Beyond Meat is a purveyor of plant-based meat substitutes that creates products imitating chicken, pork, and beef.
The company was founded in 2009 by Ethan Brown and is headquartered in El Segundo, California.
Beyond Meat sells its products to customers through grocery stores and has partnerships with restaurant chains.
The company is one of the most popular, and growing, vegan companies.
Over 450 employees are working for Beyond Meat and their products are sold in many territories around the world.
The company is listed on Nasdaq under the ticker symbol BYND and is included in the Russell 1000 component, a stock market index.
The company has reported revenue of $406.8 million in 2020.
Beyond Meat’s first product was the chicken-free strips which were released in 2012.
The company signed a contract with Whole Foods which saw its plant-based products stocked across America.
Walmart has begun to stock Beyond Meat and the company has expanded internationally through partnerships with Tesco in the UK and Tim Hortons in Canada.
Beyond Meat’s Biggest Competitors
Beyond Meat is a fast-growing food company and stands out among the vegan foods industry.
It has developed a wide range of well-received products that offer an alternative to meat.
The company has two main divisions that bring in the bulk of its income.
The first is its retail sales through partnerships with Whole Foods, Walmart, Tesco, Kroger, and Albertsons.
Beyond Meat is a recognizable brand and is popular internationally thanks to these partnerships.
Alongside its retail offering, the company provides wholesale solutions to restaurants and food service outlets.
This part of the business is growing rapidly as more companies look to offer vegan options on their menu.
The vegan lifestyle is on the rise so Beyond Meat can secure contracts to deliver their meat alternative.
Its beef-free patties and sausages are particularly popular.
Some fast food brands that sell Beyond Meat include A&W Canada, Del Taco, Bareburger, and Dunkin’ Donuts.
Now let’s take a look at some Beyond Meat competitors and alternatives:
- Impossible Foods – A plant-based company known for its bleeding burger.
- Cargill – A food corporation that has recently entered the plant-based market.
- Incogmeato – The plant-based business developed by Kellogg’s
Beyond Meat Competitors: Impossible Foods
Impossible Foods was founded in 2011 by Stanford University Professor Doctor Patrick O. Brown.
They are located in Redwood City, California. The company is focused on providing plant-based meat substitutes and is most known for the Impossible Burger.
The plant-based burger garnered massive media attention due to its bleeding which is similar to a beef patty.
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The company has also developed plant-based pork products.
Impossible Foods is a privately held company but reported revenue of $130.1 million in 2019.
The company has 550 employees and has partnered with some top restaurants.
Burger King teamed up with Impossible Foods to create the Impossible Whopper and Little Caesars carries Impossible Foods products as well.
Beyond Meat is slightly more successful than Impossible Foods but both companies are making a name for themselves worldwide.
Beyond Meat Competitors: Cargill
Cargill is a food corporation that has been supplying meats and other foodstuffs since 1865.
It is the largest privately held corporation in the United States with over 160,000 employees.
Beyond Meat’s aim is to draw people away from meat products and over to plant-based proteins.
Cargill is well known for its meat products, particularly its animal proteins and ground beef.
The company has recently entered the plant-based market and is now in direct competition with Beyond Meat.
Cargill’s decision to start developing and selling plant-based products demonstrates how public sentiment is changing.
The vegan lifestyle is becoming increasingly popular and is a lucrative business.
Cargill reported total revenue of $114.695 billion in 2018 with an operating income of $3.204 billion.
The company is one of the largest food companies in the world. Their entry into the plant-based meat business is going to help the market grow.
Beyond Meat Competitors: Incogmeato by Kellogg’s
Kellogg’s is most well known for its cereals, which have been sold since 1906.
Over the years the company has developed many beloved brands including Corn Flakes, Pringles, Krave, and Cheez-Its.
The company operates in 180 countries and its headquarters are located in Battle Creek, Michigan.
Through its MorningStar Farms subsidiary, the company has started to produce meat-free products under the Incogmeato brand.
The products it produces include chicken-free tenders, nuggets, and plant-based patties which are made from soy.
Kellogg’s is publicly traded and listed on the New York Stock Exchange under the ticker symbol K.
It is included in the stock market index S and P 500 component.
Kellogg’s had reported revenue of $13.547 billion in 2018 with an operating income of $1.706 billion.
The company has begun marketing itself as ‘the Original Plant-Based Well Being Company’ in an effort to capitalize on current trends.
Its foray into plant-based meat substitutes directly competes with Beyond Meat and offers consumers a wider range of choices.
Beyond Meat’s Advantage
Beyond Meat tastes better than most other plant-based meat substitutes.
This is because their product has been in development for longer than anyone else.
Companies like Cargill’s and Kellog’s will need to invest heavily in research and development to create a product that matches Beyond Meat’s quality.
This is an investment they may not be ready to make as veganism is still a small (although growing) market.
Beyond Meat also enjoys brand loyalty as vegans appreciate the efforts it takes to introduce a genuine meat substitute to market.
Since there are not too many competitors in the industry Beyond Meat takes a comfortable lead.
Beyond Meat Competitors and Alternatives: Final Thoughts
Vegan and vegetarian lifestyles are on the rise around the globe.
Genuine meat substitutes are highly sought after at both the retail level and in restaurants.
Beyond Meat is well-positioned to capture this growing market. The brand is easily recognizable and is trusted by consumers.
Therefore it is an attractive partner for restaurants that want to offer quality plant-based products.
Beyond Meat will need to keep creating new products and ensuring their products taste as good as the real thing.
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