Dive Brief:
- Beyond Meat is launching a whole muscle steak alternative that intends to mimic the taste and texture of a filet in a bid to appeal to more health conscious consumers, CEO Ethan Brown told CNBC.
- The CEO said the rollout may start out with a partnership with a “healthier restaurant chain,” in contrast to the company’s previous strategy of partnering with establishments such as McDonald’s and Dunkin Donuts.
- Since announcing a new marketing strategy earlier this year, Beyond is hoping to win over consumers who previously believed its products were too processed by cutting down on its ingredient deck and focusing on its messaging to relay the benefits of a plant-based diet.
Dive Insight:
As a response to slumping sales, Beyond Meat announced a pivot to its strategy in the beginning of the year.
The plan involved price hikes, the discontinuation of its jerky product a renewed marketing effort and new recipes for products. In its reformulated burgers, for example — which launched ahead of Memorial Day — Beyond replaced its use of coconut and canola oils with avocado oil, and included plant protein like faba beans.
In August, Beyond reported its ninth straight quarter of year-over-year revenue declines as it continues to fight the woes of the plant-based meat industry. The company has also been grappling with what it says are misconceptions that its products are not healthy. The company’s sales volumes fell 14% in the April-June period on weaker retail and food-service demand in the U.S. and international markets.
In July, the company rolled out its latest of the product reformulations, “Sun Sausage,” which is the plant-based pioneer’s first offering that doesn’t replicate beef, pork or poultry. The company created the product as its own protein that can be incorporated into other foods.
“The focus on this has been a very small number of ingredients, very high protein, very low saturated fat,” Brown told CNBC.
The company declined to comment on any details of the timing of the launches for its latest steak product.
