Beyond Meat

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Beyond Meat
Public
Traded asNASDAQ: BYND
IndustryFood
Founded2009; 10 years ago (2009)
FounderEthan Brown
Headquarters
El Segundo, California
RevenueUS$33 million (2017), 87.9 million 2018[1]
Websitebeyondmeat.com

Beyond Meat is a Los Angeles-based producer of plant-based meat substitutes founded in 2009 by Ethan Brown. The company's products became available across the United States in 2013.[2][3][4] In May 2016, it released the first plant-based burger to be sold in the meat section of grocery stores, on an international basis.[5] The company has products designed to replace chicken meat, beef, and pork sausage.

History

Burger in a restaurant in Israel

The company was founded as a California-based startup by Ethan Brown in 2009.[6] The company has received venture funding from Kleiner Perkins Caufield & Byers, Obvious Corporation, Bill Gates, Biz Stone, the Humane Society[7][8] and Tyson Foods.[9] The company began selling its chicken-free mock chicken products in Whole Foods supermarkets across the US in April 2013.[10][11] In 2014 it developed a beef product.

The People for the Ethical Treatment of Animals named Beyond Meat as its company of the year for 2013.[12][13]

Tyson Foods purchased a 5% stake in Beyond Meat in October 2016.[14] It sold its 6.5% stake and exited the investment in April 2019, ahead of the company's initial public offering.[15]

In June 2018, the company opened its second production facility in Columbia, Missouri, resulting in a three-fold increase of the company's manufacturing space.[16] The company also claimed to have 27,000 different points of distribution for their products in the United States.[17] In July, the company was rolling out their products to 50 international markets, partnering with Tesco in the UK and A&W in Canada.[18]

In March 2019, Don Lee Farms filed a civil suit against Beyond Meat. Don Lee alleges breach of contract, and further charges the company with problems "regarding inadequate food safety protocols."[19]

Beyond Meat is valued[when?] at about $3.8 billion and had 2019's best first day[when?] for an initial public offering in the U.S.[20] After the $25 IPO price of the stock tripled within three days, for a value of 4.4 billion.[1]

In Canada, cattle producers have registered a complaint with the Canadian Food Inspection Agency (CFIA), stating that Beyond Meat has no right to advertise their product as "plant-based meat" because the term meat is "reserved" for animal products and it doesn't apply to vegan products. The CFIA defines meat as "carcass derived from an animal."[21] The North American Meat Institute, which represents meat makers also have voiced the same concern with the statement "A beef patty is one natural ingredient: beef."[22]

Products

The company develops and manufactures a variety of plant protein-based food products. The vegan meat substitutes are made from mixtures of pea protein isolates, rice protein, mung bean protein, coconut oil, and other ingredients like potato starch, apple extract, sunflower lecithin, pomegranate powder, etc. with a range of vitamins and minerals.[23][24] The ingredients are 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] However, an obesity expert at the University of Ottawa cautions the public to not be fooled into thinking that these are a nutritionally healthier alternative, as the saturated fat content is similar to beef burgers and they contain higher sodium levels.[25]

As of 2014, the company's product offerings consisted of Beyond Chicken and Beyond Beef.[26] The company's two flavors of imitation ground beef product are made from pea proteins, canola oil, and various seasonings.

The Beast Burger, the first burger patty, released in 2015

The company announced in 2014 that it had begun development and testing of a new product called The Beast. The vegetable protein-based burger patties were taste tested by The New York Mets during a pregame event.[27] [28] The vegan and soy-free burger patty The Beast was released in February 2015.[29][3][26]

The Beast Burger was officially promoted as vegan burgers, soy-free, and contain 23 grams of protein in addition to antioxidants, iron, calcium, Vitamins B6, B12 & D, Potassium, DHA Omega-3s, and ALA Omega-3s[30][31]

In May 2016, the company released the first plant-based burger to be sold alongside beef, poultry and pork in the meat section of the grocery store.[32]

The burger contains 20 grams of protein and has no soy, no gluten, no cholesterol, and half the saturated fat of an 80/20 beef burger.[33][34] However, it contains five times as much sodium as unseasoned hamburger meat.[35]

In December 2017, a vegan alternative to pork sausage, Beyond Sausage, was announced.[36] The three varieties of "sausage" were called Bratwurst, Hot Italian, and Sweet Italian. [37]

See also

References

  1. ^ a b Aaron Back (May 7, 2019). "Beyond Meat Has Lessons to Serve Up". Heard on the Street. Wall Street Journal. p. B1.
  2. ^ Tom Foster (2013-11-18). "Can Artificial Meat Save the World". Popular Science. Retrieved 7 July 2014.
  3. ^ a b Flanagan, Graham (7 July 2014). "This Fake Meat Is So Good It Fooled Whole Foods Customers For 3 Days". Business Insider. Retrieved 7 July 2014.
  4. ^ Strickland, Julie (May 7, 2013). "Fake Meat for the Masses?". Inc. Retrieved 7 July 2014.
  5. ^ Wellesley, Laura (10 May 2019). "The vegetarian 'meat' aimed at replacing the real thing". Chatham House. BBC. Retrieved 10 May 2019.
  6. ^ Marc Gunther (Oct 3, 2013). "Beyond Meat closes in on the perfect fake chicken, turns heads, tastebuds". Fortune. Retrieved 7 July 2014.
  7. ^ Darrell Etherington (May 7, 2013). "We're 80% of the way to fake meat that's indistinguishable from the real thing". TechCrunch. Retrieved 7 July 2014.
  8. ^ "Where's the beef? Not in these new plant-based burgers". USA TODAY.
  9. ^ "Tyson Foods Invests in Beyond Meat". 10 October 2016.
  10. ^ Farhad Manjoo (Jul 2012). "Fake Meat So Good it Will Freak You Out". Slate. Retrieved 7 July 2014.
  11. ^ a b Alton Brown (Sep 2013). "Tastes Like Chicken". Wired. Retrieved 7 July 2014.
  12. ^ Lulu Chang (Feb 7, 2014). "Meet the man behind "Beyond Meat" plant-based protein substitute". cbsnews. Retrieved 7 July 2014.
  13. ^ Jane Black (Feb 2, 2014). "43. Beyond Meat". Fast Company. Retrieved 7 July 2014.
  14. ^ Strom, Stephanie (10 October 2016). "Tyson Foods, a Meat Leader, Invests in Protein Alternatives". The New York Times. Retrieved 14 October 2016.
  15. ^ "Tyson sells stake in plant-based meat maker Beyond Meat". Reuters. 2019-04-24. Retrieved 2019-04-25.
  16. ^ Watson, Elaine (29 June 2018). "Beyond Meat triples manufacturing footprint". foodnavigator-usa.com. William Reed Business Media. Retrieved 7 July 2018.
  17. ^ "Beyond Meat expands its Missouri production facility". meatpoultry.com. meatpoultry.com. 29 June 2018. Retrieved 7 July 2018.
  18. ^ Starostinetskaya, Anna (2 July 2018). "Beyond Meat Triples Production to Keep Up with Demand". VegNews. Retrieved 7 July 2018.
  19. ^ Beyond Meat Sued by Former Partner Don Lee Farms, Specialty Food News 03/11/2019, accessed April 25, 2019
  20. ^ "Beyond Meat Just Had the Best IPO of 2019 as Value Soars to $3.8 Billion". Fortune. 2019-05-02. Retrieved 2019-05-07.
  21. ^ https://www.cbc.ca/news/canada/montreal/quebec-cattle-beyond-meat-1.5134951
  22. ^ https://www.cbc.ca/news/health/meatsplainer-beyond-burgers-1.5125971
  23. ^ https://www.barrons.com/articles/beyond-meat-impossible-foods-ipo-burgers-51557847286
  24. ^ Stephanie Strom (April 2, 2014). "Fake Meats, Finally, Taste Like Chicken". New York Times. Retrieved 7 July 2014.
  25. ^ https://www.cbc.ca/news/health/meatsplainer-beyond-burgers-1.5125971
  26. ^ a b Jacob Barker (Aug 7, 2012). "Chicken substitute to be made in Columbia". Columbia Tribune. Retrieved 7 July 2014.
  27. ^ Sarah Nassauer (2014-06-25). "Meatless Burgers Make Their MLB Pitch". The Wall Street Journal. Retrieved 7 July 2014.
  28. ^ "Beyond Meat Pitching Beast Burger to Big Leagues". VegNews. 7 July 2014. Retrieved 7 July 2014.
  29. ^ Haber, Matt (April 9, 2015). "How Long Before Silicon Valley Can Produce Fake Meat That Tastes Like Real Meat?". New York Magazine. Retrieved April 16, 2015.
  30. ^ Angle, Sara and Rachel Schultz (February 13, 2015). "Beyond Meat's High-Protein Veggie Burger Is the Best Thing to Ever Happen to Vegans". Shape Magazine. Retrieved April 16, 2015.
  31. ^ Joiner, James (January 15, 2015). "The Veggie Burgers With Meaty Ambition". The Daily Beast. Retrieved April 16, 2015.
  32. ^ Strom, Stephanie (2016-05-22). "Plant-Based, the Beyond Burger Aims to Stand Sturdy Among Meat". The New York Times. ISSN 0362-4331. Retrieved 2016-10-27.
  33. ^ "The Beyond Burger™ | The Beyond Burger™ | Beyond Meat - The Future of Protein™". www.beyondmeat.com. Retrieved 2016-10-27.
  34. ^ "Beyond Meat - The Future of Protein™". Beyond Meat company website. 2017. Retrieved 2017-04-18.
  35. ^ Lemonier, Gabrielle (2017). "Great-Tasting Veggie Burgers are Here, But Are They Any Healthier?". Men's Journal. Retrieved 2017-04-18.
  36. ^ Kowitt, Beth (18 December 2017). "Food Tech Startup Beyond Meat Is Rolling Out a Plant-Based Sausage". Fortune. Retrieved 26 December 2017.
  37. ^ Minton, Melissa (18 December 2017). "Beyond Meat Debuts First Plant-Based Sausage in Three Flavors". Bon Appetit. Retrieved 26 December 2017.

External links

Media related to Beyond Meat at Wikimedia Commons

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