Beyond Meat founder and CEO Ethan Brown has said the alternative meat giant is aiming to underprice beef within the next three years.
“I set two years ago a goal of being able to underprice animal protein […] I think that’ll happen to beef.”
The first publicly listed plant-based meat company has been at the forefront of the industry since its launch in 2009 and has partnered with major brands including McDonalds, Whole Foods and KFC. Last week Beyond announced the relaunch of its chicken product, Beyond Chicken Tenders, which rolled out into around 400 food service locations across the USA.
While Brown admits that the company is not yet able to underprice animal protein, he is confident Beyond Meat’s “efficient” business model will allow it to compete in the future. “I set two years ago a goal of being able to underprice animal protein, in at least one category, within five years,” Brown said. “I think that’ll happen to beef.”
Beyond’s plant-based meat products are projected to bring in more than $500 million in worldwide sales this year. With the goal to become a “global protein company,” Brown is targeting parity with the larger protein companies, which are generating upwards of $40 billion in revenues.
“It’s a ubiquitous presence we’re most after—that you can go into a McDonald’s and get a Beyond product, or KFC, Taco Bell, Pizza Hut, and it is seamless for people who want to transition toward a plant-based meat,” Brown said. “We have to make the product indistinguishable from animal protein. We have a lot of miles left before we get there.”