The company's goal is to achieve price parity with meat products by 2024, which will help attract new customers.
Meat substitute company Beyond Meat has introduced a new version of its famous Beyond Burger for grocery stores. You'll be able to buy a four-pack of plant-based Beyond Burger 3.0 for $9.99 (by comparison, a similar amount of beef patties costs about $2.93), and the product will be available on store shelves during the first week of May. Beyond Burgers will also be available in a two-pack and a 1-pound package of Beyond Beef "meat."
Beyond Burger introduced meat-free burgers in 2016, and now it delivers products in more than 28,000 outlets. And while previously about half of sales were from cafes and restaurants, the pandemic has changed things dramatically. Grocery stores have become the primary source of sales for Beyond Meat. According to the company's financial reports, in the fourth quarter of 2020 alone, its retail sales rose 76 percent to $62.1 million.
Beyond Meat's long-term strategy focuses on constant innovation, 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, the goal is to achieve price parity between plant-based products and beef by 2024.