“This is a product that is resonating with consumers”
According to Beyond Meat, its steak ranks as the top-selling new plant-based meat in retail and recently launched at grocery chains such as Whole Foods Market, Publix, Wegmans, Meijer and Stater Bros. Markets.
The company also reveals recent data showed that 2 out of 3 households that tried Beyond Steak repurchased the product, which supports other positive feedback the product has received since its US launch last year.
In June, Beyond Steak was named “Best Plant-Based Beef” by PEOPLE Food Awards 2023 for having “the texture, chew and flavor” of real steak. The product also received a FABI (Food and Beverage Innovation) Award from the National Restaurant Association for “breaking new ground in creativity and taste”.
Good for health
In addition to awards, Beyond Steak has earned a prestigious health certification. In May, the product was certified “Heart Healthy” by the American Heart Association, which recognizes products that are low in saturated and trans fats, cholesterol and sodium.
In doing so, Beyond Steak became the first plant-based meat and first steak product to be certified by the program.
Last week, Chiron Capital Management reportedly purchased 10,953 shares of Beyond Meat at an estimated value of $178,000 in Q1 of 2023, indicating that the firm is confident in the longer-term success of Beyond Meat and the plant-based meat market.
“Leaning into this strength”
“We are pleased by all the momentum around Beyond Steak as it validates the product’s delicious taste and compelling nutritional benefits,” said AK Oghoghomeh, SVP of Global Marketing at Beyond Meat. “Recent data from a regional chain showed that more than 50% of households that bought Beyond Steak were new to the plant-based meat category and 2 out of 3 households repurchased Beyond Steak, reinforcing that this is a product that is resonating with consumers.”
He adds, “As an innovation-based company, we are leaning into this strength as we seek to bolster our position in retail and are excited to be announcing an extension to our burger platform soon.”