Over in Germany, Keen 4 Greens has revealed its mycelium-based clean vegan meat has secured €1.8 million in seed funding. The brand doesn’t attempt to recreate the look or taste of meat but focuses instead on vegetable-only ingredients and clean label production. brand, has recently announced a new distribution agreement that sees it merchandised alongside real meat burgers. Competition hotting upĪs the vegan meat sector continues to grow, a new sub-niche of clean labelling is beginning to emerge.
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“Throughout 2021, when faced with the decision to maximize short-term outcomes or pursue a longer-term strategy, we chose the latter and made significant investments in future growth here in the US, EU, and China,” Brown revealed.Ī future product launch with PepsiCo has been floated as a potentially significant sales driver but no details are yet known about the development. Talk of long-term strategies was included to reassure stakeholders, as Brown reveals that the company chose to focus its energies on securing long-term reach into burgeoning markets, rather than chasing fast profits.
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P a nda Express recently announced two new trial dishes, alongside A&W Canada launching its first Beyond-powered vegan burger.
Developments with Pizza Hut, McDonald’s and KFC all helped to maintain consumer attention. Further, he detailed how new strategic partnerships, new product launches and QSR food launches will regain ground. and had retained the highest levels of brand awareness over all competitors. He notes that the brand emerged from 2021 as the number one for refrigerated plant-based meats, in the U.S.
During the case of 2021, we experienced intense increased competition during the period when the size of the prize did not expand.”īrown remains buoyant and claims that Beyond will bounce back from the unprecedented difficulties it faced in 2021. “We continue to believe that a competitive environment, featuring high-quality products and compelling marketing is a positive as it tends to grow the category.
“Competitive activity in US retail intensified in 2021, marked by frequent aggressive discounting and new entrants to the category,” Brown said in the conference call. Large names within the food industry have sought to capitalise on the vegan meat trend, launching products priced more competitively than Beyond. Increased competition compounded the company’s woes in 2021. 2020 consumer stockpiling has been cited as giving false sales impressions, which then created a significant deficit in 2021 when hoarding did not continue. “As our 2022 guidance suggests, we believe last year’s growth rate to be temporary and that growth will build to higher levels this year,” he said.Ģ021 is largely being addressed as an anomaly, given the build-up in popularity of plant-based alternatives in 2020, which fell off quickly with the spread of Covid. However, in an earnings conference call, he posed the question of whether the consequences will continue to be felt or represent a blip in the company’s history. Covid-19 has been cited across the board as having a serious impact on the brand. The move comes after a challenging fourth quarter in 2021, which saw shares lose $1.27 in value and retailer sales drop by 19.5 percent.īrown has been open about the issues facing the company and the reasons he has identified for them. Beyond has revised its revenue projections, coming down from $637.3 million in 2022 to $560-620 million.
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