Tyson Foods, an early investor in Beyond Meat, announced Monday on its quarterly conference call that it would roll out its own meatless products this summer.
The Jimmy Dean owner sold its stake in Beyond before the company went public, citing its desire to produce vegetarian meat substitutes under its own umbrella of brands. CEO Noel White told analysts on the quarterly conference call Monday that the plant-based product will launch this summer on a limited basis, with a wider roll out in October and November.
Following the Tyson's announcement, Beyond Meat's stock opened down 6% before rebounding as high as 7% against steeper losses in the broader market., surging 163%. The stock has a market value of $3.97 billion, dwarfed by Tyson's own market value of $22.66 billion. Tyson shares gained more than 2% Monday.
Despite the difference in market value, Beyond and other makers of plant-based meat alternatives — like Impossible Foods — pose a threat to Tyson. Beyond Meat's CEO Ethan Brown told CNBC that the company is. Its gluten- and soy-free products are meant to more closely resemble and taste like meat than previous iterations of veggie burgers.
Although the number of vegans and vegetarians in the U.S. has remained relatively stable over the last decade, more Americans are trying to cut down on their meat consumption and embracing the "flexitarian" lifestyle, usually for health or environmental reasons. The U.S. meat substitute market is worth about $1.44 billion, according to Euromonitor International data. By 2023, the market is expected to grow 74% to $2.5 billion.
But it can be difficult for the upstarts to keep up with demand. Impossible Foods apologized last week for shortages, while Beyond had similar struggles in 2017 and 2018. Beyond has said that it will use some of the proceeds from its IPO to invest in its manufacturing facilities.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Burger King and Beyond Meat say plant-based burgers aren't eating into meat salesThe meat-substitute maker's customers keep buying animal protein, while the fast-food chain's Impossible Whopper hasn't eaten into Whopper sales.
Baca lebih lajut »
Beyond Meat CEO: We're focused on the meat industry, not other vegetarian optionsOn Thursday, Beyond Meat made its public market debut on the Nasdaq, trading under the symbol 'BYND.'
Baca lebih lajut »
Beyond Meat goes public with a bang: 5 things to know about the plant-based meat makerBeyond Meat, the company created by vegan Ethan Brown in 2009, has gone public to raise the money it needs to grow its line of plant-based meats.
Baca lebih lajut »
Beyond Meat wants to make traditional protein from animals ‘obsolete’Beyond Meat thinks it can make traditional animal-based meat a thing of the past.
Baca lebih lajut »
Beyond Meat CEO wants to make traditional protein from animals ‘obsolete’Beyond Meat thinks it can make traditional animal-based meat a thing of the past.
Baca lebih lajut »
Vegan burger maker Beyond Meat raises price range in upsized IPOPlant-based meat maker Beyond Meat Inc on Tuesday increased the expected price r...
Baca lebih lajut »
Tyson earnings beat expectations but African Swine Fever could have an impactTyson Foods Inc. reported fiscal second-quarter net income of $426.0 million, or $1.17 per share, up from $315.0 million, or 85 cents per share, last year....
Baca lebih lajut »
What Beyond Meat Can Teach Big FoodBeyond Meat’s shares may have soared beyond reason, but the blockbuster initial public offering still holds valuable lessons for the food industry.
Baca lebih lajut »
Let’s Talk About a Risk for Beyond Meat StockBeyond Meat’s reliance on co-manufactures and related disputes with former manufacturing partners point to a potential risk for a company that just had the best first-day IPO of the year.
Baca lebih lajut »
Beyond Meat IPO flips into FOMO territoryThe plant-based burger firm’s stock almost tripled on its market debut. The desire for food that’s tasty, green and ethical is real, and investors are clamoring for a bite. But such big first-day pops are often driven by a fear of missing out that longer-term returns cannot sate.
Baca lebih lajut »
NBA champ John Salley, an original investor in Beyond Meat, will let shares 'ride'NBA champion John Salley isn't planning on cashing out of his investment in Beyond Meat anytime soon.
Baca lebih lajut »