Beyond Meat, Inc. (Beyond Meat) is a plant-based meat company offering a portfolio of revolutionary plant-based meats.
The company builds meat directly from plants, an innovation that enables consumers to experience the taste, texture, and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating its plant-based meat products.
The company’s brand promise, ‘Eat What You Love,’ represents a strong faith that there is a bett...
Beyond Meat, Inc. (Beyond Meat) is a plant-based meat company offering a portfolio of revolutionary plant-based meats.
The company builds meat directly from plants, an innovation that enables consumers to experience the taste, texture, and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating its plant-based meat products.
The company’s brand promise, ‘Eat What You Love,’ represents a strong faith that there is a better way to feed its future and that the positive choices made by individuals, no matter how small, can have a great impact on personal health and the health of the planet. By shifting from animal-based meat to plant-based meat, the company can positively impact four growing global issues: human health, climate change, constraints on natural resources, and animal welfare.
To capture this broad market opportunity, the company has developed three core plant-based product platforms that align with the largest meat categories globally: beef, pork, and poultry. The primary components of animal-based meat—amino acids, lipids, carbohydrates, trace minerals, and water—are not exclusive to animals and are plentiful in plants. The company creates its plant-based products using proprietary scientific processes that determine the architecture of the animal-based meat it seeks to replicate, and then it assembles these products using plant-derived amino acids, lipids, carbohydrates, trace minerals, and water. The company is focused on continuously improving its products so that, eventually, they are, to the human sensory system, indistinguishable from their animal-based counterparts.
All of the company’s products are made from simple ingredients without GMOs, no added hormones or antibiotics, and 0 mg of cholesterol per serving. As of December 2024, all of the company’s U.S. retail products were certified Kosher and Halal. The company is focused on making its products nutritionally dense, with fewer negative attributes relative to their animal protein alternatives.
As of December 2024, Beyond Meat branded products were available at approximately 129,000 retail and foodservice outlets in more than 65 countries worldwide, across mainstream grocery, mass merchandiser, club store, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools. The number of retail and foodservice outlets where Beyond Meat branded products are available was derived from rolling 52-week data as of December 2024 and excluded outlets unique to Beyond Meat Jerky, which the company discontinued in 2024 as part of its Global Operations Review.
Research, development, and innovation are core elements of the company’s business strategy. Through the company’s Beyond Meat Rapid and Relentless Innovation Program, its team of scientists and engineers focuses on making continuous improvements to its existing product formulations and developing new products across its plant-based beef, pork, and poultry platforms. The company’s Innovation Center within its Campus Headquarters brings together leading scientists from chemistry, biology, material science, food science, and biophysics disciplines who work together with process engineers and culinary specialists to pursue its intention of perfectly building plant-based meat.
Long-Term Growth Strategy
The company’s strategies are to pursue top-line growth across its distribution channels; invest in infrastructure and capabilities; expand its product offerings; and continue to grow its brand.
Products
The company sells a range of plant-based meat products across its three core platforms of beef, pork, and poultry. Depending on the product and channel, they are offered in ready-to-cook and ready-to-heat formats. The company’s products cover an entire day’s menu planning, from breakfast to dinner and snacking in between.
The company’s beef platform products contain protein primarily derived from one or a combination of pea protein, rice protein, faba bean protein, and wheat gluten. The company’s 2024 introductions—Beyond Burger IV and Beyond Beef IV—are made with avocado oil and have a simplified ingredient list, and they continue with the tradition of 0 mg of cholesterol, no added antibiotics or hormones, and no GMOs. In 2024, Beyond Steak was the first plant-based meat product to meet the nutritional guidelines of the American Diabetes Association’s Better Choices for Life program.
The company’s pork platform consists of products that are intended to mimic animal-based pork in its various merchandised forms, including dinner sausage links, breakfast sausage patties and links, as well as ground pork. The company’s pork platform products include Beyond Sausage, Beyond Breakfast Sausage Patties, Beyond Breakfast Sausage Links, and Beyond Sausage Crumbles. The protein content of the company’s pork platform products is primarily derived from one or a combination of pea protein and rice protein. The company’s 2024 introduction—Beyond Sausage IV—is made with avocado oil and has a simplified ingredient list, with 0 mg of cholesterol, no added antibiotics or hormones, and no GMOs.
The company’s poultry platform consists of products that are intended to mimic animal-based chicken in its various merchandised forms, including chicken tenders, chicken nuggets, and popcorn chicken. The company’s primary products under its poultry platform include Beyond Chicken Tenders, Beyond Chicken Nuggets, and Beyond Popcorn Chicken. The protein content of its poultry platform products is primarily derived from pea protein, faba bean protein, and wheat gluten.
In 2024, the company launched a new product innovation, Beyond Sun Sausage, not intended to replicate beef, pork, or poultry but rather to be its own protein option, made with protein primarily derived from one or a combination of yellow pea protein, brown rice protein, red lentil protein, and faba bean protein. Beyond Sun Sausage is made with avocado oil and has 0 mg of cholesterol, no added antibiotics or hormones, and no GMOs.
In 2024, the company introduced its value-added meals (‘VAM’) line of products with the launch of Beyond Bakes at select U.S. retail stores. The company’s VAM line of products focuses on providing convenient, ready-to-heat meal options featuring Beyond Meat plant-based protein. Beyond Bakes introduce consumers to high-quality, plant-based meal solutions that are both delicious and easy to prepare.
Customers
Since the success of the Beyond Burger, the company has created a strong presence at leading food retailers across the United States and abroad. As of December 2024, Beyond Meat branded products were available in approximately 27,000 retail outlets in the United States and 38,000 retail outlets internationally.
The company remains focused on expanding its partnerships with foodservice customers over time, including large full-service restaurant (‘FSR’) and QSR customers in the United States and abroad. As of December 2024, Beyond Meat branded products were available in approximately 38,000 foodservice outlets in the United States and 26,000 foodservice outlets internationally.
The company sells to a variety of customers in the retail and foodservice channels throughout the United States and internationally primarily through distributors who purchase, store, sell, and deliver its products. Because such distributors function in an intermediary role, the company does not consider them to be direct customers. In addition, the company sells directly to customers in the retail and foodservice channels who handle their own distribution.
In 2024, DOT Foods, Inc. (‘DOT’) accounted for approximately 12% of the company’s gross revenues.
Supply Agreements
The company has a multi-year sales agreement with Roquette Frères (‘Roquette’) for the supply of pea protein, which expires on December 31, 2025.
Distribution
From the company’s internal manufacturing or co-manufacturing facilities, products are transferred by third-party logistics providers to cold storage facilities or are directly shipped to the customer. International shipments are also handled by third-party logistics providers, and in some instances, are organized directly by the customer. The company manages shipments through transport management systems for real-time shipment tracking and visibility to coordinate its supply chain through to final distribution.
Sales and In-Store Activation
Sales
As of December 31, 2024, the company’s sales team was organized into four divisions: retail, foodservice, international, and strategic partnerships. The sales team has an extensive range of experience from leading CPG, natural food, meat, and plant-based meat companies. It works in close coordination with a network of global broker and distributor partners that gives the company expertise and access to accounts and markets across key global markets in an efficient and scalable fashion as it continues to seek to grow its footprint and sales globally.
Brand Marketing
The primary means by which the company has driven consumer awareness of its products is via social and digital media, PR, retail and foodservice shopper marketing, ambassador and influencer activations, paid media, and strategic partnerships. The company’s marketing strategy focuses on driving awareness all the way through to purchase and loyalty.
The company maintains active social media platforms, such as Facebook, Instagram, LinkedIn, Threads, TikTok, X (formerly Twitter), and YouTube to build awareness, share news, reach new audiences, and engage with its consumers. These platforms allow the company to engage with its consumers and directly reach target demographics, such as millennials and ‘Generation Z.’ The company also leverages its first-party data to distribute brand information and news, foster loyalty through unique offers, and share recipe content to drive everyday consumption.
The company also maintains a registered domain website at www.beyondmeat.com, which serves as the primary source of information regarding its products, as well as foreign domains in certain countries. The company’s website is used as a platform to promote its products, provide news, share recipes, highlight nutritional facts, and provide general information on where to purchase its products.
The company partners with a network of brand ambassadors and has developed a strong following with certain celebrities from the worlds of sports and entertainment who share its core values. Their organic involvement and interest are helpful to promote the company’s overall mission and strategic partnerships. In 2023, the company launched the GoBeyond RD Hub for registered dietitians (‘RDs’) and nutrition experts, with the goal of supporting the RD community with an open channel for communication and an opportunity to share the latest updates and research insights on plant-based options. In 2024, the company continued to deploy targeted brand campaigns to build awareness, reach new users, and drive conversion. The company’s paid digital initiatives included social, programmatic, podcasts, out-of-home, online video, connected TV, and digital offers and rewards.
Competition
The company faces competition from companies developing alternative protein sources beyond plant-based offerings. This includes mycelium-based meat alternatives, such as Quorn, Meati, and Nature’s Fynd, which leverage fermentation technology to create products with a texture and nutritional profile similar to animal proteins.
The company competes with conventional animal-protein companies, such as Cargill, Hormel, JBS, Perdue Foods, and Tyson.
The company also competes with other food brands, including brands affiliated with conventional animal-protein companies and other large food operators, that develop and sell plant-based meat products, including, but not limited to, Boca Foods (Kraft Heinz), Lightlife and Field Roast (Maple Leaf Foods), Gardein (Conagra), Hungry Planet, Inc., Impossible Foods, Incogmeato/Morningstar Farms (Kellanova), Moving Mountains, Omnipork (OmniFoods), Tofurky, Sweet Earth and Awesome Burger (Nestlé S.A.), Raised & Rooted (Tyson), Happy Little Plants (Hormel), Sysco’s Simply Plant-Based Meatless Burger, The Not Company and Vegetarian Butcher (Unilever).
Research and Development
The company’s research and development expenses were $28.1 million in 2024.
Seasonality
In 2024, the U.S. retail channel net revenues during the second quarter were 21% higher than the first quarter (year ended December 31, 2024). The company saw more muted effects from seasonality in the third quarter of 2024 compared to the prior-year periods and the second quarter of 2024, reflecting, in part, pricing actions in its U.S. retail and foodservice channels. In general, any historical effects of seasonality have been more pronounced within the company’s U.S. retail channel, with revenue contribution from this channel generally tending to be greater in the second and third quarters of the year, driven by increased levels of grilling activity, higher levels of purchasing by customers ahead of holidays, the impact of customer shelf reset activity, and the timing of product restocking by its retail customers. In an environment of heightened uncertainty from potential recessionary and inflationary pressures, prolonged weakness in the plant-based meat category, competition, and other factors impacting its business, the company is unable to assess the ultimate impact on the demand for its products as a result of seasonality.
Trademarks and Other Intellectual Property
‘Beyond Meat,’ ‘Beyond Burger,’ ‘Beyond Beef,’ ‘Beyond Sausage,’ ‘Beyond Breakfast Sausage,’ ‘Beyond Sun Sausage,’ ‘Beyond Meatballs,’ ‘Beyond Chicken,’ ‘Beyond Popcorn Chicken,’ ‘Beyond Steak,’ the Caped Steer Logo, ‘Cookout Classic,’ ‘Beyond Bakes,’ and ‘Eat What You Love’ are registered or pending trademarks of the company in the United States, and in some cases, in certain other countries.
The company maintains a registered domain website at www.beyondmeat.com, as well as foreign domains in certain countries.
As of December 31, 2024, the company had four issued patents in the United States, nine issued patents outside the United States (the U.K., Canada, China, Chile, Israel (two), Brazil, Japan, and Australia), one pending patent application in the United States, five pending international patent applications, and one provisional patent application.
Government Regulation
Along with the company’s co-manufacturers, brokers, distributors, and suppliers, the company is subject to extensive laws and regulations in the United States by federal, state, and local government authorities, as well as in Canada, the European Union, the United Kingdom, China, and other jurisdictions by foreign authorities. In the United States, the primary federal agencies governing the manufacture, distribution, labeling, and advertising of the company’s products are the FDA and the FTC, and foreign regulatory authorities include Health Canada or the Canadian Food Inspection Agency (‘CFIA’) and the authorities of the EU or the EU member states.
Among other things, the facilities in which the company’s products and ingredients are manufactured must register with the FDA and any other relevant authorities based on location, comply with current good manufacturing practices, or cGMPs, and comply with a range of food safety requirements established by and implemented under the Food Safety Modernization Act of 2011 and applicable foreign food safety and manufacturing requirements.
History
The company was incorporated in 2008. It was formerly known as J Green Natural Foods Co. and changed its name to Savage River, Inc., with Beyond Meat being its doing business as name in October 2011 and then to Beyond Meat, Inc. in 2018.
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