Beyond Meat's sales quadrupled in Q2. But can it really replace meat?
In another sign of the continued demand for plant-based meat, the newly publicly traded Beyond Meat on Monday reported that its fiscal second-quarter sales almost quadrupled and raised its outlook for the year. But when it comes to its mission of having its “revolutionary” product replace animal protein consumption? That likely won’t happen anytime soon.
Gross margin, or the percentage of sales left after removing the cost of goods sold and a measure of profit, widened to 33.8%, from 15%. Some 98% of plant-based meat buyers also buy meat, and they actually spend more on meat than the average meat buyer, $486 vs. $478 a year, Nielsen data shows. While about 22% of U.S. households are buying meat substitutes, up 1.6 percentage points from last year, only 27% of meat-alternative buyers shop for them five or more times a year.
Despite the jumps in demand, meat substitutes still represent less than 0.1% of all protein ordered by indie restaurants and other food services, the study shows.
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