The company's goal is to achieve price parity with meat products by 2024, which will help attract new customers.
Company Beyond Meat, which specializes in the production of meat substitutes, has introduced a new version of its famous Beyond Burger for grocery stores. A four-pack of Beyond Burger 3.0 plant-based patties will be available for $9.99 (compared to a similar volume of beef patties for around $2.93) and will hit store shelves in the first week of May. Beyond Burgers will also be available in a two-pack and a 1-pound pack of Beyond Beef "meat".
First introduced to customers in 2016, Beyond Burgers are sold in more than 28,000 outlets today. And if earlier about half of sales also accounted for various cafes and restaurants, then the pandemic has dramatically changed the situation. It was grocery stores that became the main source of sales for Beyond Meat. According to the company's financial reports, in the fourth quarter of 2020 alone, retail sales increased by 76% and reached $62.1 million.
Beyond Meat's long-term strategy is to continuously innovate, which allows the company to maintain a strong position in a highly competitive market. The manufacturer also intends to make every effort to encourage meat lovers to switch to the brand's products. As part of this strategy, by 2024 the goal is to achieve price parity between plant-based products and beef.