Beyond Meat’s plant-based ground meat 'Beyond Beef' to be added to select stores nationwide
Evolution VC Partners CEO and early Beyond Meat investor Gregg Smith argues that despite the volatility, Beyond Meat shares are not in bubble and the company is in a market with a strong growth potential.
Beyond Meat lovers will soon be able to make more meals with plant-based ground beef instead of just burgers.
The company announced Monday it’s expanding its portfolio and will be rolling out its plant-based ground meat, Beyond Beef, at select stores nationwide by the end of this month. The new product — with the suggested retail price of $9.99 per 1-pound package — provides more versatility because it can be used in a slew of meals such as Bolognese sauce and meatballs, or used to form personalized beef patties for burgers.
“Beyond Beef is the first plant-based ground meat made without GMOs, soy or gluten to deliver on the versatility, meaty texture and juiciness of ground beef,” Beyond Beef said in a news release.
The package of plant-based ground beef will start hitting store shelves the week of June 24 in participating stores such as Whole Foods Market, Fred Meyer, HEB, King Soopers, Mariano’s, Ralphs, ShopRite, Sprouts, Wegmans and other retailers. Kroger in Atlanta, Ga., and Safeway locations in Northern California will also carry the item.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 5.14 | -0.16 | -3.02% |
The plant-based protein is made of a mix of pea, mung bean and rice and still has a meat-like texture for people to enjoy.
Gregg Smith, Evolution VC Partners CEO and early Beyond Meat investor, first mentioned the product on FOX Business Wednesday. The company also announced it was first adding the product at the Whole Foods Market in Boulder, Co., where Beyond Meat sold its first item.
“Their 1-pound package of ground beef is coming out. That is a huge category,” Smith told FOX Business. “If you look at the ground beef — that is the biggest seller in the meat department.”
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The announcement comes less than a week after Beyond Meat released new, meatier version of its patties with “marbling that melts and tenderizes just like beef.” Several other companies, such as Tyson Foods and Perdue, also recently released plant-based protein products to compete.