Beyond Meat's latest restaurant partner is Subway, which has been struggling in recent years.
Euromonitor is forecasting that the U.S. market for meat substitutes will grow to $2.5 billion by 2023. Flexitarians — omnivores who are looking to reduce their meat intake — make up 98% of buyers of meat substitutes, according to Nielsen data.
Investor enthusiasm about the growth of vegan meat alternatives and Beyond's future opportunities have sent the company's stock soaring since its initial public offering in May. Shares of Beyond, which has a market value of $9.8 billion, are up 544% since its IPO, although they have tumbled in the last weekPartnerships are also part of Subway's comeback strategy.
Subway, which is privately held, had seen years of massive expansion. During the 2008 financial crisis, the sandwich chain saw success with its $5 footlong. But newer Subway restaurants began to steal sales from nearby locations. Also, rivals likeand Potbelly appealed to customers with seemingly healthier fare, and rising commodity costs made the signature foot-long sandwich deal unprofitable.
In 2016, Subway closed more restaurants than it opened and has since accelerated the pace of closures. In 2018, it shuttered more than 1,100 U.S. locations, bringing its total number of U.S. stores to fewer than 25,000, according to franchise disclosure documents. Subway is facing multiple lawsuits from former franchisees alleging that it wrongfully terminated their franchise agreements.
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