The well-known American vegan food manufacturer Beyond Meat has, according to a CNBC report, begun to hire various investment banks for a future IPO. The planned IPO (Initial Public Offering) will be the first public offering by an innovative new company producing vegan and vegetarian meat products.
According to anonymous sources, Beyond Meat has commissioned the banks J.P Morgan, Goldman Sachs and Credit Suisse to push ahead with the IPO. As the talks took place behind closed doors, it has not yet been possible to determine what valuation Beyond Meat will seek when it goes public.
The resounding success of Beyond Meat is a good example of the changing market landscape and the changing dietary needs of customers. The company has been able to expand in a very short period of time, partly thanks to numerous investors such as Bill Gates, Leonardo DiCaprio and Tyson Foods. Other alternative producers such as Impossible Foods and Dean Foods have also taken advantage of increasing public awareness of the potential health risks and environmental problems associated with meat consumption to successfully market their innovative products.
The meat processing industry currently generates sales of almost 30 billion US dollars a year and grew by 2 percent last year, whilst the meat alternatives industry grew by 22 percent to 1.4 billion US dollars, according to the Euromonitor data service.
Beyond Meat was founded in 2009 in Los Angeles by CEO Ethan Brown. Its products are sold in more than 32,000 grocery stores, restaurants and other outlets in the US, and it is now expanding internationally.