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There will be accelerated growth over the next three to five years in not only plant-based meat but also plant-based snacks and beverages.
“There are a lot of companies that are reverse engineering our work…and
trying to come up with similar type products. It’s going to be like chasing
a shadow…” – Chuck Muth, Beyond Meat.
Beyond Meat’s Chief Growth Officer, Chuck Muth discusses Beyond Meat’s
expansion to China and Europe and the future of plant-based meat
consumption. During Covid-19, the Beyond Meat restaurant business has been
struggling but their retail business has been thriving.
Chuck views China as a great opportunity to expand Beyond Meat because of
their high growing middle class, high growing economy, and the fact that
they are a big animal eating country. Beyond Meat products in some Starbucks
locations in China where they have sit-down meal options. Beyond Meat is
aware that there are a lot of companies, not just in China but throughout
the world, that are reverse engineering their work and trying to come up
with similar products. Chuck believes it’s going to be like chasing a shadow
because by the time these other companies have reverse engineered their
former product, Beyond Meat will have already moved on to something bigger
and better.
Beyond Meat sausages
The core of Beyond Meat’s ingredients and products are only produced by their company and, even if it expands to China, that will continue. The Chinese government has been overall supportive of Beyond Meat and Chuck understands that the Chinese consumer is very different from the western consumer. Chinese consumer diets are different, the way they communicate is different, and the way they shop is different. Along with China, Beyond Meat has worked on expanding to parts of Europe as well and they now have a production plant in Holland that is going to come online later this year. Beyond Meat decided on the Netherlands for production in Europe because it is a centrally located business friendly country.
Ethan Brown, CEO/Founder of Beyond Meat
The number one priority for Beyond Meat is taste and making sure that
taste continues to improve. The company is consistently working on improving
nutritionals and they are trying to bring the price down to the level of
meat or below. Chuck states, “In the next four years, Beyond Meat will be as
or if not more affordable than at least one animal product, most likely
beef.”
Animal slaughterhouses have become so dangerous for workers and many have
recently had to shut down which has opened a door for Beyond Meat. Chuck
says Beyond Meat are reducing costs while animal meat is getting more
expensive because of factory shutdowns. Grocery stores are very thankful for
companies like Beyond Meat during these meat shortages and Chuck says Beyond
Meat has always had a good relationship with retailers. Initially the
grocery stores were just selling Beyond Meat products but because of their
success other competitors are now out there selling their own plant-based
meat products. This allows for more of a variety for consumers.
Chuck believes all major meat companies will eventually be offering
plant-based alternatives which for him is a sign of the times that things
are changing. Covid-19 is sending real signals to people to have them
rethink their diets and ways they can better their health. Chuck mentions
how the individual really can make a difference by choosing to eat
plant-based foods.
Beyond Meat has also been able to help frontline workers in New York City
and North Carolina during the coronavirus as well as providing free meals to
hospitals. They are keeping their brand out there as a player in the
community who wants to help others.
Chuck hints that Beyond Meat pork is coming soon and is currently in the
works. Beyond Meat is also working on steak and chicken but they are
prioritizing what comes out first. Their newest addition, the Beyond Meat
sausage breakfast sandwich, is available at Dunkin Donuts, A&W, Carl’s Jr,
and some Starbucks locations. Here is a snippet about any concerns with IP
in China.
Chuck emphasizes that the big goal is bringing Beyond Meat across the globe. Beyond Meat was lucky that it grew so quickly that they have never had a demand issue. Chuck thinks the category of plant-based meat is just beginning to explode. He predicts there will be accelerated growth over the next three to five years in not only plant-based meat but also plant-based snacks and beverages. Chuck says if you can live on a whole food diet that is the most important thing. Chuck considers Beyond Meat to be a great transition comfort food that is processed with all natural ingredients so there are no GMOs and no soy. It is certainly a healthy step in the right direction for anyone looking to switch to a plant-based diet.
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