One market analyst calls Beyond Meat “a true disrupter and innovator” and predicts that plant-based meat will generate more than $100 billion in sales in 15 years.
By Taylor Telford Taylor Telford Reporter covering national and breaking news Email Bio Follow May 30 at 7:00 AM As investors eagerly watched a crowd of tech unicorns rush toward initial public offerings this year, few could have predicted that A-list brands such as Uber and Lyft would be eclipsed by a company that makes mock meat out of peas.
“Beyond Meat is a true disrupter and innovator,” JPMorgan Chase analyst Ken Goldman wrote in a note to investors this week. “We think plant-based meat can exceed $100 billion in sales in 15 years, with Beyond taking 5 percent.” “By eating our plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related to human health, climate change, resource conservation and animal welfare,” the company said in its SEC filing. “The success of our breakthrough innovation model and products has allowed us to appeal to a broad range of consumers, including those who typically eat animal-based meats.
Goldman, the JPMorgan analyst, expects Beyond Meat to partner with a major fast-food chain by year’s end. He noted that Don Thompson, former chief executive of McDonald’s, now sits on Beyond Meat’s board. “The success of the plant-based dairy industry was based on a strategy of creating plant-based dairy products that tasted better than previous nondairy substitutes, packaged and merchandised adjacent to their dairy equivalents,” Beyond Meat wrote in the filing. “We believe that by applying the same strategy to the plant-based meat category, it can grow to be at least the same proportion of the approximately $270 billion meat category in the United States.
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