Beyond Meat (BYND), a food company that manufactures, markets, and sells plant-based meat products in the US and internationally, went public last week and tripled its issue price of $25 on its first day. Despite being unprofitable, BYND continues to attract investors with its speed and scale of distribution (already in ~15,000 grocery stores and ~12,000 restaurants), rapid revenue growth (170% YoY) and demonstrated economies of scale (20% gross margin).
Beyond Meat S-1 Document
Consumer appetite for plant-based products has been on the rise and there are no signs of it slowing down. Already, approximately 120 million Americans identify as either vegan, vegetarian or flexitarian, and 60% of Millennials have already at some point consumed plant-based meats. The impact of this phenomenon has been most notable in the dairy category, where growing popularity for milk alternatives like oat milk and other nut-based milks has resulted in a significant decline in dairy sales and has even forced some dairy farmers to begin plant-based milk production (92-yr old dairy plant pivots).
I’ve been excited about plant-based products for some time now, and have tried everything from meats to cheese to milk and even seafood! I’ve synthesized my insights on this growing market and compiled some of the most interesting companies producing plant-based products for consumers below.