Related Searches: Tea Vitamin Nutrients Ingredients paper cup packing

Food & Health Ingredients
Health & Nutrition
Processing & Packaging
Starch & Starch Derivatives
You are here: Home >news >Analogue Meats Thrive in Pandemic

Analogue Meats Thrive in Pandemic

2020-05-06 foodprocessing

Tag: Meat plant-based coronavirus

Share       

Plant-based analogue meats are poised to take advantage of the interruptions to the American meat supply caused by the coronavirus situation.

Beyond Meat, the largest publicly traded analogue meat company, saw sales more than double in the first fiscal quarter, to $97.1 million from $40.2 million a year earlier. The sales spike led to a profit of $1.8 million for the quarter, compared with a loss of $6.6 million last year. These results sent Beyond’s stock up 7% in trading May 5; the stock is up 85% since March 18.

Founder Ethan Brown attributed the results directly to the pandemic, telling Yahoo! Finance, “This is the industry’s moment.” He said Beyond Meat will discount its products aggressively this summer to attract new customers.

Meanwhile, Impossible Foods, which started almost exclusively in foodservice, is quickly adding retail outlets. Impossible products debuted in Kroger supermarkets in early May, and have appeared in more than 700 new retail locations in the past three months.

Chief financial officer David Lee told Barron’s MarketWatch that Impossible can act more efficiently than conventional meat companies, with their complex supply chains of transport, slaughter and processing. “We bypass the animal, we go straight to the plants,” he said.

E-newsletter

Subscribe to our e-newsletter for the latest food ingredients news and trends.

Tags

SJGLE B2B Website : 中文版 | ChineseCustomer Service: 86-400 610 1188-3 ( Mon-Fri 9: 00-18: 00 BJT)

About Us|Contact Us|Privacy Policy|Intellectual Property Statement

Copyright 2006-2023 Shanghai Sinoexpo Informa Markets International Exhibition Co Ltd (All Rights Reserved). ICP 05034851-121  沪公网安备31010402001403号

Inquiry Basket

Inquiry Basket

Buyer service

Buyer service

Supplier service

Supplier service

Top

Top