With meat prices on the rise, Beyond Meat seizes the opportunity.
Several meat processing plants in the United States have had to scale back or shut down operations due to the impact of the COVID-19 pandemic on workers. Consequently, the prices of conventional meat products have been steadily increasing over the past few months. According to the Bureau of Labor Statistics, the prices of meat, fish, poultry, and eggs went up by 3.7% from April to May, with beef and veal prices soaring by as much as 11%. With the economy still uncertain, higher prices could make it challenging for lower-income families to afford a consistent supply of meat products.
Beyond Meat, a prominent player in the growing plant-based meat industry, has identified an opportunity amidst this shortage. The company has revealed plans to launch the Cookout Classic 10-pack, a special box containing 10 Beyond Burgers, in the frozen product section of grocery stores starting next week. Apart from introducing a value-oriented product to enhance its brand presence, the Cookout Classic aims to redirect burgers originally destined for closed restaurants to consumers. Priced at $15.99 for the 10-pack, each Beyond Burger patty costs approximately $1.60.
Chuck Muth, Beyond Meat’s chief growth officer, emphasized the company’s focus on winning in taste, nutrition, and price to drive success. He stated to CNN, “If we can excel in these three areas, we believe there is a significant opportunity to shift consumers from animal-based to plant-based meat.”
Besides the value pack, Beyond Meat has revealed plans for a new online platform where customers can directly purchase their products. The website is expected to launch sometime this summer.
