Beyond Meat is planning to launch a sliced steak product later this year, marking the brand’s first venture into whole-muscle meat alternatives, reports The Wall Street Journal. According to CEO Ethan Brown, the new steak will first be available in retail stores, followed by a restaurant debut.
“One of our best products to date”
“One of our best products to date”
Intended to recreate whole pieces of meat, the product would be a major advance for Beyond Meat, whose product line has previously been restricted to ground or minced foods like burgers, sausages, chicken tenders and meatballs. “It’s probably one of our best products to date,” Brown said at WSJ’s Global Food Forum.
The steak may also provide a much-needed boost to Beyond’s lagging stock market performance, which has reported considerable losses in recent quarters due to increased investment in operations, additional pressure from competing brands, and slowing demand for its products.
In 2022, the brand continued to expand its product lineup and distribution by launching Beyond Meat Jerky and rolling out meatballs and chicken tenders to thousands of new retail locations. The company also made inroads in Asia by introducing specialty plant-based lunch boxes and pork sauces in China. This spring, Beyond launched at ultra-popular burger chain Slutty Vegan, and welcomed global social media icon Kim Kardashian as its latest brand ambassador.
Streamlining operations
To improve the company’s profit margins, Beyond executives say the brand is reorienting its jerky production and consolidating operations, which will help lower related transportation costs. Despite ongoing market uncertainties, Brown is confident in Beyond’s long-term success. “I don’t think in quarterly terms, I don’t think in annual terms, I think in a longer-term perspective and we will deliver on this, I am absolutely certain,” he commented.
