements in the ingredients and nut.
