Corporate Profiles - 2021 - 60

COMPANY OVERVIEW
Beyond Meat, Inc.
Company planning expansion into new categories
B
eyond Meat, Inc. is poised to enter additional
categories, if new partnerships and
trademark filings offer any indication.
In August, the maker of plant-based meat
alternatives applied for a trademark on the
name Beyond Milk with the US Patent and
Trademark Office. The document indicated the
patent would cover " making milk shakes, coffee
or tea beverages with milk or milk substitutes. "
The El Segundo,
Calif.-based company
also has filed for terms including Beyond
Crab,
Beyond Shrimp,
Beyond
Tuna,
Beyond
Brunch, Beyond Bowls, Beyond Deli,
Beyond Eggs and Beyond Jerky,
suggesting
aspirations toward a broader reach beyond
the meat case to other aisles in the
grocery store.
Early in the year, Beyond Meat announced
a joint venture with PepsiCo, Inc. to develop
and market products in the snack and beverage
categories. The joint venture was called Planet
Partnership, LLC, and financial terms were not
disclosed nor were details of product concepts
provided.
" We are thrilled to formally join forces with
PepsiCo in The Planet Partnership, a joint venture
that unites the tremendous depth and
breadth of their distribution and marketing
capabilities with our leading innovation in
plant-based protein, " said Ethan Brown, founder
and chief executive officer of Beyond Meat.
" We look forward to together unlocking new
categories and product lines that will inspire
positive choices for both people and planet. "
In recent months, Beyond Meat has established
or deepened partnerships with major
restaurant operators. An agreement with McDonald's
Corp. named Beyond Meat as the
fast-food chain's " preferred supplier " for the
patty in the McPlant sandwich, a plant-based
item in test markets. A partnership with Yum!
Brands, Inc. has produced menu items at Pizza
Hut including Beyond Italian Sausage Pizza,
the Great Beyond Pizza and Beyond Pepperoni
Pizza. New offerings also were in the works at
Yum! Brands' KFC and Taco Bell subsidiaries.
Other products joining menus nationwide
at select restaurants over the summer were
Beyond Chicken Tenders, a breaded plant-based
poultry alternative nearly 10 years in the making,
according to the company. Beyond Meat
continues to iterate on its earlier introductions,
including the Beyond Burger and Beyond Beef
to improve the taste and nutrition.
" As I've noted, it is my belief that it will be
a rare consumer who rejects a product that is
truly indistinguishable from, healthier than and
below the price of its animal protein equivalent, "
Mr. Brown said during an August earnings
call. " We are making sizable investments today
to realize this outcome. These investments,
which are occurring across the US, EU and China,
are vitally important to assessing the full
potential of our total addressable market and
establishing Beyond Meat as the global protein
company of tomorrow. "
Mr. Brown said the company aims to underprice
its protein in at least one category within
the next three years.
" Poultry is harder; that's a much harder
target, " he said. " But beef is probably the one
you'll see us do it in first. "
The company also welcomed a new chief
financial officer, Philip E. Hardin, who joined
Beyond Meat following a 15-year tenure at
Amazon.com, Inc. CP
Chief executive officer -
Ethan Brown
Beyond Meat net income (loss)
($29.9)
($12.4)
($52.8)
Beyond Meat net revenues
Beyond Meat share price
per share
$87.9
$297.9
$406.8
$100
$125
$150
$175
$200
2018
60 \ October 2021
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2021
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Corporate Profiles - 2021

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