BeyondMeat, a company that produces plant-based meat such as burgers and chicken strips, is developing similar substitutes for bacon and steak. The company is doing so in a new and bigger facility as demands for their products rise.
The latest bacon and steak products are part of the company’s goal of expanding its portfolio and long-term innovation efforts. Currently, however, the two products do not have a release date yet but are well in the process of development.
“We are constantly focused on improving our existing product lines, and secondarily, we have a series of products that are more future-oriented — we talked about it a little bit today, bacon,” Beyond Meat founder and CEO Ethan Brown tells an outlet.
Brown added that the company would inevitably take on more products into development and provide a satisfactory substitute to the conventional meat products. “It’s no mystery we are going to be going after things like steak — but those are long-term projects.”
Recently, it pulled its chicken strips from the market because they want to develop that certain product more. To make it taste and feel more authentic. Even their widely praised burger patties are consistently being developed to meet customer expectations.
Particularly, BeyondMeat’s entire marketing campaign revolves around the idea that meat-lovers can still enjoy all the best things about it such as flavor, texture, and even the aroma but without all the negative side effects those products.
Primarily, BeyondMeat’s plant-based substitutes are certainly healthier choices for most people because they are 100% made from natural resources that are meant to mimic all the characteristics that make meat the way it is.
Furthermore, vegetarians or people who refuse to eat any form of poultry can indulge themselves in these products without affecting their conscience or changing their diets.
Secondly, BeyondMeat has a goal of reducing man-made damage to the Earth. Particularly, the poultry industry causes way too much pollution just from raising animals such as pork, chicken, or beef. There’s also the costs and impact of feed production for said animals.
“We are seeing a record number of consumers expressing interest in a broader set of protein choices; to these consumers, it is our brand promise to enable them to eat what they love, from burgers to sausage, while feeling great about related health and environmental implications,” Brown said.
Now that the consumer market is recognizing that BeyondMeat can actually serve as a practical and satisfactory replacement to their loved meat products, the company is ramping up its development and production.
Particularly, Beyond Meat’s products have consistently seen an uptake in consumer demand. The fake meat company reported sales of $40.2 million in the first quarter — up 215% from the same period a year before.
In order to meet those demands, BeyondMeat is expanding to a new lab in El Segundo, California, in a bid to increase its development capacity. The new lab will add an additional 26,000 square feet of Research and Development space – where it hopes to create new, innovative products.
“The new facility will house more than 100 employees, and is the new home to Beyond Meat’s Manhattan Beach Project, the company’s on-going initiative to bring the best and brightest scientists, engineers, food technologists, chefs, and researchers together in service to a single goal: perfectly build a piece of meat directly from plants,” a company statement said.
On Wednesday, it announced a partnership with Dunkin’ Brand Group, which involves both Dunkin Donuts and Baskin Robins, to sell a breakfast sandwich featuring a Beyond Meat sausage in Manhattan.
Shares of Beyond rose 2.5% in afternoon trading following the Dunkin’ announcement. The stock hit an all-time high of $208.48 on Tuesday ahead of its earnings report, slated for Monday.
Other than its sausage products, the new lab will also be the home of where development will take place for their bacon and steak products.
Bacon was found on 68.1% of fast-food menus in 2018, according to a statistic report. Meanwhile, sales to restaurants made up $20.6 million of Beyond’s revenue during its first quarter. So it is likely that the company will also target that demographic with the goal of increasing revenue.
“The expansion of the Manhattan Beach Project here in Los Angeles reflects our belief that building meat from plants is an opportunity of global importance,” Brown said regarding the company’s expansion.
He also compares the company’s efforts as “one that is deserving of investment levels consistent with what you’d find in alternative energy or health sciences, sectors with which we certainly share common goals.”
“The new center is designed to help us fulfill that promise to the best of our abilities.”