Yesterday, Beyond Meat announced slightly disappointing quarterly results. Alongside these results, the producer of meat alternatives announced new deals with McDonald's and Yum!, the owner of KFC and Taco Bell, among others.
Beyond Meat saw revenue rise by 3.5 per cent to 101.9 million dollars (84 million euros) in the last quarter. The adjusted net loss was 21.4 million dollars (17.6 million euros), substantially higher than the 452,000 dollars (373,000 euros) in the same period last year. It meant that the company's performance in the closing quarter was significantly weaker compared to the rest of the year. For the full year, sales increased by almost 37 per cent.
"The surge in demand from retail customers that characterized the early stages of the pandemic as consumers abruptly shifted towards more at-home consumption has moderated," is how Beyond Meat clarifies the decline. MarketWatch also points to increasing price pressure from major competitor Impossible Foods. For the third time in less than a year, the industry peer recently cut its prices significantly.
Collaborating with various partners
Shortly after Beyond Meat published its results, the company also announced two new partnership agreements. For the next three years, the American meat substitute manufacturer will be McDonald's preferred supplier for a new, plant-based burger. Those will get tested worldwide in several markets served by the fast-food chain. Both parties also want to develop new plant-based products together, including alternatives to chicken, pork and eggs.
Also, Beyond Meat has signed a deal with Yum! to co-create plant-based menus for fast food chains KFC, Pizza Hut and Taco Bell. Last month, Beyond Meat and PepsiCo also announced a partnership to develop plant-based snacks.