After Beyond Meat’s successful IPO on 1st May, the now world-famous plant-based meat producer has now reached another record high.
The price per share at the time of the IPO was USD 25. By the end of the first day, the price had already reached USD 65.75. Now, a good four weeks later, Beyond Meat has reached a new record high with a price of USD 138 per share.
The company’s way above-average performance, which has exceeded the expectations of most analysts, is attributable to its recently reported quarterly results.
Whilst losses rose by 16% from USD 5.7 million to USD 6.6 million, sales increased by 215% to USD 40.2 million. This result has also exceeded the expected figure of USD 38.9 million. 49% of sales were generated by food retailers and 51% by fast food restaurants.
Both in the USA and internationally, demand is rising steadily. Last week, Lidl offered the Beyond Burger as a promotional item. Within a few hours it had already sold out, to the annoyance of many customers. In order to meet increasing demand, the first European factory is to be built by 2020 in the Netherlands.
Beyond Meat’s products are not just aimed at vegetarians and vegans, but also at people who want to consciously reduce their meat consumption. It is estimated that the market for plant-based meat alternatives (and Clean Meat) will be worth up to $400 billion by 2030.