Pioneers in the plant-based meat space are keeping their distance, at least nominally, from the struggling category.
Beyond Meat, famous for its plant-based burgers, steaks, sausages, and chicken, is changing its name to Beyond The Plant Protein Co. A spokesperson said the new name better reflects the company’s recently expanding portfolio. Added a line of sparkling protein drinks called Beyond Immerse.
The drink, launched last January, contains plant-based protein, fiber, antioxidants, and electrolytes. The California-based company added four new flavors earlier this month after a promising debut. Additional products may be in the works, with the Associated Press reporting that Beyond is planning one. Protein bar released this summer
A spokesperson said the new product gives Beyond “space to grow beyond its focus on plate protein and address a broader range of consumer protein needs over time.”
“Starting with our line of functional beverages, we will bring our pioneering expertise to apply the power of plants to a variety of categories to meet today’s consumer needs,” a spokesperson said. “As demand for protein increases and consumers place greater emphasis on fiber and overall nutritional quality, we are excited to expand our portfolio.”
A spokesperson said Beyond was “committed to maintaining its leadership in the plant-based meat sector,” adding that there were no plans to reduce the company’s ties to the sector. The company recently launched Beyond Ground, which contains 27 grams of protein and is made from four ingredients: water, faba bean protein, potato protein, and psyllium husk.
I once saw Beyond, the darling of the plant-based food world. Sales plummet due to decreased consumption. Economic uncertainty and concerns about the processed nature of the products have led shoppers to choose cheaper animal options.
Beyond’s latest earnings report states: Net profit in the third quarter was $70.2 million, a 13.3% decrease from the same period last year. The retail business was hit even harder, with net profit falling 18.4%.
