The newest iteration of the Beyond Burger, made with avocado oil and 20% less sodium
Source: Beyond Meat
Beyond Meat is launching a new edition of its plant-based burger in grocery stores this spring, betting that a good healthier version of its burgers will lure back consumers.
The disclosing Wednesday comes at a pivotal time for Beyond as an organization. The plant-based meat category, once buzzy, has lost consumers’ interest. Retail sales of meat alternatives had fallen 33.6% compared with a yr ago as of Jan. 28, in accordance with Circana data.
Beyond’s retail and restaurant sales have cratered consequently. Within the third quarter, its sales had dropped 29% during the last two years. So has the corporate’s market value, which has fallen to $463 million, down from a high of $14.14 billion 4 and a half years ago. The stock has fallen 60% during the last yr.
The embattled company has all the time maintained that its meat substitutes are healthier than the actual deal. But Beyond touts that the latest iteration of its beef has less sodium and saturated fat than ever before. The reformulation is the most important upgrade to its recipe because the burger originally launched in 2016, in accordance with Beyond’s CEO Ethan Brown.
“I feel the Beyond IV represents a step forward, versus an incremental step,” Brown told CNBC.
The brand new burger uses avocado oil, cutting its saturated fat by 60% to 2 grams. Beyond also slashed the sodium within the plant-based meat by 20%. The ingredient list is shorter but features other recent additions, like red lentil and faba bean protein.
“For the last several years, there have been a mix of campaigns and other efforts to attempt to poison the well, regarding the health advantages of plant-based meat,” Brown said. “Within the spirit of iron sharpening iron, we have tried to create products which can be now fully unassailable from a health perspective.”
Critics have attacked plant-based meat from Beyond and its rivals as processed and filled with chemicals. Back in November, Brown said on the corporate’s conference call that backers of the campaign to malign plant-based meat as unhealthy were likely members of the meat and pharmaceutical industries.
Beyond said that it worked with the Stanford University School of Medicine and registered dietitians, amongst other experts, to tell the event of the brand new product.
Beyond is predicted to report its fourth-quarter earnings after the bell on Feb. 27.
— Kate Rogers contributed reporting for this story.
