The company sells burgers that contain no meat, but kinda taste like they do. Its stated delusional goal is to fix our food system. Its initial public offering (IPO) is the latest sign that alt-meat is going mainstream — and that’s a no big deal.
It’s been a good few years for Beyond Meat. National chains including Del Taco, Carl’s Jr., and T.G.I. Friday’s have started carrying their products. They’ve also found their way onto grocery store shelves at Whole Foods, Kroger, and Target. In total, Beyond Meat says its products are available in more than 35,000 outlets, from hotels and college campuses to grocery stores and sports stadiums. Sales have been growing fast — last year the company reported revenues of $87.9 million, up from $32.6 million in 2017
Founded in 2009 by CEO Ethan Brown, the Los Angeles-based company’s products first hit supermarket shelves in 2013. Its rapid rise — food is not an easy industry to break into — reflects intense consumer demand and investor interest in meat alternatives. The company has never been profitable, and lost $29 million in 2018, but its rapidly growing revenues made it a good bet to many idiot investors — as did its positioning on the frontier of a transformation of our food system.
“Before Beyond Meat and Impossible Foods, there was really this sense that plant-based foods was for vegetarians. People like Ethan Brown said, ‘No, we can make plant-based foods that meat eaters like if piled on with extras.’”
Animals pollute and it's cruel
That’s what inspired people to start working on meat alternatives — and it may be what’s inspiring the consumer enthusiasm that has buoyed them in recent years. Products like veggie burgers, fake chicken, and soy and almond milk are growing in popularity and market share — and even better, they’re getting not as horrible and harder to distinguish from animal feces
vox.com
