After several years of ‘almost success’, the sector pioneer of plant-based meat substitutes has taken an abrupt turn to the left. Beyond Foods has ‘pivoted’ from its core business to seek a share of the straight-up plant-based protein market…
Market ‘just not there’
“The future seemed bright for Beyond Meat in 2019 when it launched one of the most successful IPOs of the decade, scoring the fake meat-maker a market value of $3.77 billion,” food blogger Ayomari Allen writes. “That same year, Impossible Foods was named the fourth fastest-growing brand by Morning Consult, a global, AI-powered company that specializes in consumer insights.
“By 2022, however, sales of alt-meat and seafood stalled, according to The Good Food Institute, and in 2023, they began a decline that still continues today.”
Cross purposes?
Beyond Meat CEO Peter McGuinness told Semafor’s World Economy Summit last year that plant-based meat was, ‘not in vogue right now’. But that he insisted he had no plans to giving up on the US market. He cited the current backlash against meat substitutes, saying his industry’s original market-ing approach alienated potential consumers by making them feel inferior. “You don’t get them to try your product by insulting them.”
At the same time, plant-based meat substitutes have come under fire as ‘ultraprocessed’. That’s true, notes the Harvard T.H. Chan School of Public Health in a recent report, saying the products, “have come under greater scrutiny for links to poorer health.” A question persists in the collective consum-er mind whether the benefits of plant-based meat substitutes outweigh the drawbacks.
What next?
So… Beyond Foods has struck up a new partnership with plant protein entrepreneur Equii have formed a ‘strategic partnership’ to add protein-forward select grain-based breads and pastas to the Beyond lineup.
“Protein shouldn’t stop at the patty. And now it doesn’t have to. Imagine having a burger where you can get meaningful protein from both the patty and the bun, bringing even more nutri-tional value – it’s not impossible,” McGuinness said. (Possible sarcastic reference to arch competitor Impossible Foods noted…)
Immersion therapy…
Beyond has already dipped a toe in the straight-up protein foods market, launching a new line of protein-fortified fruit-flavoured ‘replenishing’ beverages. Beyond Immerse débuted in Mango, Lemon Lime, and Orange Tangerine flavours, with more waiting in the wings…
“Our intent is simple: immerse the consumer in the remarkable nutrition of plants – from protein to fibre, with the addition of antioxidants and electrolytes – all in a single refreshing and satisfying 12 fl oz / drink,” Ethan Brown, founder and CEO of Beyond Meat, said in a news release.
My take
I’ve always thought plant-based meat substitutes were an iffy proposition. Right from the arrival of Beyond Foods on the market, I said their success would hinge on a few key points. One was consumer acceptance of the concept. Another was consumer approval of the products themselves, based on the aesthetics – colour, flavour and texture. And the third – perhaps most critical to getting the mass-es to try plant-based ‘meats’ in the first place, was a price significantly lower than that of their real-meat counterparts.
At this juncture… Only lab-grown meats have managed to begin to conquer the aesthetic challenges facing ‘evolved’ proteins. Dare I make a new prediction? Companies such as Beyond and Impossible will segue completely into the straight-up protein foods business, and abandon their quest for a satisfactory, profitable plant-based meat substitute…
~ Maggie J.