Story at a glance
- Beyond Meat launched its newest fake meat product on Monday, Beyond Steak.
- Like all other Beyond Meat products, the plant-based steak substitute is meant to mimic beef in taste and texture.
- Beyond Steak comes amid decline sales for the company which recently let go of 19 percent of its workforce.
Beyond Steak is now available in frozen food isles in over 5,000 Kroger and Walmart stores across the country as well as select Albertsons, Ahold Delhaize and Jewel-Osco grocery stores.
Beyond Meat, a Los Angeles-based producer of plant-based meat substitutes like the Beyond Burger, launched its new steak substitute Monday.
Like all Beyond Meat products, the steak substitute is meant to mimic real animal meat in appearance and taste but opinions appear to be divided on whether the company was successful at that part of its mission.
Beyond Steak are packaged in small bit-sized chunks resembling steak tips but are made mainly from fava bean protein.
Each serving of Beyond Steak packs 21 grams of protein, 0 trans-fat and no cholesterol, according to Beyond Meat’s website.
The new product appears to be an attempt to wet the U.S. appetite for fake meat as the company’s sales decline.
Just 10 days ago, the Beyond Meat layed off 200 employees, or about 19 percent of its workforce, and lowered its full year revenue outlook.
The company now expects net revenues for the third quarter of 2022 to drop to hit $82 million, a drop in about 23 percent compared to the same time last year, the company said in a statement.
Net review for all of 2022 are expected to reach around $400 to $425 million, indicating a 9 to 14 percent drop from last year. Earlier this year, Beyond Meat leadership believed its total revenue for the year would range from $470 million to $520 million.
“Beyond Meat is implementing measures to drive more sustainable growth, emphasizing the achievement of cash flow positive operations within the second half of 2023. While we believe the current headwinds facing our business and category—including record inflation—are transient, our mission, brand, and long-term opportunity endure,” said Beyond Meat President and CEO Ethan Brown in a statement.
“To manage through the current environment and realize the opportunity ahead, we are significantly reducing expenses and sharpening our focus on a set of key growth priorities.”
—Updated at 7:44 p.m.