Beyond Meat is introducing a one-pound plant-based ground beef called Beyond Beef. The new product is supposed to challenge the United States’ biggest competitor in the meat department, which is ground beef.
Shares of Beyond Meat were up more than 10% in early trading Monday as the company announced their new product. Now, Beyond Meat shares are up more than 550% since the company’s IPO in early May.
Furthermore, Beyond Meat’s focus on partnerships with restaurants could benefit the company further. Similar to Impossible Foods’ partnership with Burger King to launch the Impossible Whopper, Beyond Meat’s stock price could see a boost up to 30% if it were to secure a partnership with McDonald’s, analysts at JPMorgan said.
When Tim Hortons announced that Beyond breakfast sandwiches would be available across Canada, it sent the company’s stock up as much as 16%.
The “ground meat” is made from a blend of pea, mung bean, and rice proteins and contains 25 percent less saturated fat than real beef. Aso, Beyond Beef has 20 grams of protein per 4-ounce serving with a “fibrous texture” similar to beef. The company also claims that the plant-based ground beef is “versatile enough to be used in any ground beef recipe” and can be used to make your usual meatballs or for toppings in your tacos.
Beyond Beef will be offered at the Whole Foods Market in Boulder, Co., where the first Beyond Meat product was first sold at a grocery store.
“We wanted to get back to our roots and show our appreciation to the place where it all began with a little sneak preview,” the company wrote on Instagram. “…Come be among the first to try this delicious new product that delivers the versatility, meaty texture and juiciness of ground beef with less of the baggage!”
