After the hype, the reality check? Meat substitute manufacturer Beyond Meat is unable to reverse the downward spiral in its results, reporting a larger than expected loss for the third quarter in a row. The reason: the absence of a recovery in the catering industry combined with stagnating growth in retail.
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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.
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Beyond Meat and PepsiCo have formed The PLANeT Partnership. The joint venture will sell new plant-based snacks and drinks. Financial details were not made public.
McPlant is the name of a series of meat substitutes that McDonald's is developing. Among other things, the burger chain will make imitations of chicken and meat for breakfast rolls.
Despite the closure of its largest customers, Beyond Meat's quarterly sales grew by no less than 141 % to 97 million dollars (90 million euros). This summer, the producer of meat substitutes plans an aggressive growth strategy.
Fast food chain McDonald's is going to sell a plant-based burger made by Beyond Meat in a number of Canadian branches. The test will run for twelve weeks.
Kentucky Fried Chicken has started a collaboration with Beyond Meat in order to create plant-based 'chicken nuggets' and 'chicken wings'. Almost all major fast-food chains have now developed a taste for meat substitutions.
Beyond Meat, a pioneer in ‘meaty’ plant-based products, is looking for new money: after a quarter of strong growth but with increasing losses, the American food brand brings new shares to the stock market.
Meat alternatives are an as yet underdeveloped but very promising category: according to a new study, this segment could make up for ten precent of the worldwide meat market within ten years, meaning a turnover of 125 billion euros - ten times what it is today.