Beyond Meat (NASDAQ: BYND), a leading plant-based protein company, was featured in a recent analysis report that discussed the steady drop of adoption in the plant-based diet trend and potential future shifting. The piece discusses current pacing of -20% QoQ and -15% YoY in overall consumer mentions of following a plant-based diet as well as purchase intent mentions for BYND failing to get off the ground. While trending is down, the report, written by LikeFolio Founder Andy Swan, outlines a potential near-term increase. “BYND’s tumble has us asking ourselves: is there any sign of any light at the end of the tunnel? Perhaps…in the very near term. Here’s why: Inflation is Driving Meat Prices Higher – Historically, one of the main obstacles to consumers trying and repeatedly purchasing plant-based meat has been elevated prices vs. real meat. Beyond and Impossible Foods have been working to improve pricing for some time. But now the scales are changing. From April 2021 to April 2022 chicken prices have risen 16.4%, beef is up almost 15%, and fish and seafood are up 11.9%. This is weighing on consumers. Food price concern mentions are at all-time highs, currently pacing more than +300% higher on a YoY basis. Meat price sensitivity mentions make up a large portion of this trend. Consumers are starting to take notice… Beyond Meat affordability mentions have risen by +14% YoY. Bottom Line: The plant-based meat industry (and BYND specifically) has an opportunity to tempt would-be buyers with price parity for the first time in the company’s history. But, it’s up to the company to keep any new consumers around and manage internal supply chain pressures effectively. We’ll be monitoring BYND demand long-term to see if the company can capitalize.”
About Beyond Meat Inc.
Beyond Meat is a leading plant-based protein company offering a portfolio of revolutionary plant-based protein made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as traditional animal-based meat while being better for people and the planet. Beyond Meat’s brand commitment, Eat What You Love(TM), represents a strong belief that there is a better way to feed the future and that the positive choices everyone makes, no matter how small, can have a great impact on personal health and the health of the planet. Shifting from animal-based meat to plant-based protein can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of March 2022, Beyond Meat had products available at approximately 135,000 retail and foodservice outlets in over 90 countries worldwide. For more information, visit www.BeyondMeat.com.
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