With meat prices rising, Beyond Meat is striking while the grill is hot.
Due to the COVID-19 pandemic afflicting workers, multiple meat packing plants around the United States have been forced reduce operations if not close outright. As a result of this, the price of commercial meat products have gradually risen over the last several months. According to the Bureau of Labor Statistics, the cost of meat, fish, poultry, and eggs rose 3.7% from April to May, with the cost of beef and veal in particular rising as high as 11%. With the economy still unstable, rising prices may make it more difficult for lower income families to get a steady supply of meat products.
Beyond Meat, one of the leading companies in the burgeoning plant-based meat industry, has seen a business opportunity in this shortage. Beyond Meat announced today that starting next week, they will begin offering the Cookout Classic 10-pack, a limited-edition boxed 10-pack of Beyond Burgers, in grocery store frozen product aisles. In addition to spreading the company’s brand with a value-priced product, the Cookout Classic also serves as a means for Beyond Meat to offload burgers to consumers that were originally intended for restaurants, many of which are still closed due to the pandemic. The 10-pack’s suggested retail price will be $15.99, approximately $1.60 per Beyond Burger patty.
“We know that to be successful we have to win on taste, win on nutrition, and ultimately win on price,” Beyond Meat chief growth officer Chuck Muth told CNN. “If we can do those three things, we see tremendous opportunity to transition consumers from animal-based to plant-based meat.”
Beyond Meat also announced recently that they are developing a new online platform for their brand where customers can order products directly. This new website will be launched some time this summer.