Beyond Meat prices are set to be lowered in a bold move from the vegan brand that creates plant-based meats. This is aimed at filling in the lack of meat on grocery shelves and helping families to save money each week.
Due to the COVID-19 outbreak slaughterhouses have been disrupted and forced to close, with over 5,000 meat industry workers testing positive for the disease. Beyond meat is providing consumers with a meat alternative that might soon become cheaper than non-vegetarian meat.
Fast-food chains such as Wendy’s have removed beef from its menu at some locations and other retailers such as Costco, Sam’s Club, and Kroger have begun putting limits on the amount of meat customers can buy.
Beyond Meat CEO Ethan Brown said, “Our biggest focus is to provide solutions for consumers as they have meat disruptions”. “There is an opportunity for consumers to be aware of a different [protein] model. There are more opportunities to be relevant to customers.” during its most recent earnings conference call this week.
Brown also reported Beyond Meat’s prices could afford to come down, as net revenue had increased to $97.1 million during the first quarter of 2020 which is a 141% increase from its net revenue of $40.2 million during last year’s first quarter.
“I am proud of our first-quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis,” Brown said. “During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement.”